A company has two manufacturing departments-Cutting an predetermined overhead rates: Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per $ MH irect materials rect labor cost tting machine-hours aining machine-hours Job A $15,000 $20,000 200 600 Job B $7,700 $6,400 Cutting 2,000 uring the most recent month, the company started and completed two jobs-Job A and Job B. There were no beginning inventories. Data concerning ose two jobs follow: 300 500 $ 6,600 1.00 Staining 5,000 $ 23,400 $ 2.00 Total 7,000 $ 30,000 ne that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 50% on acturing cost to establish selling prices. The calculated selling price for Job A is closest to: (Round your intermediate calculations to 2 deci

A company has two manufacturing departments-Cutting an predetermined overhead rates: Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per $ MH irect materials rect labor cost tting machine-hours aining machine-hours Job A $15,000 $20,000 200 600 Job B $7,700 $6,400 Cutting 2,000 uring the most recent month, the company started and completed two jobs-Job A and Job B. There were no beginning inventories. Data concerning ose two jobs follow: 300 500 $ 6,600 1.00 Staining 5,000 $ 23,400 $ 2.00 Total 7,000 $ 30,000 ne that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 50% on acturing cost to establish selling prices. The calculated selling price for Job A is closest to: (Round your intermediate calculations to 2 deci

Name: A company has two manufacturing departments-Cutting and Staining. The
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Description: A company has two manufacturing departments-Cutting and Staining. The company used the following data at the beginning of the year to calculatepredetermined overhead rates:Estimated total machine-hours (MHS)$Estimated total fixed manufacturing overh

