Myers Manufacturing Uses a Standard Cost System

question 92

Essay

Myers Manufacturing uses a standard cost system.The allocation base for overhead costs is direct labor hours.Standard and actual data for manufacturing overhead are as follows:
Variable overhead allocation rate: $30 per direct labor hour
Fixed overhead allocation rate: $10 per direct labor hour
Actual overhead incurred (variable and fixed): $45,600
Standards for direct labor are as follows:
Hours per unit 0.5,Direct labor cost per hour $18.00
Actual direct labor for the month: 1,200 hours for a total cost of $24,000
Actual and planned production for the month: 3,000 units
Prepare the journal entry to allocate overhead cost (both variable and fixed)to production.

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Definitions:

Elevated Blood Pressure

A condition characterized by higher than normal pressure exerted by circulating blood against the walls of the arteries, also known as hypertension.

Blood Osmolality

A measure of the concentration of solutes in the blood, influencing the movement of water between body compartments.

ADH Levels

Concentrations of Antidiuretic Hormone in the body, which regulates water balance by controlling the amount of urine produced by the kidneys.

Aldosterone

Aldosterone is a steroid hormone produced by the adrenal glands, which helps regulate blood pressure by controlling sodium and water balance in the body.