Devry Acct 505 Final Exam

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Devry ACCT 505 Final Exam
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Question
1.(TCO F) Escatel Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. Data for the most recently completed year appear below.
Estimates made at the beginning of the year 24,000
Estimated labor hours $6.86 per labor hour
Estimated variable manufacturing overhead $394,560
Estimated total fixed manufacturing overhead 24,500
Actual labor hours for the year

Required:

Compute the company's predetermined overhead rate for the recently completed year.(Points : 25)

2.(TCO C) The selling and administrative expense budget of Fenley Corporation is based on the number of units sold, which are budgeted to be 2,500 units in January. The variable selling and administrative expense is $4.40 per unit. The budgeted fixed selling and administrative expense is $35,750 per month, which includes depreciation of $4,000. The remainder of the fixed selling and administrative expense represents current cash flows.

Required:

Prepare the selling and administrative expense budget for January.(Points : 25) 1.(TCO C) The following overhead data are for a department of a large company. Actual Costs Incurred Static Budget
Activity level (in units) 800 750 Variable costs:
Indirect materials $6,850 $6,600
Electricity $1,312 $1,275
Fixed costs:
Administration $3,570 $3,700
Rent $3,320 $3,200
Required: Construct a flexible budget performance report that would be useful in assessing how well costs were controlled in this department. (Points : 30) 2.(TCO D) Mr. Earl Pearl, accountant for Margie Knall, Inc. has prepared…...

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