IV. Product Costing SystemsJob Costing1. Lind Company uses a normal job-order costing system. There are two departments,Assembly and Finishing, through which most jobs pass. Selected budgeted and actualdata for the past year follow:Budgeted overheadActual overheadExpected activity (directlabor hours)Expected machine hoursAssembly$330,000110,000150,000Finishing$1,000,000520,00025,00025,000125,000During the year, several jobs were completed. Data pertaining to one such job, Job 330,follow:Direct materialsP730,00Direct labor cost:Assembly (5,0000 hours @ $12 per hr.)Finishing (400 hours @ $12 per hr.)Machine hours used:$ 60,0004,800AssemblyFinishingUnits produced1001,20010,000Required:1. Compute the predetermined overhead rate.2. Using the predetermined rate, compute the per-unit manufacturing cost for Job 330.(Note: Round the unit cost to the nearest cent.)3. Recalculate the unit manufacturing cost for Job 330 using departmental overheadrates. Use direct labor hours for Assembly and machine hours for Finishing.

Name: IV. Product Costing SystemsJob Costing1. Lind Company uses a normal j
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Description: IV. Product Costing SystemsJob Costing1. Lind Company uses a normal job-order costing system. There are two departments,Assembly and Finishing, through which most jobs pass. Selected budgeted and actualdata for the past year follow:Budgeted overhead

1. Assuming the company's allocation base is machine hours. Predetermined overhead rate = Total…

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1. Compute the predetermined overhead rate. 2. Using the predetermined rate, compute the per-unit manufacturing cost for Job 330. (Note: Round the unit cost to the nearest cent.) 3. Recalculate the unit manufacturing cost for Job 330 using departmental overhead rates. Use direct labor hours for Assembly and machine hours for Finishing.

1. Compute the predetermined overhead rate. 2. Using the predetermined rate, compute the per-unit manufacturing cost for Job 330. (Note: Round the unit cost to the nearest cent.) 3. Recalculate the unit manufacturing cost for Job 330 using departmental overhead rates. Use direct labor hours for Assembly and machine hours for Finishing.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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