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

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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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nline A company uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Bal. 1/1 Debits Bal. 12/31 Finished Goods 43,000 Credits ? 50,000 The Cost of Goods Manufactured for the year was $450,000. The unadjusted Cost of Goods Sold for the year was:
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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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…
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