At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Job 765 Job 766 Direct Materials $11,200 14,364 Job 765 $ Job 766 $ Direct Labor $3,360 4,536 Machine Hours 40 84 Job 765 produced 240 units, and Job 766 consisted of 420 units. Assuming that factory overhead is applied using machine hours at a rate of $105 per hour. a. Determine the balance on each job cost sheet. Job 765 $ Job 766 $ b. Determine the cost per unit for each job at the end of April. Round your answers to the nearest cent.

At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Job 765 Job 766 Direct Materials $11,200 14,364 Job 765 $ Job 766 $ Direct Labor $3,360 4,536 Machine Hours 40 84 Job 765 produced 240 units, and Job 766 consisted of 420 units. Assuming that factory overhead is applied using machine hours at a rate of $105 per hour. a. Determine the balance on each job cost sheet. Job 765 $ Job 766 $ b. Determine the cost per unit for each job at the end of April. Round your answers to the nearest cent.

Name: At the end of April, Cavy Company had completed Jobs 766 and 765. The
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information:JobJob 765Job 766Direct Materials$11,20014,364Job 765 $Job 766 $Direct Labor$3,3604,536Machine Hours4084Job 765 produce

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During March, Estes Company worked on three jobs. Data relating to these three jobs follow: Job 86 Job 87 150 240 240 $1,368 264 $3,432 Units in each order Units sold Materials requisitioned Direct labor hours Direct labor cost $1,140 165 $1,815 Job 88 210 $2,499 315 $2,835 Overhead is assigned on the basis of direct labor hours at a rate of $8.50 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month.
Job 910 was recently completed. The following data have been recorded on its job cost sheet: Direct materials $ 2,412 Direct labor-hours 74 labor-hours Direct labor wage rate $ 21 per labor-hour Machine-hours 137 machine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $22 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 910 would be:
Cavy Company estimates that total factory overhead costs will be $1,053,206 for the year. Direct labor hours are estimated to be 107,800. a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent. $4 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 3,300. Job 345 Job 777 $4 c. Journalize the entry to record 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.
Parker Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year manufacturing overhead and direct labor-hours were estimated at $50,000 and 20,000 hours, respectively, for the year. In June, Job #461 was completed. Materials costs on the job totaled $4,000 and labor costs totaled $1,500 at $5 per hour. At the end of the year, it was determined that the company worked 24,000 direct labor-hours for the year and incurred $54,000 in actual manufacturing overhead costs. Required: a. Job #461 contained 100 units. Determine the unit product cost that would appear on the job cost sheet. b. Determine the underapplied or overapplied overhead for the year.
Bergan Company estimates that total factory overhead costs will be $1,539,000 for the year. Direct labor hours are estimated to be 513,000. Required: A. For Bergan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. Round your answer to the nearest cent. B. During May, Bergan Company accumulated 19,000 hours of direct labor costs on Job 200 and 23,000 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. C. Prepare the journal entry on May 30 to apply factory overhead to both jobs in May according to the predetermined overhead rate. Refer to the Chart of Accounts for exact wording of account titles.
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $237,500 and total machine hours at 62,500. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 1011 $ 11,600 $ 18,000 1,700 hours 1. Predetermined Overhead Rate 2. Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit Job 102 $ 8,100 $ 5,700 5-a. Balance 5-b. Is it over- or underapplied? 2,700 hours Job 103 $5,500 $ 5,100 Job 101 was completed and sold for $50,400. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $19,800. 1,100 hours Total Required: 1. Calculate the predetermined…
Newhard company assigns overhead cost to jobs on the basis of 118% of direct labor costs. The job cost sheet for job 313 includes $23,664 in direct materials cost and $10,200 in direct labor cost. A total of 1,350 units were produced in job 313. A. what is the total manufacturing cost assigned to job 313? b. what is the unit product cost for job 313?
Job 599 was recently completed. The following data have been recorded on its job cost sheet: Direct Materials 40,610 Direct Labor Hours 1,147 Direct Labor Wage Rate 11/DLH Number of Units Completed 3,100 The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $20 per direct labor-hour Required: Compute the unit product cost that would appear on the job cost sheet for this job.
At the end of Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: JobDirect Materials Direct Machine Hours Job No. 765 $ 5,670 3,500 Job No. 8,900 4,775 44 Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of 200 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
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $234,840 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $ 11,900 $ 7,900 $ 5,200 $ 25,000 Direct labor $ 17,300 $ 5,000 $ 5,400 $ 27,700 Machine hours 1,600 hours 2,500 hours 800 hours 4,900 hours Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $14,020. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the…
Specter Company uses a job order cost system and applies manufacturing overhead to jobs usinga predetermined overhead rate based on direct labour-hours. Last year manufacturing overheadand direct labour-hours were estimated at $50,000 and 20,000 hours, respectively, for the year.In June, Job #461 was completed. Materials costs on the job totaled $4,000 and direct labourcosts totaled $1,500 at $5 per hour. At the end of the year, it was determined that the companyworked 24,000 direct labour hours for the year and incurred $54,000 in actual manufacturingoverhead costs.Required: (You must show all calculations for each part.)a) Calculate the total cost of Job #461. (b) If Job #461 consisted of 100 units what is the cost per unit? (c) What is the underapplied or overapplied overhead for the year? (
Landen Corporation uses job - order costing. At the beginning of the year, it made the following estimates: Direct labor - hours required to support estimated production 140,000 Machine - hours required to support estimated production 70, 000 Fixed manufacturing overhead cost $ 784,000 Variable manufacturing overhead cost per direct labor-hour $ 2.00 Variable manufacturing overhead cost per machine - hour $ 4.00 During the year, Job 550 was started and completed. The following information pertains to this job: Direct materials $ 175 Direct labor cost $ 225 Direct labor-hours 15 Machine - hours 5 Required: Assume Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: Compute the plantwide predetermined overhead rate. Compute the total manufacturing cost of Job 550. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? Assume Landen's…