Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Overhead cost Direct labor hours Machine hours Assembly 12,100 direct labor hours 6,100 machine hours $ 1,222,100 QS 17-7 (Algo) Computing departmental overhead rates LO P2 $837,200 Finishin 20,100 direct 16,100 machine
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- Professional labor cost budget for a service company Based on the data in Exercise 7 and assuming that the average compensation per hour for staff is 40 and for partners is 175, prepare a professional labor cost budget for each department forLundquist Fretwell, CPAs, for the year ending May 31, 20Y8. Use the following column headings:! Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] AirPro Corporation reports the following for this period. Actual total overhead. Standard overhead applied Budgeted (flexible) variable overhead rate Budgeted fixed overhead. Predicted activity level Actual activity level. $ 28,625 $ 31,000 Enter your answers in the tabs below. $ 2.10 per unit $ 11,300 11,300 units 10,000 units QS 21-15 (Algo) Total overhead and controllable variances LO P414. A company is preparing its production overhead budgets and determining the apportionment of these overheads to products. Cost centres expenses and related information have been budgeted as follows: Production Cost Centre Machine Machine Dept A ($) Dept B ($) 8,586 9,190 6,400 8,700 Indirect wages Indirect materials Rental Bldg. insurance Power Air Floor space (sq. metres) Value of Total conditioning 3,400 Machine depreciation 40,200 machinery Power 78,560 16,900 16,700 The following information is also available: (kilowatt hrs) Direct labour hrs Machine hrs 2,400 8,600 Total Machine Dept A 45,000 10,000 $402,000 $201,000 $179,000 100 35,000 25,200 55 8,000 7,200 11 12,000 40 Service Cost Centre Assembly Canteen Maintenance ($) ($) ($) 6,200 000 15,674 1,200 Machine Assembly Canteen Maintenance Dept B 29,650 3 600 15,000 6,000 22,000 20,800 15,460 2,000 Required: (a) Prepare a statement showing the allocation and apportionment of overheads to the cost centres, showing clearly the…
- ! Required information EX 3-35,3-36 (Algo) Predetermined Overhead Rate; Various Cost Drivers (LO 3-4) [The following information applies to the questions displayed below.] The following data pertain to the Oneida Restaurant Supply Company for the year just ended. Budgeted sales revenue Actual manufacturing overhead Budgeted machine hours (based on practical capacity) Budgeted direct-labor hours (based on practical capacity) Budgeted direct-labor rate Budgeted manufacturing overhead Actual machine hours Actual direct-labor hours Actual direct-labor rate EX 3-35 (Algo) Part 2 Calculate the overapplied or underapplied overhead... 2. Calculate the overapplied or underapplied overhead for the year using each of the following cost drivers. Note: Round intermediate calculation to 2 decimal places. Cost Drivers (a) Machine hours (b) Direct-labor hours (c) Direct-labor dollars Overapplied overhead Underapplied overhead Overapplied overhead $ $ $ $ 205,000 338,000 10,000 20,000 $ 14 $364,000…IV. Product Costing Systems Job Costing 1. Lind Company uses a normal job-order costing system. There are two departments, Assembly and Finishing, through which most jobs pass. Selected budgeted and actual data for the past year follow: Budgeted overhead Actual overhead Expected activity (direct labor hours) Expected machine hours Assembly $330,000 110,000 150,000 Finishing $1,000,000 520,000 25,000 25,000 125,000 During the year, several jobs were completed. Data pertaining to one such job, Job 330, follow: Direct materials P730,00 Direct labor cost: Assembly (5,0000 hours @ $12 per hr.) Finishing (400 hours @ $12 per hr.) Machine hours used: $ 60,000 4,800 Assembly Finishing Units produced 100 1,200 10,000 Required: 1. Compute the predetermined overhead rate. 2. Using the predetermined rate, compute the per-unit manufacturing cost for Job 330. (Note: Round the unit cost to the nearest cent.) 3. Recalculate the unit manufacturing cost for Job 330 using departmental overhead rates. Use…Question Content Area Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to five separate activity pools. The budgeted activity cost and activity base data by product are provided below. Activity Cost Activity Base Procurement $370,000 Number of purchase orders Scheduling 250,000 Number of production orders Materials handling 500,000 Number of moves Product development 730,000 Number of engineering changes Production 1,500,000 Machine hours Number ofPurchaseOrders Number ofProductionOrders NumberofMoves Number ofEngineeringChanges MachineHours NumberofUnits Disk drives 4,000 300 1,400 10 2,000 2,000 Tape drives 4,000 150 800 10 8,000 4,000 Wire drives 12,000 800 4,000 25 10,000 2,500 The activity rate for the production cost pool is a.$176.47 per machine hour b.$150.00…
