Antoine Machining estimated its manufacturing overhead to be $288,920 and its direct materials costs to be $466,000 in Year 1. Three- of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $31,000 for Job AM002, $71,000 for Job AM005, and $86,000 for Job AM008. For Year 1, actual manufacturing overhead was $321,000 and total direct materials cost was $556,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Required: a. How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? b. What was the over- or underapplied manufacturing overhead for Year 1? Complete this question by entering your answers in the tabs below. Required A Required B M002 AM005 and AM008?

Antoine Machining estimated its manufacturing overhead to be $288,920 and its direct materials costs to be $466,000 in Year 1. Three- of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $31,000 for Job AM002, $71,000 for Job AM005, and $86,000 for Job AM008. For Year 1, actual manufacturing overhead was $321,000 and total direct materials cost was $556,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Required: a. How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? b. What was the over- or underapplied manufacturing overhead for Year 1? Complete this question by entering your answers in the tabs below. Required A Required B M002 AM005 and AM008?

Name: Antoine Machining estimated its manufacturing overhead to be $288,920
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Description: Antoine Machining estimated its manufacturing overhead to be $288,920 and its direct materials costs to be $466,000 in Year 1. Threeof the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $31,000 for Job AM002, $7

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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The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Total actual manufacturing OH costs incurred (including 15,000 of indirect materials) 353,000 Purchases of raw materials (both direct and Indirect) 250,000 Direct labor cost 135,000 Raw Materials, beg 10,000 Raw Materials, end 15,000 Work in Process, beg 20,000 Work in process, end 35,000 The company uses a predetermined overhead rate to apply manufacturing overhead cost to production. The predetermined overhead rate for the year was $15 per machine-hour. A total of 23,000 machine-hours were recorded for the year. Required: Compute the amount of underapplied or overapplied manufacturing overhead cost for the year.
am. 112.
Hou Company applies factory overhead to its production departments on the basis of 90% of direct labor costs. In the Assembly Department, Hou had $125,000 of direct labor cost, and in the Finishing Department, Hou had $35,000 of direct labor cost. The entry to apply overhead to these production departments is: O Factory Overhead - Assembly Factory Overhead - Finishing Work in Process 112,500 31,500 144,000 O Factory Overhead 144,000 112,500 Work in Process - Assembly Work in Process - Finishing 31,500 O Factory Overhead 144,000 Factory Payroll 144,000 112,500 O Work in Process - Assembly Work in Process - Finishing Factory Overhead 31,500 144,000 O Factory Payroll Cash 144,000 144,000 F3 F2 0- @ 2 W 0+ 3 E F4 CO 4 F5 R % 5 F6 T F7 6 다 F8 Y 80 7 F9 U * 8
ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Management predicted that 125,000 direct labour hours would be worked and RM450,000 in manufacturing overhead expenditures would be incurred at the start of the year. The company performed 130,000 direct labour hours during the year and incurred the following manufacturing costs: RM Direct materials used in production 380,000 Direct labor 400,000 Indirect labor 95,000 Indirect materials 67,500 Insurance (30% for factory assets) 30,000 Utilities (60% used for production) 42,000 Repairs and maintenance (100% for factory assets) 25,000 Depreciation on machine used in production 105,000 Depreciation on fixed assets in corporate block 78,000 Calculate the total manufacturing cost.
ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Management predicted that 125,000 direct labour hours would be worked and RM450,000 in manufacturing overhead expenditures would be incurred at the start of the year. The company performed 130,000 direct labour hours during the year and incurred the following manufacturing costs: RM Direct materials used in production 380,000 Direct labor 400,000 Indirect labor 95,000 Indirect materials 67,500 Insurance (30% for factory assets) 30,000 Utilities (60% used for production) 42,000 Repairs and maintenance (100% for factory assets) 25,000 Depreciation on machine used in production 105,000 Depreciation on fixed assets in corporate block 78,000 Determine the amount of under-applied or over-applied overhead for the year.
Milan Manufacturing Company has identified three cost pools to allocate overhead costs. The following estimates are provided for the coming year: Cost Pool Supervision of direct labor Machine maintenance Facility rent Total overhead costs Cost driver Activity level 920,000 Overhead Costs $794,000 Direct labor-hours $140,000 Machine-hours 1,040,000 $216,000 $1,150,000 Square feet of area 130,000 The accounting records show the Mossman Job consumed the following resources: Cost driver Actual level Direct labor-hours 230 Machine-hours 1,547 Square feet of area 50 OA. $0.86 per direct labor-hour OB. $0.80 per direct labor-hour OC. $1.16 per direct labor-hour OD. $1.25 per direct labor - hour
Tallulah Inc.’s Machining Department incurred $1,125,000 of factory overhead cost in producing hoses and valves. The two products consumed a total of 50,000 direct machine hours. Of that amount, hoses consumed 18,000 direct machine hours. Determine the total amount of factory overhead that should be allocated to hoses using machine hours as the allocation base.fill in the blank 1 of 1$
Antoine Machining estimated its manufacturing overhead to be $299,650 and its direct materials costs to be $461,000 in Year 1. Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $26,000 for Job AM002, $66,000 for Job AM005, and $81,000 for Job AM008. For Year 1, actual manufacturing overhead was $318,500 and total direct materials cost was $551,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Required: How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? What was the over- or underapplied manufacturing overhead for Year1?
ABC Company uses job costing. Its annual estimated manufacturing overhead and machine hours (the allocation base) were $100,000 and 2,000 hours, respectively. Job 02-03 was completed in June and incurred direct materials of $4,000, direct labor $3,000, and 100 machine hours. Which of the following is the total cost of job 02-03? a) $7,000 b) $107,000 c) $12,000 d) $112,000
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 $1,400,000 70,000 28,000 Assembly Fabrication 15 7 7 10 Fabrication Total $1,680,000 $3,080,000 Total 22 17 42,000 140,000 112,000 168,000 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 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 applied…