Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XCI Summer Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $840,000 for the year,
XCI Summer Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $840,000 for the year, and machine usage is estimated at 120,000 hours. In the first quarter of the calendar year, $240,000 of overhead costs was incurred and 31,000 machine hours were used. For the remainder of the year, $590,000 of additional overhead costs are incurred. Actual machine hours exceeded expected machine hours by 1/60th of the original estimate. Fill in the blanks be sure to NOT include any commas or decimals unless otherwise stated. For example $1,000.25 should be expressed as 1000. Only include decimals is answer is to be rounded to the nearest $0.01 you would express the answer as 1000.25 Fill in the blanks below based on the information above: A. The calculated the manufacturing overhead rate for the year is $ per machine hour, rounded to the nearest $0.01. B. How much is the amount of over- or under-applied overhead at March 31? $ C. The calculated actual amount of additional excess overhead machine hours is $ D. The actual amount of machine hours used from April to December is E. The applied overhead from April to December is $ F. How much is the amount of over or under-applied overhead from April to December 31, if over- or under applied overhead has not been -applied overhead accounted for since March 31?$
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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