Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please i need some help i cannot figure this out at all!! information is below. Thank you! Highland industries makes custom yachts using a job

Please i need some help i cannot figure this out at all!! information is below. Thank you!

Highland industries makes custom yachts using a job cost accounting system. in anticipation of a busy year for 2019, highland's accountant estimated the following overhead costs for 2019:

Machinery maintenance 181,350

supervision 191,000

materials handling cost 67,000

building occupancy costs 98,270

indirect materials 31,650

in the past, highland has used direct labor hours to allocate overhead to the various yacht building jobs and they anticipate using the same for 2019. highland anticipates using a total of 72,000 direct labor hours in 2019. at the beginning of 2019, highland had no yachts in process or finished but did have 202,000 in raw materials left over from 2018. during 2019, highland began work on 3 yachts(A,B,C). they also purchased and paid for 2,355,000 in raw materials.

A. the predetermined overhead rate using direct labor hours for 2019 would be:

B. if the estimated direct materials for yacht A is 923,000 and the estimated direct labor hours for yacht A is 20,000(at 25$ per hour), what is the total estimated cost of yacht a?

C. if the job cost report showed that yacht b used 17,900 direct labor hours, what would be teh allocated cost of overhead to yacht b for 2019?

D. if for 2019, the actual direct labor hours spent on all yachts was 80,000 and all of teh actual overhead costs for 2019 came in exactly as planned, then overhead would be?

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

Business And Professional Ethics

Authors: Leonard J Brooks, Paul Dunn

8th Edition

1337514462, 9781337514460

More Books

Students also viewed these Accounting questions

Question

3. An initial value (anchoring).

Answered: 1 week ago

Question

4. Similarity (representativeness).

Answered: 1 week ago