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spin [16.1K]
2 years ago
6

The following information has been gathered for Foxmoor Industries for its fiscal year ending December 31: Estimated factory ove

rhead costs $ 2,496,000 Actual factory overhead costs $ 1,812,400 Estimated labor hours 78,000 Actual labor hours 81,700 Estimated labor costs $ 771,000 Actual labor costs $ 855,125 Estimated machine hours 111,000 Actual machine hours 117,600 What is the predetermined factory overhead rate per labor hour?
Business
1 answer:
lions [1.4K]2 years ago
5 0

Answer:

Estimated manufacturing overhead rate= $32 per labor hour

Explanation:

Giving the following information:

The estimated factory overhead costs $ 2,496,000. Estimated labor hours 78,000.

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 2496000/78000= $32 per labor hour

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Date        General Journal                Debit            Credit

March 1   Bank A/c                        $2,650,000

                  (53,000 × $50)

                       Share Capital A/c                            $53,000

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May 10     Treasury Stock A/c            $254,400

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                        Cash A/c (4,800 × $53)                  $254,400

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June 1       Retained Earning A/c        $207,480  

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                           (2400 × $5)

                    (Being 2,400 Treasury Stock sold for $58)

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