2. The company's actual labor cost is $114,000 for Procedure 1. Determine the actual cost of direct labor, direct materials, and overhead for each procedure, and the total cost of production for each procedure. Cost makeup of Procedure 1: Direct Labor Direct Materials Overhead Total Cost makeup of Procedure 2: Direct Labor Direct Materials Overhead Total

2. The company's actual labor cost is $114,000 for Procedure 1. Determine the actual cost of direct labor, direct materials, and overhead for each procedure, and the total cost of production for each procedure. Cost makeup of Procedure 1: Direct Labor Direct Materials Overhead Total Cost makeup of Procedure 2: Direct Labor Direct Materials Overhead Total

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 6CE: Refer to Cornerstone Exercise 7.3 and solve for the allocated costs to Fabricating and Assembly...

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Refer to Cornerstone Exercise 7.3 and solve for the allocated costs to Fabricating and Assembly using the direct method of support department cost allocation. The Fabricating Department overhead rate is based on normal activity of 82,000 machine hours. The Assembly Department overhead rate is based on normal activity of 160,000 direct labor hours. Job 316 required six machine hours in Fabricating and four direct labor hours in Assembly. Total direct materials cost 120, and total direct labor cost was 80. Required: 1. Calculate the overhead rate for Fabricating based on machine hours and the overhead rate for Assembly based on direct labor hours. (Round overhead rates to the nearest cent.) 2. Using the overhead rates calculated in Requirement 1, calculate the cost of Job 316. 3. What if Job 316 had required one machine hour in Fabricating and four direct labor hours in Assembly? Direct labor and direct materials costs remained the same. Calculate the new cost of Job 316.
Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour The direct materials cost, direct labor cost, and machine-hours used for Jobs P and Q are as follows: Job P $ 25,000 $ 30,600 Molding 2,500 $ 13,000 $ 2.60 2,900 1,800 4,700 5. What is the total manufacturing cost assigned to Job Q? Note: Do not round intermediate calculations. Total manufacturing cost Job Q $ 14,000 $ 12,300 Fabrication 1,500 $ 16,800 $ 3.40 2,000 2,100 4,100 Total Sweeten Company had no overapplied or underapplied manufacturing overhead costs during the year. 4,000 $ 29,800 Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. For questions, 9-15, assume that the company uses predetermined departmental overhead rates with machine-hours as the allocation…
Assume the following information from a schedule of cost of goods manufactured: Beginning work in process inventory $ 30,000Direct materials used in production $ 50,000Direct labor $ 60,000Total manufacturing costs to account for $ 207,000Ending work in process inventory $ 72,000 What is the manufacturing overhead applied to work in process?
2.A company makes two products 1 and 2. The finishing activity pool has estimated manufacuring costs of $82,749 and the cost drivers for Product 1 is 359 and 282 for Product 2. The assembling activity pool has estimated costs of $63,039 and the cost drivers for Product 1 is 200 and 300 for Product 2. Direct labor hours for Product 1 is 497and 303 for Product 2. What is the total manufacturing overhead cost to be assigned to Product 1 using a single overhead rate as under tradional cost accounting? Round your final answer to the nearest whole dollar and do not put a dollar sign in your answer.
3. A company makes two products 1 and 2. The finishing activity pool has estimated manufacuring costs of $59,715 and the cost drivers for Product 1 is 226 and 377 for Product 2. The assembling activity pool has estimated costs of $32,051 and the cost drivers for Product 1 is 418 and 272 for Product 2. Direct labor hours for Product 1 is 50,000 and 45,000 for Product 2. What is the manufacturing overhead rate to be used under activity based costing for the assembly pool? Round your final answer to two decimal places and do not write a dollar sign.
1. A company makes two products 1 and 2. The finishing activity pool has estimated manufacuring costs of $87,059 and the cost drivers for Product 1 is 200 and 500 for Product 2. The assembling activity pool has estimated costs of $54,143 and the cost drivers for Product 1 is 350 and 275 for Product 2. Direct labor hours for Product 1 is 335 and 224 for Product 2. What is the total manufacturing overhead rate to be used under traditional cost accounting? Round your final answer to the nearest whole dollar and do not write a dollar sign.
4.A company makes two products 1 and 2. The finishing activity pool has estimated manufacuring costs of $122,355 and the cost drivers for Product 1 is 389 and 435 for Product 2. The assembling activity pool has estimated costs of $168,411 and the cost drivers for Product 1 is 121 and 249 for Product 2. Direct labor hours for Product 1 is 50,000 and 45,000 for Product 2. What is the total manufacturing overhead costs to assigned under activity based costing to the finishing activity cost pool for Product 2? Round your final answer to the nearest whole number and do not write a dollar sign.
Use the following information to answer the question. Estimated manufacturing overhead $180,000 Actual manufacturing overhead $240,000 Estimated direct labour hours 15,000 Actual direct labour hours worked 16,000 The predetermined overhead rate for applying manufacturing overhead would be:
INSTRUCTIONS: 1) compute the predetermined overhead rate using traditional costing with machine hours as the basis. 2) Compute the manufacturing cost per window set under traditional costing 3) Compute the manufacturing cost per window set under the proposed activity-based costing. OVERHEAD COST POOLS Purchasing - $75,000 Handling Materials........ $82000 Production (cutting, milling, -- 100,000 Inspecting --220,000 Setting up machines-- - - - - 120,000 Inventory control (raw materials, and finished good). . . . . . $126,000 Utilities - 300,000 total budget overhead costs $1,173, 000 For the last couple years the company has been charging overhead to products on the basis of machine hours, for the above budget 100,000 machine hours are budgeted. Recently, the company was directed to implement activity-based costing system, the accountant and foreman identified the following cost drivers and their usage for the previously budgeted overhead cost pools Activity Cost Pools -- - Activity…
The following information is available from the records of Diamond Cut, Inc.: Direct Materials-Assembly Department $10,000 Direct Materials-Finishing Department 15,000 Direct Labor-Assembly Department 11,000 Direct Labor-Finishing Department 20,000 Applied Overhead-Assembly Department 11,000 Applied Overhead-Finishing Department 20,000 Actual Overhead-Assembly Department 12,500 Actual Overhead-Finishing Department 17,500 What are the "total costs to account for" in the Assembly Department? a.$32,000 b.$21,000 c.$10,000 d.$44,500
1. X Company uses activity-based costing for Product B and Product D. The total estimated overhead cost for the parts administration activity pool was $550,000 and the expected activity was 2000 part types. If Product D requires 1200 part types, the amount of overhead allocated to product D for parts administration would be: a) $275,000 b) $300,000 c) $330,000 d) $345,000
What is the total materials used in November 2021? a.P115,200 b.P111,150 c.P 96,515 d.P115,895