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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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…
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
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 ‒‒‒ ‒‒‒ ▬▬▬…
Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expens than the home consoles. The company only recently began producing the home model. Since the introduction of the new product. profits have been steadily declining. Management believes that the accounting system is not accurately allocating costs to products particularly because sales of the new product have been increasing Management has asked you to investigate the cost allocation problem. You find that manufacturing overhead is currently assigned to products based on their direct labor costs. For your investigation, you have data from last year. Manufacturing overhead was $1,366,000 based on production of 340.000 handheld consoles and 89,000 home consoles. Direct labor and direct materials costs were as follows. Direct labor Materials Handheld $1,294, 500 790,000 Cost Driver Number of production runs Quality tests performed Shipping orders processed Total overhead…
Required:i) Using the above information derive a cost function that can be used to predict the total production overheads cost using the high-low cost estimation method.
Please show your work.
In a job-order costing system, manufacturing overhead applied is recorded as a credit to: O a. None of the given answer is correct O b. Manufacturing Overhead. Work in Process inventory. O d. Finished Goods inventory. Fi е. Cost of Goods Sold.
a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
If the prime cost 35 350 ID., Manufacturing overhead 6 000 ID,beginning finished goods inventory 25 500 ID .ending finished goods inventory 25 000 ID.,beginning work inproces inventory 2 000 ID., ending work inproces inventory 3 000 ID.,the manufactured cost are
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
When using normal costing, the total production cost of a job is composed of 24 Multiple Choice direct materiel and direct iabor, only drect material direct labor, manufacturing overhead, and ounlays for selling cost rect materinl elrect labormanufactuingg overhead and outiays for both sellng and adminstra dectinerlal rect abot and apoped manufactunng overhead
If the prime cost 35 350 ID., Manufacturing overhead 6 000 ID., beginning finished goods inventory 25 500 ID .ending finished goods inventory 25 000 ID., beginning work in process inventory 2 000 ID., ending work in process inventory 3 000 ID., the manufactured cost are