A manufacturing firm uses a job costing system which is also used for assisting in estimating price for new jobs. The folowing information has been collected forfor the purpose of quoting the price to a customer.ParticnlarsMateralRx 200Rs 300Labour hours required m each slepartmentMachining departmentAssembly departmeatFinishing departmentRates of pay for direct labourMachining departnmentAssembly depautmentFinshng departmentMachine hours required m cach departmentMachining departmentAssembly departmeatFactery overheads are recovered on the following basisMachming departmentAssembly departmeatFinishing department603020401020Ks. 1.30 per hourRs. 0.90 perthoutRx 1 20 per hour801001010R. 150 per machine houtRs. 2.50 per direct labour hourRs 200 per direct labour hour20% of factory cost s added for general admmastration and a furthes 10% of the total cost sadded for profit You ue requited to calculate the prices to be quoted for the yobs

The total cost of job ls can be assigned based on various aspects depending on labor hours or…

A manufacturing firm uses a job costing system which is also used for assisting in estimating price for new jobs. The following information has been collected for the purpose of quoting the price to a customer. Particulars Materal Rx 200 Rs 100 Labour hours roquired im each deprtment Machining department Assembly departmeat Finishing department Rates of pay for direct labour Machining departnent Assembly department Finshng department Machine hours sequired m each department Machining department Assembly departmrat Factery overheads are recovered on the following basis Machming department Assembly departmeat Finishing department 60 30 20 40 10 20 Ra. 1.30 per hour Rs. 0.90 per hout Rx 120 per hour 80 10 100 10 R150 per machine hour Rs. 2.50 per direct labour hour Rs.2.00 per direct labour bour 20% of factory cost s added for general admmistration and a furthes 10% of the total cost is added for profit. You ate requred to calculate the prices to be quoted for the jobs

A manufacturing firm uses a job costing system which is also used for assisting in estimating price for new jobs. The following information has been collected for the purpose of quoting the price to a customer. Particulars Materal Rx 200 Rs 100 Labour hours roquired im each deprtment Machining department Assembly departmeat Finishing department Rates of pay for direct labour Machining departnent Assembly department Finshng department Machine hours sequired m each department Machining department Assembly departmrat Factery overheads are recovered on the following basis Machming department Assembly departmeat Finishing department 60 30 20 40 10 20 Ra. 1.30 per hour Rs. 0.90 per hout Rx 120 per hour 80 10 100 10 R150 per machine hour Rs. 2.50 per direct labour hour Rs.2.00 per direct labour bour 20% of factory cost s added for general admmistration and a furthes 10% of the total cost is added for profit. You ate requred to calculate the prices to be quoted for the jobs

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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Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,287,800 940,000 50,300 139,800 25,400 19,500 25,800 110,800 14,200 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,613,600
Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 43,000 9,200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 57,000 18,600 34,300 $ 183,000 150,000 18,000 34,500 98,500 Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2, P3, P4 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the…
Bastille Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.
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Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) $ 41,000 9,200 50,000 Indirect materials used Indirect labor used Other overhead costs End of Period $ 42,000 20,700 33,700 $ 176,000 150,000 8,000 34,500 117,500 Exercise 15-14 (Algo) Recording direct and indirect labor LO P2, P3 1. Direct labor used (recorded as factory wages payable). 2. Indirect labor used (recorded as factory wages payable). Prepare journal entries for the above transactions for the period.
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The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold.* 5. Gross profit. 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 0 Finished Goods (FG) Inventory April 30 $42,000 9,300 61,000 LA May 31 34,000 19,700 33,900 193,000 250,000 8,000 57,500 118,500 1,500,000 55% Work in Process (WIP) 0 Factory Overhead
Please refer to the picture. The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.