Business, 21.03.2020 07:27 xxnomr3cyxx

Graham Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2013 for the company and for Job 62:
Company Job 62
Direct materials $60,000 $4,500
Direct labor $25,000 $2,500
Manufacturing overhead costs $72,000
Machine hours 80,000 1,350
During 2013, the actual machine-hours totaled 84,000, and actual overhead costs were $71,000.

Compute the predetermined overhead rate.
Predetermined overhead rate $pixel. gif per machine hour

Compute the total manufacturing costs for Job 62.
Total manufacturing costs $pixel. gif

How much overhead is over or underapplied for the year for the company? State amount and whether it is over- or underapplied.
Overhead $pixel. gifpixel. gif

If Graham Manufacturing sells Job 62 for $14,000, compute the gross profit.
Gross profit $

Answers: 2

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Answer from: tiffxnnyyy

Part 1. Compute the predetermined overhead rate

Predetermined overhead rate is $ 0.90 per Machine Hour

Part 2. Compute the total manufacturing costs for Job 62

Total manufacturing costs is $8,215

Part 3. How much overhead is over or underapplied for the year for the company?

Overapplied

Amount of Overapplication is $ 4,600

Part 3. If Graham Manufacturing sells Job 62 for $14,000, compute the gross profit

Gross Profit is $ 5,785

Explanation:

Part 1. Compute the predetermined overhead rate

Predetermined overhead rate = Budgeted Total Overheads / Budgeted Activity

= $72,000 / 80,000

= $ 0.90 per Machine Hour

Part 2. Compute the total manufacturing costs for Job 62

Direct materials $4,500

Direct labor $2,500

Overheads ( $ 0.90 × 1,350) $1,215

Total manufacturing costs $8,215

Part 3. How much overhead is over or underapplied for the year for the company?

Applied Overheads = Predetermined overhead rate × actual machine-hours

= $ 0.90 per Machine Hour × 84,000

= $ 75,600

Actual Overheads = $71,000 (given)

Applied Overheads > Actual Overheads

Therefore Overheads are Overapplied

Amount of Overapplication is $ 75,600 - $71,000 = $ 4,600

Part 3. If Graham Manufacturing sells Job 62 for $14,000, compute the gross profit

Sales $14,000

Less Cost of Goods Sold

Opening Stock 0

Add Cost of Manufactured Goods $8,215

Less Closing Stock 0 $8,215

Gross Profit $ 5,785

Answer from: Quest

c is the correct answer.

Answer from: Quest

this is all on your opinion. you choose what you want to do.

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