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I am really struggling with this oroblem especially with so many parts, since they can go together at times. can anyone help me with this,
I am really struggling with this oroblem especially with so many parts, since they can go together at times. can anyone help me with this, and the steps to do it?
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. The budgeted variable manufacturing overhead is $2 per direct labor-hour and the budgeted fixed manufacturing overhead is $480,000 per year. The standard quantity of materials is 3 pounds per unit and the standard cost is $7 per pound. The standard direct labor hours per unit is 15 hours and the standard loborrate is $12. per hour The company planned to operate at a denominator activity level of 60.000 direct labor hours and to produce 40,000 units of product during the most recent year. Actual activity and costs for the year were as follows Actual number of units produced 42,000 Actual direct labor-hours worked 65,000 Actual variable manufacturing overhead cost incurred $ 123,500 Actual fixed manufacturing overhead cost incurred 5483,000 Required: Required: 1. Compute the predetermined overhead rate for the year Break the rate down into variable and fixed elements 2. Prepare a standard cost card for the company's product 3a Compute the standard direct labor-hours allowed for the year's production 3b. Complete the following Manufacturing Overhead T-account for the year, 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reg 38 Reg 4 Compute the predetermined overhead rate for the year, Break the rate down into variable and fixed elements, per DLH Predetermined overhead rate Variable rate Fixed rate per DLH per DLH Reg 2 > Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements 2. Prepare a standard cost card for the company's product 3a. Compute the standard direct labor-hours allowed for the year's production 3b. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg Req 38 Reg 4 Prepare a standard cost card for the company's product. (Round "Du" to 2 decimal places) Direct materials pounds at por pound s 0 Direct labor DLHS at 0 Variable overhead DLHS at per DEH 0 Fored overhead DLHS Der DLH 0 Standard cost per unit 5 0 per DLH Actual variable manufacturing overhead cost incurred $ 123,500 Actual fixed manufacturing overhead cost incurred $ 483,000 Required: 1. Compute the predetermined overhead rate for the year Break the rate down into variable and fixed elements 2. Prepare a standard cost card for the company's product 3a. Compute the standard direct labor-hours allowed for the year's production 36. Complete the following Manufacturing Overhead T-account for the year, 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances ce Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reg 30 Reg 4 Compute the standard direct labor-hours allowed for the year's production Standard desbor hours Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements. 2. Prepare a standard cost card for the company's product 3a. Compute the standard direct labor-hours allowed for the year's production 36. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3A Req 3B Reg 4 Complete the following Manufacturing Overhead I account for the year. Manufacturing Overhead Debit Credit Applied costs Actual costs ofoverapplied overhead Required: 1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements 2. Prepare a standard cost card for the company's product 3a. Compute the standard direct labor hours allowed for the year's production 36. Complete the following Manufacturing Overhead T-account for the year. 4. Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3A Reg 38 Reg 4 Determine the reason for any underapplied or overapplied overhead for the year by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances. (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance Fixed overhead budget variance Fored overhead volume anance Step by Step Solution
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