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16 Jan

Determined the predetermined overhead rate | Good Grade Guarantee!

Golden Bear company is a manufacturing company with a fiscal year that runs from July 1 to June 30. The company uses anormal job- order accounting system for its production costs. Apredetermined overhead rate based on direct labour hours is used to apply overhead to individual jobs. For the 19×8-19×9 fiscal year, the predetermined overhead rate is on an expected level of activity of 120000 direct labour hours and the following cost- volume (or flexible budget) formula: T=$216000+$3.25x. Where T= estimated total overhead. X = direct labour hours. The following information presented is for November 19×8. Jobs 87-50 &87-51 were completed during November. Inventories November 1,19×8: raw materials and supplies. …..$10500. Work in process ( job 87-50)…..54000. Finished goods…..112500. Purchases of raw materials and supplies: raw materials. … $135000. Supplies…..15000. Materials and supplies requisitioned for production: job 87-50…..$45000. Jobs 87-51. ……37500. Jobs 87-52. …..25500. Supplies……15000. Total…..$120000. Factory direct labour hours: jobs 87-50…..3500 DLH. Jobs 87-51…..3000DLH. Jobs87-52……2000DLH. Labour cost: Direct labour wages. …..$51000. Indirect labour wages (4000 hours). …15000. Supervisor salaries, factory. ….6000. Building occupancy cost ( heat.light.fepreciation,etc): factory facilities. ….$6500. Sales offices. …1500. Administration offices. ….1000. Total. ……$9000. Factory equipment costs: power. ….$4000. Repairs and maintenance. …1500. Depreciation. ….1500. Other. …1000. Total. …..$8000. Required:. A. Determined the predetermined overhead rate to be used to individual jobs during the 19×8-19×9 fiscal year. B. Determined the total cost of job 87-50. C. Determined the over- or underapplied overhead for November 19×8.

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