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Accounting Calculations - Assignment Example

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The manufacturing overhead was under applied by $8000. This was particularly because the actual costs exceed the budgeted overhead (Ross, 2013)…
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Accounting Calculations
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"Accounting Calculations"

Download file to see previous pages Wireless and Remote connectivity Challenge – Sanford University QUESTION 1: 1. Compute the company’s predetermined overhead rate (a) -Pre -Determined overhead rate Fixed Manufacturing Overhead 106,250.00 Basis of Allocation -Machine Hrs 85,000.00 1.25 Variable Manufacturing Overhead 0.75 Predetermined Overhead Rate 2.00 Question 2: Calculation of Overhead Costs Manufacturing Overhead Utilities 14,000.00 Budgeted Overhead 160,000.00 Insurance 9,000.00 Maintainance 33,000.00 Indirect Materials 7,000.00 Indirect Labour 65,000.00 Depreciation 40,000.00 Under –Applied overheads 8000 168,000.00 168,000.00 Work -In -Progress Direct Material 530,000.00 Cost of goods sold 783,000.00 Direct Labour 85,000.00 Overheads 160,000.00 Under -Allocated Overheads 8,000.00 783,000.00 783,000.00 3. Computation of the Underapplied or Overapplied Overhead for the Year Under- applied (Over -Applied) indirect costs = Actual indirect costs incurred - Indirect costs allocated Actual Manufacturing Overhead 168,000.00 Budgeted Manufacturing Overhead 160,000.00 Under (Over) Applied Overheads 8,000.00 ...Download file to see next pagesRead More
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