controversy, the ipany initiated light of esting system follow: Activity Cost Pool Removing asbestos Estimating and job setup Working on nonroutine jobs other (organization-sustaining costs and idle capacity costs) Costs for the Year Wages and salaries Disposal fees Equipment depreciation On-site supplies office expenses Licensing and insurance Total cost ote: The 100 nonroutine jobs are included in the total of 400 jobs. Both nonroutine jobs and routine jobs require estimating etup. Wages and salaries Disposal fees Equipment depreciation On-site supplies office expenses Licensing and insurance equired: Activity Measure Thousands of square feet Number of jobs Number of nonroutine jobs None $ 372,000 775,000 96,000 Distribution of Resource Consumption Across Activities Estimating 58,000 280,000 480,000 $ 2,061,000 Removing Asbestos 60% 60% 50% 70% 10% 25% activity-based costing study working on and Job Nonroutine Jobs 20% 40% 15% 10% 20% 60% Setup 10% e% 10% 20% 40% e% other 10% 0% 25% 0% 30% 15% Total Activity see thousand square feet 400 jobs 100 nonroutine jobs Total 100% om the activi 100% 100% 100% 100% 100%

controversy, the ipany initiated light of esting system follow: Activity Cost Pool Removing asbestos Estimating and job setup Working on nonroutine jobs other (organization-sustaining costs and idle capacity costs) Costs for the Year Wages and salaries Disposal fees Equipment depreciation On-site supplies office expenses Licensing and insurance Total cost ote: The 100 nonroutine jobs are included in the total of 400 jobs. Both nonroutine jobs and routine jobs require estimating etup. Wages and salaries Disposal fees Equipment depreciation On-site supplies office expenses Licensing and insurance equired: Activity Measure Thousands of square feet Number of jobs Number of nonroutine jobs None $ 372,000 775,000 96,000 Distribution of Resource Consumption Across Activities Estimating 58,000 280,000 480,000 $ 2,061,000 Removing Asbestos 60% 60% 50% 70% 10% 25% activity-based costing study working on and Job Nonroutine Jobs 20% 40% 15% 10% 20% 60% Setup 10% e% 10% 20% 40% e% other 10% 0% 25% 0% 30% 15% Total Activity see thousand square feet 400 jobs 100 nonroutine jobs Total 100% om the activi 100% 100% 100% 100% 100%

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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Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $953,500 696,000 31,700 88,000 16,000 12,200 Advertising expense 19,100 Administrative office salaries 82,000 Administrative office depreciation expense 10,500 Total costs and expenses $1,909,000 The average shop direct labor rate is $24.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. $ per direct labor hour
O'Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is bult to customer specifications). O'Leary uses a normal job costing system. Direct labor at O'Leary Iis pald $26 per hour, but the employees are not pald If they are not working on Jobs. Manufacturing overhead Is assigned to Jobs by a predetermined rate on the basis of direct labor-hours. The company Incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows. Skipped Year 1 Year 2 Direct labor-hours worked 68, 800 55,800 Manufacturing overhead costs incurred Indirect labor $2,832,000 1,032,000 Employee benefits Supplies $2,232,000 837,000 558, 000 540, 000 688,000 Power 645, eee Heat and light Supervision Depreciation 141,600 661,650 2,036, 580 s05, 250 141,600 781,470 2,036,500 Property taxes and insurance 787,430 Total…
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,287,800 940,000 50,300 139,800 25,400 19,500 25,800 110,800 14,200 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,613,600
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a)Calculate the amount of overhead that should be applied to each job and amount of Rullos overapplied or underapplied overhead at the end of the first year b)Calculate Rullos balances for work in process ,finished goods and cost of goods sold at the end of the first year
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The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the following estimates: Direct labor-hours required to support estimated output Fixed overhead coat Variable overhead cost per direct labor-hour Required: 1. Compute the predetermined overhead rate. 2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information was available with respect to his job: Direct materials Direct labor cost Direct labor-bours used Compute Mr. Wilkes' total job cost. 3. If Speedy establishes its selling prices using a markup percentage of 40% of its total job cost, then how much would it have charged Mr. Wilkes? Required 1 Required 2 $ 703 $317 . Complete the question by entering your answers in the tabs given below. Overhead applied Total cost assigned to Mr. Wilkes 22,000 $ 253,000 $ 1.00 Required 3 Compute Mr. Wilkes' total job cost. (Round your intermediate calculations to…
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Predetermined Factory Overhead Rate Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $22 per hour. $1,054,900 770,000 39,700 110,400 20,000 15,400 21,100 90,700 11,600 $2,133,800 Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour
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