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QuEStlan 1 Oakwood Ltd. is a furniture-making business that manufactures quality furniture to customers' orders. It has three production departments and two service departments. Budgeted overhead costs for the coming year are as follows: Total () Rent and rates 12,100 Machine insurance 25,500 Telephone charges 8,250 Depreciation - machinery 34,000 Production Supervisor's salaries 2,800 Heating and lighting 3,850 Canteen Cost 1,400 Total 87,900 The three production departments A, B, & C, and the two service departments X and Y, are housed in new premises, the details of which, together with other information is given below: Departments -_ Y Floor area occupied (sq. meters) 4,500 --m 1,400 IE-_- 5 --- - --I:- 7 Direct labour hours budgeted 4,200 -_- Labour rates per hour . 3.00 Allocated overheads: specific to , 800 each department Service department X's costs apportioned Service department Y's costs apportioned 10% 2 50 3.25 2.75 E1 700 1,500 1,100 1. Prepare a statement showing the overhead cost budgeted for each department, showing the basis of apportionment used (Please use the overhead analysis sheet below). Also calculate departmental overhead absorption rates based on direct labour hours. (9 marks) OVERHEAD ANALYSIS SHEET Item of expenditure Basis of allocation/ apportionment Production centres Service centres Total A B C X Y2. Job 123 is one of the products that Oakwood manufactures. Direct costs related to this product are as follows: Job 123 Direct material f180 Direct labour 15 hours Dept. A 10 hours Dept. B 8 hours Dept. C Calculate the total cost of Job 123. (4 marks)3. At the end of the year, the profit statement reported that the actual hours worked in each department were: Department A 4,000 Department B 1,700 Department C 2,500 The actual total overhead cost incurred was 100,000. Calculate the amount of under! over-absorbed overheads (2 marks). Attach me Browse My Computer Browse Content Collection