Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Twizzle Manufacturing is a small manufacturer that uses machine hours as its activity based for assigning overhead costs to jobs. The company estimated the following
Twizzle Manufacturing is a small manufacturer that uses machine hours as its activity based for assigning overhead costs to jobs. The company estimated the following amounts for 2018 for the company and for Job 62: Company Job 62 Direct materials ($). 80,000 4,000 Direct labour (5) 25,000 2,500 Manufacturing overhead costs ($) 72,000 Machine hours (MH).. 90,000 1,350 During 2018, the actual machine hours totaled 94.000, and actual overhead costs were $71,000. Fill in the blanks be sure to not include any commas or decimals unless otherwise stated. For example $1,000.00 should be expressed as 1000. Or decimals when told. A. How much is the predetermined overhead rate? $ per MH, rounded to the nearest $0.01. B. How much are total manufacturing costs of Job 62?$ rounded to the nearest $1 no commas. C. How much overhead is over or under applied for the year for the company? Amount $ to the nearest $1 no commas. D. If Twizzle Manufacturing sells Job 62 for $16,000, how much is gross profit? $ rounded to the nearest $1 noc
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started