Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $2.40 per

Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $2.40 per direct labor-hour and the budgeted fixed manufacturing overhead is $384,000 per year.

The standard quantity of materials is 4 pounds per unit and the standard cost is $4.00 per pound. The standard direct labor-hours per unit is 1.5 hours and the standard labor rate is $12.20 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 48,000
Actual direct labor-hours worked 78,000
Actual variable manufacturing overhead cost incurred $ 124,800
Actual fixed manufacturing overhead cost incurred $ 429,000

Required:

3b. Complete the following Manufacturing Overhead T-account for the year.

**Below are photos of the question required (3b.), please help I have posted this question several time but quite don't get the complete entire answers.

**Blank spaces have to be filled in with the answers

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

****Amounts below in the table are the answers I got wrong now

image text in transcribed

Req 3A Complete the following Manufacturing Overhead T-account for the year. Manufacturing Overhead Req 1 Req 2 Req 3B Req 4

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Text Problems And Cases

Authors: M. Y. Khan, P K Jain

7th Edition

9352606787, 978-9352606788

More Books

Students also viewed these Accounting questions

Question

6. Creating: Creating something new by combining different ideas.

Answered: 1 week ago