1. Marulacturlng costs. A schedule of cosl .of goods manuiuciurou SIVNS,$300,000800,000640,000140,000Matotlals used.Direct labor........... *"Ovorhead costs.. .Work In procese, ondirig Inventory.........: ....Flequlred:(1) Calculate the rate of faclory overhead to direct labor cost.(2) Deterrmine the cost of direct materlals lncluded In the work in process ending.Inventory, assuming that the diréct labor cost Included in the mventory of work inprocess is $50,000.·

Overhead allocation rate is the rate used to charge the overhead cost of production to the product…

1. Manulactiurlng costs. A chedule of cost .of goodis Imanuluciurou SIRIYS, Matorlals used. Direct labor.... Ovorhead costs... Work In process, onding Inventory. $300,000 800,000 640,000 140,000 ' ... Nequlred: (1) Calculate the rate of factory overhead to direct labor cosl. (2) Determine the cost of direct materlals Included In the work in process ending. Inventory, assuming that the direct labor cost Included in tho mventory of work in process is $50,000.·

1. Manulactiurlng costs. A chedule of cost .of goodis Imanuluciurou SIRIYS, Matorlals used. Direct labor.... Ovorhead costs... Work In process, onding Inventory. $300,000 800,000 640,000 140,000 ' ... Nequlred: (1) Calculate the rate of factory overhead to direct labor cosl. (2) Determine the cost of direct materlals Included In the work in process ending. Inventory, assuming that the direct labor cost Included in tho mventory of work in process is $50,000.·

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Harbour Company makes two models of electronic tablets, the Home and the Work. Basic production information follows: Home Work $ 40 17 $ 66 Direct materials cost per unit Direct labor cost per unit Sales price per unit Expected production per nonth 32 363 574 620 units 330 units Harbour has monthly overhead of $186,075, which is divided into the following cost pools: $ 91,300 53,975 40,800 Setup costs Quality control Maintenance Total $186,075 The company has also compiled the following information about the chosen cost drivers: Work Total Home 38 Number of setups Number of inspections Number of machine hours 1,600 72 110 330 305 635 1,800 3,400 Required: 1. Suppose Harbour uses a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount.) Overhead Assigned Home Model: Work Model: Total Overhead Cost 2. Calculate…
Prime cost consists of: Select one: O A. Direct labour B. O C. Factory overheads O D. a) and c) above Direct materials and direct labour
Single Plantwide Rate and Activity-Based Costing Whirlpool Corporation (WHR) conducted an activity-based costing study of its Evansville, Indiana, plant in order to identify its most profitable products. Assume that we select three representative refrigerators (out of 333): one low-, one medium-, and one high-volume refrigerator. Additionally, we assume the following activity-base information for each of the three refrigerators: Three Representative Number of Machine Number of Number of Sales Number of Refrigerators Hours Setups Orders Units Refrigerator-Low Volume 24 14 38 160 Refrigerator-Medium Volume 225 13 88 1,500 Refrigerator-High Volume 900 120 6,000 Prior to conducting the study, the factory overhead allocation was based on a single machine hour rate. The machine hour rate was $200 per hour. After conducting the activity-based costing study, assume that three activities were used to allocate the factory overhead. The new activity rate information is assumed to be as follows:…
Which one is the correct answer?
Use the following data to answer the question. Inputs of Labor Total Product 0 1 2 3 4 5 6 7 The average product (AP) when seven units of labor are hired is Multiple Choice O O -3. 0 10 22 36 48 58 66 63 18.
How to solve the factory overhead rate of 2/3 of the labor cost?
Show all rough work As well. Its the all information available.
QUESTION: 1. IN THE COST RECONCILIATION REPORT UNDER THE FIFO METHOD, THE COSTS TO BE ACCOUNTED FOR EQUALS THE COST OF BEGINNING WORK IN PROCESS INVENTORY PLUS THE COST OF UNITS TRANSFERRED OUT. TRUE OR FALSE. PLEASE EXPLAIN. 2. WHEN THE PREDETERMINED OVERHEAD RATE IS BASED ON DIRECT LABOR-HOURS, THE AMOUNT OF OVERHEAD APPLIED TO A JOB IS PROPORTIONAL TO THE ESTIMATED AMOUNT OF DIRECT LABOR-HOURS FOR THE JOB. TRUE OF FALSE.
Jay Give me correct answer with explanation..
Nn. 126.
Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Requirements 1. 2. 3. Compute Jackson's predetermined overhead allocation rate. Prepare the journal entry to allocate manufacturing overhead. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Print Allocated overhead to WIP Done - X Data table At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs $880,000 1,540,000 Machine hours 80,000 hours At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant…
s === Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost. Required: Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. Enter all amounts as positive values. Direct materials used Direct labor Manufacturing overhead applied Total current manufacturing costs Beginning work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Ending finished goods inventory Cost of goods sold 89 SEP 17 84 < Prev Case 1 16,000 12,000 8,100 5,900 3,800 7,900 6 of 8 tv Case 2 ‒‒‒ ‒‒‒ ▬▬▬…