- A company reports the following budgeted overhead costs and budgeted cost driver activity. Activity (Cost driver) Quality (number of units inspected) Factory services (square feet) Purchasing (number of orders) Activity Quality Factory services Purchasing Budgeted Cost $ 52,116 $ 123,216 $ 17,472 Use activity-based costing to compute the activity rate for each activity. Note: Round your "Activity Rate" to 2 decimal places. Budgeted Cost $ 52,116 123,216 17,472 Budgeted Activity of Cost Driver Standard Deluxe Total 3,180 860 3,820 2,220 188 228 Budgeted Activity Usage Activity Rate 4,040 6,040 416Question Content Area Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to five separate activity pools. The budgeted activity cost and activity base data by product are provided below. Activity Cost Activity Base Procurement $370,000 Number of purchase orders Scheduling 250,000 Number of production orders Materials handling 500,000 Number of moves Product development 730,000 Number of engineering changes Production 1,500,000 Machine hours Number ofPurchaseOrders Number ofProductionOrders NumberofMoves Number ofEngineeringChanges MachineHours NumberofUnits Disk drives 4,000 300 1,400 10 2,000 2,000 Tape drives 4,000 150 800 10 8,000 4,000 Wire drives 12,000 800 4,000 25 10,000 2,500 The activity rate for the procurement activity cost pool is a.$43.53 per purchase order…Schneider inc. had the following information relating to year 1: Budgeted manufacturing overhead 74,800 Actual manufacturing overhead 78,300 Applied manufacturing overhead 76,500 Estimated direct labor hours 44,000 If Schneider decides to use the actual results from year 1 to determine the year 2 overhead rate, what is the year 2 overhead rate? A. $1.700 B. $1.738 C. $1.740 D. $1.780
- Instructions: Read and analyze the following problems. Provide what is asked for each item. Take note thatsome items may require you to derive a formula. 1. XYZ Corporation budgets factory overhead cost of P500,000 for the coming year. Compute for theoverhead cost applied to the job. The following data are available:Budgeted annual overhead for planned production P500,000Budgeted annual direct labor hours 35,000Actual direct labor hours applied to the job 400 hours2. LLC Service Inc. provides professional consultancy services to third-party firms. Professional staff arepaid P150 per hour, and their time is billed at P500 per hour. The firm estimates the following total costsfor the coming year:Estimated cost of professional staff P3,000,000 (20,000 hours of staff time)Estimated other costs (overhead) 4,000,000Total estimated costs P7,000,000ABC Corp. became a new client of the firm with job requirements of 100 hours of professional staff time.Present in a tabular format the total…1 Red Raider Company uses a plantwide overhead rate based on machine hours. Each unit requires 2.00 machine hours to produce. How much overhead will be assigned to each unit produced given the following budgeted amounts? Budgeted Data: Department 1 Department 2 Overhead costs $ 2,700,000 $ 2,940,000 Direct labor hours 170,000 DLH 112,000 DLH Machine hours 31,000 MH 9,000 MHQuestion 14. A manufacturer of playground equipment has a standard costing system based on machine hours (MHs) as the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below: Denominator Level of Activity 3,100 MHs Fixed Overhead Cost $42,200 The following data pertain to operations for the most recent period: Actual Hours 3,600 MHs Standard Hours Allowed for the Actual Output 3,700 MHs Actual Total Fixed Overhead Cost $41,000 What was the fixed overhead budget variance for the period, rounded to the nearest dollar? Question 14 options: $950 unfavourable. $1,200 favourable. $2,790 favourable. $4,470 unfavourable.