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

(i know i'm late but the answer's "things about yourself" because you want to list things you're capable of, why you want to open up the business, the amount of money you're putting into it,etc.) i'm guessing you take online school small business, the answers to the quizzes are all over quizlet. just look up your question and type quizlet after it and it'll pop up.

Answer from: Quest

The answer is c hope this

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