compute the total manufacturing cost assigned to jobs in january in each departmentPharoah Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied tojobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K.In establishing the predetermined overhead rates for 2025, the following estimates were made for the year.DepartmentDEKManufacturing overhead $1,012,500 $1,462,500$810,000Direct labor costs$1,350,000$1,125,000$405,000Direct labor hours90,000112,50036.000Machine hours360,000450,000108,000The following information pertains to January 2025 for each manufacturing department.DepartmentDEKDirect materials used.$126.000 $113,400 $70,200Direct labor costs$108,000$99,000 $33,750Manufacturing overhead incurred$89,100$111,600 $71.100Direct labor hours7,2009,9003,150Machine hours30,60040,5009,360

Manufacturing costsDepartment D$315,000Department E$341,100Department K$174,150 THANK YOU (please…

Answered: compute the total manufacturing cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

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Chapter1: Financial Statements And Business Decisions

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ABC Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2022, ABC estimated that manufacturing overhead for the year would be P4,800,000 and machine hours would be 80,000. The following information pertains to April 2022: Job #1 Job #2 Job #3 Work in process, April 1 P320,000 P520,000 P760,000 April production: Direct materials requisitioned 80,000 96,000 144,000 Direct labor costs 48,000 72,000 90,000 Machine hours 400 700 900 Actual overhead costs incurred during April amounted to P125,000. During April, jobs 1 and 3 were completed. Job 1 was delivered to a customer and an invoice for P800,000 was billed. Any over- or under-applied overhead is considered to be insignificant. 1. How much is the cost of goods…
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $621,400, and total direct labor costs would be $478,000. During February, the actual direct labor cost totaled $41,000, and factory overhead cost incurred totaled $55,450. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.fill in the blank fd625102406305d_1 % b. Journalize the entry to apply factory overhead to production for February. fill in the blank 3a5f0e07ffbb021_2 fill in the blank 3a5f0e07ffbb021_3 fill in the blank 3a5f0e07ffbb021_5 fill in the blank 3a5f0e07ffbb021_6 c. What is the February 28 balance of the account Factory Overhead—Blending Department? Amount: $fill in the…
b. factory overhead costs Calypso Company estimates that total factory overhead costs will be $620,000 for the year. Direct labor hours are estimated to be 80,000. For Calypso Company, Determine the predetermined factory overhead rate using direct labor hours as the activity base. Determine the amount of factory overhead applied to jobs 200 and 305 in May using the data on direct labor hours from Exercise 2. Prepare the journal entry to apply factory overhead to both jobs in August according to the predetermined overhead rate. Exercise 2 for reference only: Direct labor costs During May, Calypso Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. The total direct labor was incurred at a rate of $28 per direct labor hour for Job 200 and $24 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May.
Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account Balance The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be $3,150,000, and total direct labor costs would be $1,800,000. During February, the actual direct labor cost totaled $160,000, and factory overhead cost incurred totaled $283,900. a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals. % b. Journalize the entry to apply factory overhead to production for February. If an amount box does not require an entry, leave it blank. c. What is the February 28 balance of the account Factory Overhead-Blending Department? Amount: Debit or Credit? d. Does the balance in part (c) represent overapplied or underapplied factory overhead? 2:10 AM Type here to sear 39°F 10/29/2021 -: KNCTR.exe - Application Error…
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ces Required information [The following information applies to the questions displayed below.] Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $240,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials c. Time tickets record use of the following labor for the month. These wages were paid in cash. 131,800 21,500 Total materials requisitions $ 153,300 Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost Balance d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $525,000. g. Recorded the cost of goods sold for Jobs 136 and 138. h. Incurred the following actual other overhead costs during the month.…
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Oriole Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual $4.10 11,400 $165,000 15,000 $192.130 Standard $4.00 11.000 $160,650 15,300 $192,780 44,340 $75,378 $2.80 $1.70 Overhead is applied on the basis of standard machine hours. 2.80 hours of machine time are required for each direct labor hour. The jobs were sold for $462.000. Selling and administrative expenses were $41.200. Assume that the amount of raw materials purchased equaled the amount used.
Bonita Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Actual Standard Raw materials unit cost $2.20 $2 Raw materials units 11,300 10,900 Direct labor payroll $166,500 $159,600 Direct labor hours 15,000 15,200 Manufacturing overhead incurred $210,420 Manufacturing overhead applied $214,320 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $73,950 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $473,000. Selling and administrative expenses were $44,400. Assume that the amount of raw materials purchased equaled the amount used. Compute the total overhead variance. Total overhead variance $
Assume a company started and completed numerous jobs during July—two of which were Job Y and Job Z. The company uses two departmental predetermined overhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Y and Z: Machining Assembly Estimated total fixed manufacturing overhead $ 48,000 $ 30,000 Estimated variable manufacturing overhead per machine-hour $ 1.50 Estimated variable manufacturing overhead per direct labor-hour $ 2.00 Estimated total machine-hours to be used 12,000 Estimated total direct labor hours to be worked 10,000 Machining Assembly Job Y Machine-hours 43 Direct labor-hours 30 Job Z Machine-hours 40 Direct labor-hours 60 How much manufacturing overhead is applied from the Machining Department to Job…
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D, direct labor hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2014, the following estimates were made for the year. Department E D K Manufacturing overhead Direct labor costs Direct labor hours $1,200,000 $1,500,000 $1,500,000 $1,250,000 125,000 500,000 $900,000 $450,000 40,000 120,000 100,000 Machine hours 400,000 During January, the job cost sheets showed the following costs and production data. Department D E K Direct materials used $140,000 $120,000 $ 99,000 8,000 34,000 $126,000 $110,000 $78,000 $37,500 $79,000 Direct labor costs Manufacturing overhead incurred Direct labor hours $124,000 11,000 3,500 Machine hours 45,000 10,400 (a) Compute the predetermined overhead rate for each department. (b) Compute the total manufacturing costs…
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