Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lane company manufactures a single product that re

Lane Company manufactures a single product that requires a great deal of hand labor. Overhead...

80.2K

Verified Solution

Question

Accounting

Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. Variable manufacturing overhead should be $3.80 per standard direct labor-hour and fixed manufacturing overhead should be $1,287,000 per year.

The companys product requires 4 pounds of material that has a standard cost of $7.50 per pound and 1.5 hours of direct labor time that has a standard rate of $12.90 per hour.

The company planned to operate at a denominator activity level of 165,000 direct labor-hours and to produce 110,000 units of product during the most recent year. Actual activity and costs for the year were as follows:

image

Complete the following Manufacturing Overhead T-account for the year:

image

* Need help finishing the table. Thanks.

Number of units produced Actual direct labor-hours worked Actual variable manufacturing overhead cost incurred Actual fixed manufacturing overhead cost incurred 132,000 214,500 $493,350 $1,320,000 Manufacturing Overhead Actual costs Applied costs 0 Overapplied overhead

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

Medical Sciences
1.2K views

How do you interpret the following statement: “The eye is considered by some to be an...

Physics
1.2K views

A spectrometer gives the following reading when used to measure the angle of a prism...

Geometry
1.2K views

11 Given the equation for circle P is x 8 y 3 64 determine the...

Basic Math
1.2K views

Use a graphing device to solve the inequality, as in Example 5. Express your answer...

Basic Math
1.2K views

x+2y-2z = 10-3x+4y+z=-5-5x+y+3z=-21Find the unique solution to this system of equations. Give your answer as...

Calculus
1.2K views

K Find the domain of the function g x In x 2 The domain of...

Algebra
1.2K views

You deposit 5000 in an account earning 3 interest compounded monthly How much will you...

Accounting
1.2K views

Please do the Adjusting Journal Entries (AJEs): 5. CMC prepays for some insurance and advertising....

Accounting
1.2K views

nis TestE 100 pts possible Sherman Corporation wants to find an equation to estimate some...

Accounting
1.2K views

The accountants for Mastermind, Inc. are preparing the Income Statement, however they have not yet...

Accounting
1.2K views

To buy a car, you borrow $22,000 with a term of five years at an...

Finance
1.2K views

Communication Case 14-8 Convertible securities and warrants; concepts Q1L014-5 It is not unusual to issue...