Answer:
Predetermined manufacturing overhead rate= $33.1 per direct labor hour
Explanation:
Giving the following information:
Salary of factory supervisor $37,800
Heating and lighting costs for factory $22,900
Depreciation on factory equipment $5500
The company estimates that 2000 direct labor hours will be worked in the upcoming year.
<u>To calculate the predetermined manufacturing overhead rate we need to use the following formula:</u>
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= (37,800 + 22,900 + 5,500) / 2,000
Predetermined manufacturing overhead rate= $33.1 per direct labor hour
Answer:
The monthly deposit is calculated using PMT function :
rate = 1.2%/2 (converting annual rate into monthly rate)
nper = 12 * 5 (5 years of deposits with 12 monthly deposits each year)
pv = -3200 (Amount put into account now. This is entered with a negative sign because it is a cash outflow)
fv = 26865 (Required value of account after 5 years)
PMT is calculated to be $379.70.
The monthly deposit is $379.70.
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