!Required informationRequired:1. Assume Delph uses departmental predetermined overhead rates based on machine-hours.a. Compute the departmental predetermined overhead rates.b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200.c. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 andJob C-200?d. What is Delph's cost of goods sold for the year?Complete the question by entering your answers in the tabs given below.Required 1ARequired 1BRequired 1CRequired 1DAssume Delph uses departmental predetermined overhead rates based on machine-hours. Compute the departmentalpredetermined overhead rates. (Round the final answers to 2 decimal places.)Predetermined overheadratesMolding DepartmentFabrication Departmentper MHper MH< Required 1ARequired 1B > !Required information[The following information applies to the questions displayed below.]Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. Thecompany provided the following estimates at the beginning of the year:Molding25,000$ 760,000$ 5.00FabricationTotal56,000$ 1,040,000Machine-hours31,000Fixed manufacturing overhead costVariable manufacturing overhead cost per machine-hour$ 280,000$ 1.50During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs:Molding$ 370,000$ 220,000Job D-70FabricationTotal$ 320,000$ 140,0009,000$ 690,000$ 360,000Direct materials costDirect labor costMachine-hours16,00025,000Molding$ 300,000$ 160,0009,000Job C-200FabricationTotal$ 240,000$ 240,00022,000$ 540,000$ 400,00031,000Direct materials costDirect labor costMachine-hoursDelph had no underapplied or overapplied manufacturing overhead during the year.

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Answered: Assume Delph uses departmental…

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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K Dakota Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Dakota allocates manufacturing overhead costs using direct manufacturing labor costs. Dakota provides the following information (Click the icon to view the information.) Read the requirements Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2020 (Enter your answer as a number [not as a percentage] rounded to two decimal places, XXX) Actual manufacturing overhead rate = 1.95 Budgeted manufacturing overhead rate 1.7 = Requirements BES 4 1. Compute the actual and budgeted manufacturing overhead rates for 2020 2. During March, the job-cost record for Job 626 contained the following information Direct materials used $55,000 Direct manufacturing labor costs $45,000 Compute the cost of Job 626 using (a) actual costing and (b) normal costing 3. At the end of 2020, compute the under- or…
Company ABC uses a job-order costing system. The company uses direct labor hour as the allocation base for applying manufacturing overhead cost to individual jobs. At the beginning of the year, the company’s estimated manufacturing overhead cost is $1,000,000 and the estimated number of labor hours is 200,000. At the end of the year, the company found that the actual manufacturing overhead cost is $1,200,000 and the actual number of labor hours is 200,000. What is the predetermined overhead rate (POHR)? Did the company underapply or overapply the manufacturing overhead? What is the amount of overapplied or underapplied overhead?
a) What amount of prime costs were incurred during 20x10? b) What was the predetermined overhead rate for 20x10? c) Calculate the Cost of Goods Manufactured for 20x10. d) Calculate the Cost of Goods Sold for 20x10. e) What balance exists at the end of 20x10 in the manufacturing overhead account (before the over/underapplied overhead is reallocated).
Required: 1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent. Job 78 per unit Job 79 per unit 2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent. 3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost. Round your answers to the nearest cent. Completion of Jobs 78 & 79 Sale of Job 79 (cost) Sale of Job 79 (sale)
Cost Flows Consider the following independent jobs. Overhead is applied in Department 1 at the rate of $6 per direct labor hour. Overhead is applied in Department 2 at the rate of $8 per machine hour. Direct labor wages average $10 per hour in each department. Required: Fill in the missing data for each job. If an amount box does not require an entry, leave it blank or enter zero ("0"). If required, round your answers to two decimal places. Job 213 Job 214 Job 217 Job 225 Total sales revenue $fill in the blank 1 $4,375 $5,600 $1,150 Price per unit $12 $fill in the blank 2 $14 $5 Materials used in production $365 $fill in the blank 3 $488 $207 Department 1, direct labor cost $fill in the blank 4 $700 $2,000 $230 Department 1, machine hours 15 35 50 12 Department 2, direct labor cost $50 $100 $fill in the blank 5 $0 Department 2, machine hours 25 50 fill in the blank 6 fill in the blank 7 Department 1, overhead applied $90 $fill in the blank 8 $1,200 $138…
James Smith has been studying his department's profitability reports for the past six months. He has just completed a managerial accounting course and is beginning to question the company's approach to allocating overhead to products based on machine hours. The current department overhead budget of $ 602,500 is based on 30,125 machine hours. In an initial analysis of overhead costs, James has identified the following activity cost pools. Cost Pool Expected Cost Expected Activities Product assembly $ 340,000 34,000 machine hours Machine setup and calibration 175,000 3,500 setups Product inspection 37,500 1,250 batches Raw materials storage 50,000 200,000 pounds $ 602,500
Figuring a predetermined overhead rate using direct materials as the allocation base. $130500 estimated manufacturing overhead cost and $87000 as allocation base. Then whats next in the formula
applying factory overhead should be direct labor hours, which are estimated to be 96,900 hours. Question Content Area a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent.fill in the blank 1 of 1$ per direct labor hour b. Determine the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and to Job 777 if the amount of direct labor hours is 3,000.Job 345 fill in the blank 1 of 1$Job 777 fill in the blank 1 of 1$ Question Content Area c. Journalize the entry for the factory overhead applied if Jobs 345 and 777 are the only jobs for the period. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
Deloria Corporation has two production departments, Forming and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine-hours and the Assembly Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Job T288: Machine-hours Direct labor-hours Direct materials Direct labor cost During the current month the company started and finished Job T288. The following data were recorded for this job: Forming Assembly 80 30 $ 730 $900 Forming 19,000 4,000 $129,200 $ 1.60 10 40 $ 380 $1,200 Assembly 15,000 8,000 $77,600 $ 3.00 The amount of overhead applied in the Assembly Department…
Carver Company uses a plantwide overhead rate based on direct labor costs. Suppose that Carver raises its wage rate for direct labor during the year. How would that affect the overhead applied? The total cost of jobs?
Required: 1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? 2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
Kingsport Containers Company makes a single product with wide seasonal variations in demand. The company uses a job-order costing system and computes plantwide predetermined overhead rates on a quarterly basis using the number of units to be produced as the allocation base. Its estimated costs, by quarter, for the coming year are given below: Direct materials Direct labor Manufacturing overhead Total manufacturing costs (a) Number of units to be produced (b) Estimated unit product cost (a) (b) First $ 200,000 120,000 230,000 $ 550,000 Required 1 Required 2 Complete this question by entering your answers in the tabs below. 120,000 $ 4.58 The as production Quarter Required 3 Required 4 Second $ 100,000 60,000 206,000 $366,000 60,000 $ 6.10 Management finds the variation in quarterly unit product costs to be confusing. Accordingly, you have been asked to find a more appropriate way of applying manufacturing overhead cost to units of product. Required: 1. Assuming the estimated variable…

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