Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. chapter 4 - take home exercise chan manufacturing

Chapter 4 - Take home exercise Chan Manufacturing uses the Normal Costing Method to compute...

90.2K

Verified Solution

Question

Accounting

imageimage

Chapter 4 - Take home exercise Chan Manufacturing uses the Normal Costing Method to compute the cost of the job. Chan uses Budgeted Manufacturing Overhead Rate to allocate manufacturing overhead costs to products. Manufacturing overhead costs are allocated on the basis of machine-hours. At the beginning of 2020, the following estimates (Budgeted amount) were provided for the year 2020: Direct labor-hours 90,000 Machine-hours 100,000 Direct labor cost $1,500,000 Manufacturing overhead costs $660,000 The accounting records of the company show the following actual data for Job #316 on March 1, 2020: Direct labor-hours 300 Machine-hours 60 Direct material cost $300 Direct labor cost $100 Requirements: 1. What is the annual budgeted manufacturing overhead cost rate for the year 2020? ($6.60 per Machine Hour) 2. What amount of manufacturing overhead costs allocate to Job #316 on March 1, 2020?(($396) 3. What are the total manufacturing costs of Job #316? 4. At the end of the year 2020 (December 31, 2020), the Actual total manufacturing overhead cost is $ 650,000, What is the over- or under-allocated manufacturing overhead for the year 2020

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

There are four charges, each with a magnitude of 2.16

Psychology
1.2K views

what would a researcher use this t-test for? Provide an example.

Electrical Engineering
1.2K views

Can you show the calculations of how the sensors are working; 1-ACS712 (10A) current sensor. 2-UV radiation sensor. 3-DH22...

Basic Math
1.2K views

(1 point) Rework problem 27 from section 3.2 of your text, involving the mice in a...

Physics
1.2K views

A convex lens 'L' and a plane mirror 'M' are arranged as shown in figure...

Physics
1.2K views

QIn Figure a thin horizontal bar AB of negligible weight and length L is hinged...

Physics
1.2K views

A triangular pulse is moving with speed 2 cm s along a rope kept along...

Calculus
1.2K views

Evaluate the following limits If needed enter oo for and o0 for 00 4 4z...

Algebra
1.2K views

Alice deposits $500 in her account at the rate 6% compounded annually. What will be...

Accounting
1.2K views

just need these posted to adjust trial balance, only infomation given is in pictures...

Accounting
1.2K views

On August 31,2021, Nolan and Lei, who file a joint return and live in Charleston,...

Accounting
1.2K views

Which of the following does not represent a liability of a company? Multiple Choice All...