Use the following information to answer questions 12-15 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 Utilities $226,380 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. The predetermined overhead rate using direct labor hours for 2019 would be: 1) $11.50 per direct labor hour 2) $23 per direct labor dollar spent 3) $11.05 per direct labor hour 4) $2.80 per direct labor hour Use the following information to answer questions 12-15 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 Utilities $226,380 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. 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? 1) 1,423,000 2) 1,883,000 3) 1,144,000 4) 1,644,000 Question 14 (2 points) Use the following information to answer questions 12-15 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 Utilities $226,380 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. If the job cost report showed that Yacht B used 17,900 direct labor hours, what would be the allocated cost bf overhead to yacht B for 2019? 1) $214,800 2) $197,795 3) $411,700 4) $265,317 Use the following information to answer questions 12-15 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 Utilities $226,380 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. If for 2019, the actual direct labor hours spent on all yachts was 80,000 and all of the actual overhead costs for 2019 came in exactly as planned, then overhead would be: 1) Overapplied by 88,400 2) Underapplied by 88,400 3) Overapplied by zero 4) Underapplied by 8,000
