Mccaughan Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. Data for the most recently completed year appear below: Estimates made at the beginning of the year: Estimated labor-hours 37,000 Estimated variable manufacturing overhead$4.43per labor-hourEstimated total fixed manufacturing overhead$705,220 Actual labor-hours for the year 32,100 Required:Compute the company's predetermined overhead rate for the recently completed year.
What will be an ideal response?
Estimated total manufacturing overhead = $705,220 + ($4.43 per labor-hour × 37,000 labor-hours) = $869,130
Predetermined overhead rate = $869,130 ÷ 37,000 labor-hours = $23.49 per labor-hour
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The journal entry to record a note received from a customer to replace an account is
a. debit Notes Receivable; credit Accounts Receivable b. debit Accounts Receivable; credit Notes Receivable c. debit Cash; credit Notes Receivable d. debit Notes Receivable; credit Notes Payable
Why can transference be a problem?
What will be an ideal response?
Metalcrafts Inc. Selected information from the company's financial records is presented below:
Equipment, December 31, 2013 $300,000 Equipment, December 31, 2014 400,000 Accumulated depreciation, December 31, 2013 80,000 Accumulated depreciation, December 31, 2014 60,000 During 2014, the company sold equipment with a cost of $50,000 and accumulated depreciation of $30,000. A gain of $10,000 was recognized on the sale of the equipment. This was the only equipment sale during the year. Refer to Metalcrafts, Inc. What was depreciation expense for 2014?\ a. $40,000 b. $10,000 c. $50,000 d. $30,000
A call provision gives the issuing corporation the right to call in the preferred stock for redemption.
Answer the following statement true (T) or false (F)