The following balances have been taken from the general ledger for CCC Manufacturing Company: Raw Materials Inventory (1-12-2014)

Rs. 40,000

Raw Material Purchases

190,000

Raw Materials Returns

9,000

Carriage Inwards

15,000

Direct Labor

250,000

Indirect Labor

60,000

Depreciation (Machinery)

30,000

Hear, Light and Power

25,000

Factory Rent and Taxes

31,000

Factory Repairs Expense

19,000

Foreman ‘s Salary

25,000

Raw Material (31-12-2014)

58,000

Work in Process (1-12-2014

63,000

The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014.

Determine the FOH Rate based on direct labor cost.

FOH rate based on direct labor cost is 22.8%.

Explanation:

The computation of the factory overhead rate based on the direct labor cost is as follows:

Factory Overhead (FOH) Rate on Direct Labor Cost is

= Total Estimated Factory Overheads ÷  Direct Labor Cost × 100

= [$32,000 + $25,000] ÷ $250,000 × 100

= $57,000 ÷ $250,000 × 100

= 22.8%

Therefore, FOH rate based on direct labor cost is 22.8%.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know