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Firms predetermined rate for direct labor hours

The following data pertain to the Oneida Restaurant Supply Company for the year just ended.

Budgeted sales revenue.........$205,000
Actual manufacturing overhead...340,000
Budgedted machine hours..........10,000
Budgeted direct-labor hours......20,000
Budgeted direct-labor rate..........$14
Budgeted manufacturing overhead.364,000
Actual machin hours..............11,000
Actual direct-labor hours........18,000
Actual direct-labor rate............$15

Question 1) What is the predetermined overhead rate for the year using machine hours?

Question 2) What is the firm's predetermined rate for direct labor hours?

Question 3) What is the overapplied or underapplied overhead for the year for the firm using a)machine hours, b) direct-labor hours, and c) direct-labor dollars?

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Firms predetermined rate for direct labor hours

Reference No:- TGS01738805

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Value of the ending inventory for product

Q : Company current overhead costing procedures

Q : Estimate the costs of running the cafeteria

Q : Compute qlf for loses incurred as a result of deviation

Q : Firms predetermined rate for direct labor hours

Q : Method of accounting for investment

Q : Investors and managers of investment funds

Q : Income statement as other expense

Q : Annual after-tax profit objective

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Solution Preview :

Prepared by a verified Expert

Accounting Basics: Firms predetermined rate for direct labor hours

Reference No:- TGS01738805

Recent Questions Asked Accounting Basics

Q : Value of the ending inventory for product

Q : Company current overhead costing procedures

Q : Estimate the costs of running the cafeteria

Q : Compute qlf for loses incurred as a result of deviation

Q : Firms predetermined rate for direct labor hours

Q : Method of accounting for investment

Q : Investors and managers of investment funds

Q : Income statement as other expense

Q : Annual after-tax profit objective

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