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Ann [662]
3 years ago
6

Edwards Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total

$1,800,000 for the year, and machine usage is estimated at 200,000 hours. In January, $186,000 of overhead costs are incurred and 22,000 machine hours are used. For the remainder of the year, $1,940,000 of additional overhead costs are incurred and 214,000 additional machine hours are worked. Compute the manufacturing overhead rate for the year. Manufacturing overhead rate per machine hour LINK TO TEXT LINK TO TEXT What is the amount of over- or underapplied overhead at January 31? overhead $ LINK TO TEXT LINK TO TEXT What is the amount of over- or underapplied overhead at December 31? overhead $
Business
1 answer:
lisov135 [29]3 years ago
8 0

Answer:

Predetermined overhead rate = $9

January = $12,000 over applied  

December - $2,000 under applied  

Explanation:

For computing the ended overhead amount, first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated machine labor-hours)

= $1,800,000 ÷ 200,000 hours

= $9

Now we have to find the actual overhead for the January month which equal to

= Actual machine labor-hours × predetermined overhead rate

= 22,00 hours × $9

= $198,000

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $186,000 - $198,000

= $12,000 over applied  

And, the actual manufacturing overhead for the December month which equal to

= $186,000 + $1,940,000

= $2,126,000

Actual overhead = (22,000 + 214,000) × 9 = $2,124,000

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $2,126,000 - $2,124,000

= $2,000 under applied  

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Describe the elements that must be present for the courts to rule that a contract is unconscionable?
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Reserve ratio was 15% at the balance sheet the whole commercial banking system rather than for a single
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5 0
2 years ago
John borrows $10,000 for 10 years at an effective interest rate of 10%. He can repay the loan using the amortization method with
Ierofanga [76]

Answer:

The balance in the Sinking Fund immediately after repayment of the loan will be $2,133.19

Explanation:

Hi, John will pay the loan by paying the yearly interest and the rest is going to go to the sinking fund, so, if he has $1,627.45 and the annual interest of the loan are $1,000, he will be depositing $627.45 into the sinking fund for ten years. Therefore, the future value of the annual deposits of the sinking can be found by using the following formula.

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r = effective rate of the sinking fund (14%)

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Everything should look like this.

FutureValue=\frac{627.45((1+0.14)^{10} -1)}{0.14}

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