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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Your Company uses a predetermined overhead rate in applying overhead to production orders on a labor cost basis in Department A and on a machine-hours basis in Department B. At the beginning of the most recently completed year, the company made the following estimates: Dept. A Dept. B Direct labor cost $56,000 $33,000 Manufacturing overhead $67,200 $45,000 Direct labor hours 8,000 9,000 Machine hours 4,000 15,000 The Johnson job used 300 machine hours and incurred $5,000 of labor costs. What was the total overhead applied to this job?
Wilmington Company has two manufacturing departments-Assembly and Fabrication. It considers all of its manufacturing overhead costs to be fixed costs. The first set of data that is shown below is based on estimates from the beginning of the year. The second set of data relates to one particular job completed during the year-Job Bravo. Estimated Data Manufacturing overhead costs Direct labor-hours Machine-hours Job Bravo Direct labor-hours Machine-hours Assembly $ 1,170,000 65,000 26,000 Assembly Fabrication 14 6 6 9 Fabrication $ 1,430,000 39,000 130,000 Total 20 15 1. Plantwide manufacturing overhead applied to Job Bravo 2. Manufacturing overhead applied from Assembly to Job Bravo 2. Manufacturing overhead applied from Fabrication to Job Bravo 2. Total departmental manufacturing overhead applied to Job Bravo Required: 1. If Wilmington used a plantwide predetermined overhead rate based on direct labor-hours, how much manufacturing overhead would be applied to Job Bravo? 2. If…
Heurion Company is a job-order costing firm that uses a plant-wide overhead rate based on direct labor hours. Estimated information for the year follows Overhead = S789,000 Direct labor hours 100,000 Data for the jobs worked in July follows: Jobs 745 743 $29,870.00 $55,215.00 $27,880.00 S Direct materials $25,500.00 $ 39,800.00 $14450.00 $13,600.00|S 8,420.00 Direct labor cost S61,300.00 $ 48,500.00 $28,700 00 $24,500.00 $21,300.00 3400 741 742 744 Balance, July 1 Direct labor hours 4000 1980 1600 1400 By July 31, Jobs 741 and 743 were completed and sold. The remaining jobs were in process. Required: Computel for the cost of work-in-process as of July 31.
A company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March: March 1 Direct Materials $30,000 Work in Process $12,000 Finished Goods $54,000 The following additional data pertain to operations during March: Direct materials purchased Direct labor cost Direct labor rate Overhead rate March 31 $36,000 $18,000 $72,000 Choose... $ 84,000 $ 60,000 $7.5 per direct labor hour $10 per direct labor hour The Cost of Goods Manufactured for March was:
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $141,600 and expected direct labor hours of 11,800 for the current fiscal year. If Job 117 incurs 1,560 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for a.$18,720 b.$1,560 c.$141,600 d.$70,800
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Direct Materials Direct Labor Machine Hours Job 765 $7,560 $2,268 27 Job 766 12,654 3,996 74 Job 765 produced 162 units, and Job 766 consisted of 222 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $150 per hour. a. Determine the balance on the job cost sheets for each job. Job 765 Job 766 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent. Job 765 Job 766 $1 %24 %24
Reynolds Manufacturers Inc. has estimated total factory overhead costs of $105,300 and expected direct labor hours of 11,700 for the current fiscal year. If job number 117 incurs 1,410 direct labor hours, Work in Process will be debited and Factory Overhead will be credit for Oa. $52,650 Ob. $1,410 Oc. $105,300 Od. $12,690
Wilmington Company has two manufacturing departments-Assembly and Fabrication. It considers all of its manufacturing overhead costs to be fixed costs. The first set of data that is shown below is based on estimates from the beginning of the year. The second set of data relates to one particular job completed during the year-Job Bravo. Estimated Data Assembly Fabrication Total Manufacturing overhead costs $3,200,000 $ 3,600,000 $ 6,800,000 Direct labor hours 100,000 60,000 160,000 Machine-hours 40,000 200,000 240,000 Job Bravo Assembly Fabrication Total Direct labor-hours 21 13 34 Machine - hours 13 16 29 Required: If Wilmington used a plantwide predetermined overhead rate based on direct labor - hours, how much manufacturing overhead would be applied to Job Bravo? If Wilmington uses departmental predetermined overhead rates with direct labor - hours as the allocation base in Assembly and machine - hours as the allocation base in Fabrication, how much manufacturing overhead would be…
Wilmington Company has two manufacturing departments-Assembly and Fabrication. It considers all of its manufacturing overhead costs to be fixed costs. The first set of data that is shown below is based on estimates from the beginning of the year. The second set of data relates to one particular job completed during the year-Job Bravo. Estimated Data Manufacturing overhead costs Direct labor-hours Machine-hours Job Bravo Direct labor-hours Machine-hours Assembly $ 600,000 50,000 20,000 Assembly Fabrication 11 3 3 6 Total 14 9 1. Plantwide manufacturing overhead applied to Job Bravo 2. Manufacturing overhead applied from Assembly to Job Bravo 2. Manufacturing overhead applied from Fabrication to Job Bravo 2. Total departmental manufacturing overhead applied to Job Bravo Fabrication $ 800,000 30,000 100,000 Total $ 1,400,000 80,000 120,000 Required: 1. If Wilmington used a plantwide predetermined overhead rate based on direct labor-hours, how much manufacturing overhead would be applied…
Angler Industries produces a product which goes through two operations, Assembly and Finishing, before it is ready to be shipped. Next year's expected costs and activities are shown below. Assembly 248,888 DLH Finishing 154,000 DLH 68,000 MH 448,800 MH $440,000 Direct labor hours Machine hours Overhead costs Assume that Angler Industries allocates overhead using a plantvide overhead rate based on machine hours. How much total overhead will be assigned to a product that requires 1 direct labor hour and 3.90 machine hours in the Assembly Department, and 4.00 direct labor hours and 0.6 machine hours in the Finishing Department? Multiple Chaises O O O $21.50 $17.60 $2.00. $18.10 $ 677,680 $13.20.
C-Cubed has two manufacturing departments – Fabrication and Assembly. In its first month, it completed just one job. The following information is available for the company as a whole and for the job: Fabrication Assembly Estimated Total 4 6 Machine-Hours Used $10 per Machine-Hour $20 per Machine-Hour Estimated Total Manufacturing Overhead Per Machine-Hour Mountain Biker Job $75 $60 Direct Materials Direct Labor Actual Machine Hours Used Fabrication 3 Assembly 4 C-Cubed uses a plantwide predetermined overhead rate based on machine-hours. Compute the manufacturing overhead applied to the Mountain Biker Job. Multiple Choice $98 $160 $110 $112