20 1 The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. points Date Document Amount 7/1/2017 Q-4698 $1,250 7/1/2017 W-3393 600 7/5/2017 Q-4725 1,000 7/5/2017 W-3479 450 7/10/2017 W-3559 300 eBook Print Determine the total cost on the job cost sheet for Job 9-1005. JOB COST SHEET: Job 9-1005 Direct Materials Direct Labor Overhead Total Cost References Date Requisition No. Amount Time-Ticket No. Amount Costs Applied 07/01/2017 Q-4698 1,250 W-3393 $ 600 07/05/2017 Q-4725 07/10/2017 1,000 W-3479 450 W-3559 300 $ 2,250 $ 1,350 $ 5,085

20 1 The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. points Date Document Amount 7/1/2017 Q-4698 $1,250 7/1/2017 W-3393 600 7/5/2017 Q-4725 1,000 7/5/2017 W-3479 450 7/10/2017 W-3559 300 eBook Print Determine the total cost on the job cost sheet for Job 9-1005. JOB COST SHEET: Job 9-1005 Direct Materials Direct Labor Overhead Total Cost References Date Requisition No. Amount Time-Ticket No. Amount Costs Applied 07/01/2017 Q-4698 1,250 W-3393 $ 600 07/05/2017 Q-4725 07/10/2017 1,000 W-3479 450 W-3559 300 $ 2,250 $ 1,350 $ 5,085

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 62P: (Appendix 4A) Overhead Application, Journal Entries, Job Cost At the beginning of the year, Smith...

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42 ABC Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2022, ABC estimated that manufacturing overhead for the year would be P4,800,000 and machine hours would be 80,000. The following information pertains to April 2022: Job #1 Job #2 Job #3 Work in process, April 1 P320,000 P520,000 P760,000 April production: Direct materials requisitioned 80,000 96,000 144,000 Direct labor costs 48,000 72,000 90,000 Machine hours 400 700 900 Actual overhead costs incurred during April amounted to P125,000. During April, jobs 1 and 3 were completed. Job 1 was delivered to a customer and an invoice for P800,000 was billed. Any over- or under-applied overhead is considered to be insignificant. How much is the cost of goods manufactured in April? How much is the adjusted gross profit in April?
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1 Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $624,000 of overhead costs and $520,000 of direct labor cost for the year. During March, Shire began and completed Job 13-56. 1. What is the predetermined overhead rate for the year? 2. Use the information on the following job cost sheet to determine the total cost of the job. Complete this question by entering your answers in the tabs below. Dok nt Required 1 Required 2 nt ences Using the information on the following job cost sheet, determine the total cost of the job. (Round your answers to the nearest dollar amount.) JOB COST SHEET Customer's Name: Keiser Co. Job No: 13-56 Job Description: 5 plasma monitors-61 inch Direct Materials Overhead Total Cost Date Requisition No. Amount Costs Applied Mar. 8 4-129 $ 6,000 T-306 $ 7,800 Mar. 11 4-142 7,350 T-432 Mar. 18 4-167 3,850 T-456 4 47.000 ▬ ‒‒‒ m Next > *********** HOL Direct Labor Time-Ticket No. Amount $ ch Prev…
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compute the total manufacturing cost assigned to jobs in january in each department Pharoah Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2025, the following estimates were made for the year. Department D E K Manufacturing overhead $1,012,500 $1,462,500 $810,000 Direct labor costs $1,350,000 $1,125,000 $405,000 Direct labor hours 90,000 112,500 36.000 Machine hours 360,000 450,000 108,000 The following information pertains to January 2025 for each manufacturing department. Department D E K Direct materials used. $126.000 $113,400 $70,200 Direct labor costs $108,000 $99,000 $33,750 Manufacturing overhead incurred $89,100 $111,600 $71.100 Direct labor hours 7,200 9,900 3,150 Machine hours 30,600 40,500 9,360
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Q4 Oman Fiber Optic Manufacturing Company uses a job order cost system in each of its two manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department E and machine hours in Department I. In establishing the predetermined overhead rates for 2019, the following estimates were made for the year. Department E I Manufacturing overhead $525,000 $420,000 Direct labor costs $750,000 $225,000 Machine hours 200,000 60,000 During January, the job cost sheets showed the following costs and production data. Department E I Direct materials used $70,000 $39,000 Direct labor costs $60,000 $18,750 Manufacturing overhead incurred $44,500 $36,000 Machine hours 17,000 5,200 Instructions: (a) Compute the predetermined overhead rate for each department. (b) Compute the total…
ABC Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2022, ABC estimated that manufacturing overhead for the year would be P4,800,000 and machine hours would be 80,000. The following information pertains to April 2022: Job #1 Job #2 Job #3 Work in process, April 1 P320,000 P520,000 P760,000 April production: Direct materials requisitioned 80,000 96,000 144,000 Direct labor costs 48,000 72,000 90,000 Machine hours 400 700 900 Actual overhead costs incurred during April amounted to P125,000. During April, jobs 1 and 3 were completed. Job 1 was delivered to a customer and an invoice for P800,000 was billed. Any over- or under-applied overhead is considered to be insignificant. How much is the adjusted gross profit in April? How much is the ending work in process as of April 30, 2022?
Problem 17: Predetermined Factory Overhead rate and Journal Entries Radiohead Corporation, which uses the job order costing system, had two jobs in process at the start of the year 2030: Job 101-P570,000 and Job 102- P237,000. The following information is available: ● ● Radiohead applies factory overhead on the basis of machine hours. Budgeted factory overhead and machine activity for the year were estimated to be P P4,320,000 and 120,000 hours, respectively. The company worked on three jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were: Job Number Direct Materials 101 108,000 102 103 222,000 Factory overhead during the first quarter included charges for depreciation amounting P120,000; indirect labor P300,000; indirect materials used P24,000; and other factory costs of P252,000. Radiohead completed job nos. 101 and 102. Job no. 101 was sold for cash, producing a gross profit of P147,600. Direct Labor 270,000 150,000iao 210,000…