4 Johnson Incorporated is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 92,000 and estimated factory overhead is $552,000. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished. September 1, inventories Materials inventory Work-in-process inventory (All Job A) Finished goods inventory Material purchases Direct materials requisitioned Job A Job B www. Direct labor hours LES Job A HOD A Job B Pue Labor costs incurred Direct labor ($8.00/hour) 2009 Indirect labor 2001 Supervisory salaries Rental costs Factory Administrative offices Total equipment depreciation costs Factory Administrative offices Indirect materials used Required 1 Required 2 Total cost $ 8,300 32,800 71,000 116,000 Required 3 73,000 37,500 Required: 1. What is the total cost of Job A? 2. What is the total factory overhead applied during September? 3. What is the overapplied or underapplied overhead for September? 5,000 4,300 Complete this question by entering your answers in the tabs below. Required 1 74,400 14,300 6,800 7,800 2,600 8,700 2,800 12,800 What is the total cost of Job A? (Do not round intermediate calculations.) Required 2 >
4 Johnson Incorporated is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 92,000 and estimated factory overhead is $552,000. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished. September 1, inventories Materials inventory Work-in-process inventory (All Job A) Finished goods inventory Material purchases Direct materials requisitioned Job A Job B www. Direct labor hours LES Job A HOD A Job B Pue Labor costs incurred Direct labor ($8.00/hour) 2009 Indirect labor 2001 Supervisory salaries Rental costs Factory Administrative offices Total equipment depreciation costs Factory Administrative offices Indirect materials used Required 1 Required 2 Total cost $ 8,300 32,800 71,000 116,000 Required 3 73,000 37,500 Required: 1. What is the total cost of Job A? 2. What is the total factory overhead applied during September? 3. What is the overapplied or underapplied overhead for September? 5,000 4,300 Complete this question by entering your answers in the tabs below. Required 1 74,400 14,300 6,800 7,800 2,600 8,700 2,800 12,800 What is the total cost of Job A? (Do not round intermediate calculations.) Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Johnson Incorporated is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to
apply overhead to individual jobs. For the current year, estimated direct labor hours are 92,000 and estimated factory overhead is
$552,000. The following information is for September of the current year. Job A was completed during September, and Job B was
started but not finished.
September 1, inventories
Materials inventory
Work-in-process inventory (All Job A)
Finished goods inventory
Material purchases
Direct materials requisitioned
Job A
Job B
Direct labor hours
Job A
Job B
Labor costs incurred
Direct labor ($8.00/hour)
Indirect labor
Supervisory salaries
Rental costs
Factory
Administrative offices
Total equipment depreciation costs
Factory
Administrative offices
Indirect materials used
Required 1
Required 2
Total cost
$ 8,300
32,800
71,000
116,000
Required 3
73,000
37,500
Required:
1. What is the total cost of Job A?
2. What is the total factory overhead applied during September?
3. What is the overapplied or underapplied overhead for September?
5,000
4,300
Complete this question by entering your answers in the tabs below.
Required 1
74,400
14,300
6,800
7,800
2,600
8,700
2,800
12,800
What is the total cost of Job A? (Do not round intermediate calculations.)
Required 2 >
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