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.

Question

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23-04-2021
Business

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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: