A1Bс1 Stanford Enterprises uses job-order costing.2 The allocation base for overhead is direct labor hours.3IA4 Data for the year just ended:5 Estimated total manufacturing overhead cost6 Estimated total direct labor hours7 Actual total direct labor hours8232425269 Actual costs for the year:101112 Manufacturing overhead costs1314 Inventories:1516171819 Use the data to answer the following.202728XPurchase of raw materials (all direct)Direct labor costRaw materials (all direct)Work in processFinished goods◄Predetermined overhead rateActual direct labor hoursManufacturing overhead appliedfxx Stanford Enterprises uses job-order costing.Sheet1D+Beginning$$$Underapplied (overapplied) manufacturing overhead15,000 $27,875 $34,600 $21 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead:22 Actual manufacturing overhead costE$ 275,00025,00027,760$375,000$536,300$302,750Ending11,37522,35026,450FGHIY A1A33 Direct materials:34ABс29 2. Prepare a schedule of cost of goods manufactured:303132Raw materials inventory, beginning35 Add: Purchases of raw materials36Total raw materials available37 Deduct: Raw materials inventory, endingRaw materials used in productionStanford EnterprisesSchedule of Cost of Goods Manufactured44 Deduct: Ending work in process inventory45 Cost of goods manufactured463839 Direct labor40 Manufacturing overhead applied to work in process41 Total manufacturing costs42 Add: Beginning work in process inventory43 Total cost of work in process47 3. Prepare a schedule of cost of goods sold.484950fx5152 Finished goods inventory, beginningD53 Add: Cost of goods manufactured54 Cost of goods available for sale55 Deduct: Finished goods inventory, endingStanford EnterprisesSchedule of Cost of Goods Sold56 Unadjusted cost of goods sold57 Underapplied (overapplied) overhead58 Adjusted cost of goods sold59Stanford Enterprises uses job-order costing.EGHI

Name: A1Bс1 Stanford Enterprises uses job-order costing.2 The allocation ba
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Description: A1Bс1 Stanford Enterprises uses job-order costing.2 The allocation base for overhead is direct labor hours.3IA4 Data for the year just ended:5 Estimated total manufacturing overhead cost6 Estimated total direct labor hours7 Actual total direct labor

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B Stanford Enterprises uses job-order costing. The allocation base for overhead is direct labor hours. A Data for the year just ended: Estimated total manufacturing overhead cost Estimated total direct labor hours Actual total direct labor hours Actual costs for the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs D Beginning $ $ $ E $ 275,000 25,000 27,760 Underapplied (overapplied) manufacturing overhead $375,000 $536,300 $302,750 Inventories: Raw materials (all direct) Work in process Finished goods Use the data to answer the following. 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predetermined overhead rate Actual direct labor hours Manufacturing overhead applied Ending 15,000 $ 11,375 27,875 $ 22,350 34,600 $ 26,450 F G H I

B Stanford Enterprises uses job-order costing. The allocation base for overhead is direct labor hours. A Data for the year just ended: Estimated total manufacturing overhead cost Estimated total direct labor hours Actual total direct labor hours Actual costs for the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead costs D Beginning $ $ $ E $ 275,000 25,000 27,760 Underapplied (overapplied) manufacturing overhead $375,000 $536,300 $302,750 Inventories: Raw materials (all direct) Work in process Finished goods Use the data to answer the following. 1. Compute applied overhead and determine the amount of underapplied or overapplied overhead: Actual manufacturing overhead cost Predetermined overhead rate Actual direct labor hours Manufacturing overhead applied Ending 15,000 $ 11,375 27,875 $ 22,350 34,600 $ 26,450 F G H I

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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ZZ The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost. Required: 1. Prepare journal entries to record the…
Company XYZ applies overhead cost to jobs on the basis of direct labor cost Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24.000 for applied overhead. Deect ubor cost of lob B at year end is Select one a None of the arswers given b. $11,000 C $36,400 Od $13,000 e $12,000
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Bernard Incorporated uses a job-order costing system and a predetermined overhead rate based on direct labor hours.At the beginning of the year, the company estimated manufacturing overhead for the year would be $1,184,000 and direct labor hours would be 80,000 hours.The following information pertains to September of the current year: Job X10 Job X11 Job X12 Work in Process, Sept. 1 $14,000 $18,000 $24,000 March production activity: Materials used $12,800 $8,200 $9,700 Direct labour used $3,400 $4,600 $6,500 Machine hours 390 620 790 Labour hours 1,050 1,170 1,180 Required (round answers to 2 decimal points) At the end of the September Jobs X10 and Job X11 were completed, and Job X10 was sold and delivered to a customer - show the ending balances of the Work in Process and Finished Goods inventory accounts (assume no beginning Finished Goods inventory). If actual manufacturing overhead…
CLEAR MY CHOICE A Company uses job order costing and has chosen direct labor hours to allocate its manufacturing overhead. The company estimates that total direct labor hours to be operated next year are 300,000 hours. The estimated variable overhead is $10 per hour and the estimated fixed overhead costs are $500,000. The predetermined overhead rate is: O a. $7 O b. $16.67 O c. $11.67 Od. $1.67 Oe. None of the answers given NEXT PAGE hp
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Question 1 Far West Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct material cost. Its predetermined overhead rate was based on a cost formula that estimated $500,000 of manufacturing overhead for an estimated allocation base of $390,625 direct material dollars. The company has provided the following data in the form of an Excel worksheet: Ending $55,000 166,125 138,000 The following actual costs were incurred during the year: $450,000 $119,000 Beginning $38,000 79,000 47,000 Raw Materials Work in Process Finished Goods Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect materials 104,875 102,000 35,000 32,700 41,000 23,425 49,000 Insurance, factory Depreciation of equipment Indirect labor Property taxes Maintenance Rent, building Required: Compute the predetermined overhead rate for the year. Prepare a schedule of cost of goods manufactured for the year. Compute the amount of underapplied…
A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $75,000; direct materials, $40,0003; and factory overhead applied $60,000. The predetermined overhead rate was: O a. 1.25%. O b. 53.3%. O c. 150%. O d. 80%. 125.%. IOUS PAGE NEXT PAGE hp
services XYZ industries applies overhead based on direct labor cost. The following information was available for the last year: Actual manufacturing overhead OMR50,000; Underapplied manufacturing overhead OMR10,400; Actual Prime cost OMR52,000; Actual Direct material cost OMR19,000; Estimated direct labor cost OMR41,000 overhead for the year? What was the estimated man turi Select one: O a. OMR49,200 O b.OMR39,600 O c. None of the answers given O d. OMR46,800 e OMRS1,600 ge Next page
Problem #4:Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased.) In computing a predetermined overhead rate at the beginning of the year, the company’s estimates were: manufacturing overhead cost, $800,000; and direct materials to be used in production, $500,000. The company has provided the following data :BeginningEndingRaw materials$20,000$80,000Work in Process150,00070,000Finished Goods260,000400,000The following actual costs were incurred during the year:Purchase of direct raw materials $510,000Direct labor cost90,000Manufacturing overhead costs: 4Indirect labor170,000Property taxes48,000Depreciation-equipment260,000Maintenance95,000Insurance7,000Rent -Building180,000Required: 1.a. Compute the predetermined overhead rate for the yearb. Compute the amount of under-or over-applied overhead for the year.1.Prepare the statement of cost of goods…