Beans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The companybased its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of$2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics:Number of units in the jobTotal direct labor-hoursDirect materialsDirect labor cost1050$ 920$ 1,400The total job cost for Job K818 is closest to: (Round your intermediate calculations to 2 decimal places.)Multiple Choice$1,675$2,320$2,595

Correct option:$2,595 Show formula version of the detailed solution sheet for a better understanding…

Answered: Beans Corporation uses a job-order…

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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Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour 70,000 35,000 $ 210,000 $ 1.40 $ 2.80 During the year, Job 550 was started and completed. The following information is available with respect to this job: Direct materials Direct labor cost $ 215 $ 231 15 5 Direct labor-hours Machine-hours 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…
Prather Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company ba predetermined overhead rate for the current year on the following data: Total direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per direct labor-hour Recently, Job P513 was completed with the following characteristics: Number of units in the job i Total direct labor-hours Direct materials Direct labor cost The total job cost for Job P513 is closest to: $1,400 O $690 $900 O $1,210 10 20 50,000 $ 285,000 $ 3.80 $710 $ 500
Beans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of $2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics: Number of units in the job 10 Total direct labor-hours 50 Direct materials $ 920 Direct labor cost $ 1,400 The total job cost for Job K818 is closest to: $2,595 $2,320 $1,195 $1,675
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Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department’s predetermined overhead rate is based on machine-hours and the Customizing 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: Milling Customizing Machine-hours 16,000 11,000 Direct labor-hours 18,000 6,000 Total fixed manufacturing overhead cost $ 92,800 $ 28,800 Variable manufacturing overhead per machine-hour $ 1.20 Variable manufacturing overhead per direct labor-hour $ 5.00 During the current month the company started and finished Job A319. The following data were recorded for this job: Job A319: Milling Customizing Machine-hours 50 40 Direct labor-hours 60 30 Direct materials $ 430 $ 180 Direct labor cost $ 800 $ 540…
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