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Category > Accounting Posted 26 Sep 2017 My Price 9.00

overhead absorption rates,

Calculation of under/over recovery of overheads

A company produces several products which pass through the two production departments in its factory. These two departments are concerned with filling and sealing operations. There are two service departments, maintenance and canteen, in the factory.

Predetermined overhead absorption rates, based on direct labour hours, are established for the two production departments. The budgeted expenditure for these departments for the period just ended, including the apportionment of service department overheads, was £110 040 for filling, and £53 300 for sealing. Budgeted direct labour hours were 13 100 for filling and 10 250 for sealing.

Service department overheads are apportioned as follows:

Maintenance — Filling

70% -

Maintenance — Sealing

27%

Maintenance — Canteen

3%

Canteen — Filling

60%

— Sealing

32%

— Maintenance

8%

During the period just ended, actual overhead costs and activity were as follows:

 

Direct

labour
 

(£)

Hours

Filling

74260

12820

Sealing

38115

10075

Maintenance

25050

  

Canteen

24375

  

Required:

(a) Calculate the overheads absorbed in the period and the extent of the under/over absorption in each of the two production departments.

(b) State, and critically assess, the objectives of overhead apportionment and absorption.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 10:09 PM My Price 9.00

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