(b) Oman Steel Company is currently having five jobs to be completed in details of which is given in Table Q4(b) . Using the following priority rules determine the order in which the jobs given in Table (1) Critical ratio (i) Least amount of Slack per operation (i) Johnson's rule Table Q4(b) Jobs (in the order they arrived) Days until due date Remaining processing time (days) Cutting Drilling 2 R 6. 2 4 4 7 3 V 9

(b) Oman Steel Company is currently having five jobs to be completed in details of which is given in Table Q4(b) . Using the following priority rules determine the order in which the jobs given in Table (1) Critical ratio (i) Least amount of Slack per operation (i) Johnson's rule Table Q4(b) Jobs (in the order they arrived) Days until due date Remaining processing time (days) Cutting Drilling 2 R 6. 2 4 4 7 3 V 9

Name: (b) Oman Steel Company is currently having five jobs to be completed
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Description: (b) Oman Steel Company is currently having five jobs to be completed in details of which is given inTable Q4(b) . Using the following priority rules determine the order in which the jobs given in Table(1) Critical ratio(i) Least amount of Slack per

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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! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Job 7 $ 28,600 24, 200 12,100 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400; and applied overhead, $2,500. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
Required information The Foundational 15 (Algo) [LO2-1, LO2-2, LO2-3, LO2-4] [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year-Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period's estimated level of production. Sweeten also estimated $29,800 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $2.90 per machine-hour. Because Sweeten has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following additional information to enable calculating departmental overhead rates:…
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Company A has two manufacturing departments - Department 1 and Department 2. It considers all of its manufacturing overhead costs to be fixed costs. Estimations for the begining of the year is presented in the Table 1. During the year Job 1 was started and completed. Information on Job 1 is provided in the Table 2. Table 1 Items Manufacturing overhead costs (€) Direct labour-hours Machine-hours Department 1 Department 2 Total 1600 1200 2800 100 60 160 20 80 100 Table 2 Items Direct labour-hours Machine-hours Direct materials (€) Direct labour costs (€) Department 1 Department 2 Total 55 15 70 15 30 45 320 740 1060 450 120 570 Company A uses departmental (multiple) predetermined overhead rates with direct labor - hours as the allocation base in Department 1 and machine - hours as the allocation base in Department 2. Compute the predetermined overhead rate of the Department 2.
Problem 3-19 (Algo) Multiple Predetermined Overhead Rates; Applying Overhead [LO3-1, LO3-2, LO3-4] High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning of the year, the company provided the following estimates: Department Molding Painting 33,500 53,300 85,000 35,000 $212,500 $463, 710 $ 3.00 $ 5.00 Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job: Direct labor-hours…
The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. Date Document Amount 7/1 Q-4698 $1,250 W-3393 600 7/1 ed 7/5 Q-4725 1,000 7/5 W-3479 450 7/10 W-3559 300 Determine the total cost on the job cost sheet for Job 9-1005. es JOB COST SHEET: Job 9-1005 Direct Materials Direct Labor Total Cost Date Requisition No. Amount Time-Ticket No. Amount 07/01 07/05 07/10 < Prev G F3 -- 2 # F4 $ F5 % OL F6 F7 A Overhead Costs Applied 7 of 7 F8 & Next F9 * * F10 -O- F11 28 D F12 2 Fn Lock 9:27 AM 6/3/2022 Insert Prt Sc
ro-1 Sprint Corporation started operations on October 1, 2014. It has three processing departments: X, Y, and Z. The following information was available during the first month of production: October 2014 Department Department Department Quantity Started in process Finished and transferred to next department Work in process, end Stage of completion 3,000 2,800 4,000 2,000 800 2,800 3,000 1,000 20% 200 50% 25% Cost incurred Materials Labor Overhead P 64,000 38,400 51,200 153,600 P34,800 29,000 23,200 P87,000 P22,000 13,200 8,800 P44,000
a. REQUIREMENTS #2 and #3 ONLY of Exercise 4-49 (picture 2). Assume Direct Labor workers make $20 per hour, so with the given labor cost per job, you can determine the number of hours worked. CHANGE the Exercise to say that Overhead is applied at the rate of $32 per direct labor hour. ALSO CHANGE to say that Job #39 and Job #40 were completed and sold, while Job #41 and Job #42 are complete but not sold, and Job #43 is not completed yet. b. Use the information in Problem 4-53 (picture 2) to prepare journal entries for the month of July with the following CHANGES. First, assume that the company uses a plantwide overhead rate based on direct labor dollars. Also assume that estimated information for the year includes Direct labor dollars of $1,642,000. Finally, assume that the company sells its jobs at a selling price equal to (cost + 25% of cost markup).
Assume that Swifty has identified three activity cost pools.