Siegworth Products produces industrial cleaning products. Data concerning budgeted direct labor-hours for Siegworth for the next year follows:

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Budgeted direct labor-hours 9,400 8,900 9,200 10,000

Siegworth uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $3.75 per direct labor-hour and its total fixed manufacturing overhead is $62,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $15,500 per quarter.

Required:
a. Prepare the company's manufacturing overhead budget for the upcoming fiscal year.
b. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.

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23-04-2021
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Siegworth Products produces industrial cleaning products. Data concerning budgeted direct labor-hours for Siegworth for the next year follows:

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Budgeted direct labor-hours 9,400 8,900 9,200 10,000

Siegworth uses direct labor-hours as its overhead allocation base. The variable portion of its predetermined manufacturing overhead rate is $3.75 per direct labor-hour and its total fixed manufacturing overhead is $62,000 per quarter. The only noncash item included in fixed manufacturing overhead is depreciation, which is $15,500 per quarter.

Required:
a. Prepare the company's manufacturing overhead budget for the upcoming fiscal year.
b. Compute the company's predetermined overhead rate (including both variable and fixed manufacturing overhead) for the upcoming fiscal year.

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amcool amcool · Answer 1 · 2021-04-27T03:52:34+02:00

Answer:

a. Total manufacturing overhead are as follows:

1st Quarter = $81,750

2nd Quarter = $79,875

3rd Quarter = $81,000

4th Quarter = $84,000

b. Predetermined overhead rates are as follows:

1st Quarter = $8.70

2nd Quarter = $8.97

3rd Quarter = $8.80

4th Quarter = $8.40

Explanation:

a. Prepare the company's manufacturing overhead budget for the upcoming fiscal year.

Note: See part a of the attached excel file for the company's manufacturing overhead budget for the upcoming fiscal year.

In the part a of attached excel file, Fixed manufacturing overhead per quarter is obtained as follows:

Fixed manufacturing overhead per quarter = Total fixed manufacturing overhead per quarter – Depreciation per quarter = 62,000 - $15,500 = $46,500

From the attached excel file, total manufacturing overhead are as follows: