Please provide correct answer general Accounting Daniel is currently working on assembling some cost accounting numbers for theupcoming year for a client who produces disposable utensils. The factory has the followingcosts:Factory Insurance - $56,800Factory Supervisor's Salary - $201,200Direct Materials (Plastic) - $29,100Cardboard for Packaging - $13,700Depreciation on Factory Equipment - $121,400Assembly Line Worker Wages - $37,700.The Direct Labor (DL) costs consisted of 9,300 DL hours and 5,000 machine hours.Management has decided to proceed using a simple costing system resulting in a plant-wide cost pool. What is the budgeted MOH rate using one plant-wide pool based onmachine hours?A) $0.01B) $11.79C) $30.10D) $75.88

Step 1: Define Traditional CostingIn traditional costing, a single, plant-wide overhead rate is used…

Answered: Daniel is currently working on…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4EA: Hicks Contracting collects and analyzes cost data in order to track the cost of installing decks on...

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Ventana Window and Wall Treatments Company provides draperies, shades, and various window treatments. Ventana works with the customer to design the appropriate window treatment, places the order, and installs the finished product. Direct materials and direct labor costs are easy to trace to the jobs. Ventanas income statement for last year is as follows: Ventana wants to find a markup on cost of goods sold that will allow them to earn about the same amount of profit on each job as was earned last year. Required: 1. What is the markup on cost of goods sold (COGS) that will maintain the same profit as last year? (Round the percentage to two significant digits.) 2. A customer orders draperies and shades for a remodeling job. The job will have the following costs: What is the price that Ventana will quote given the markup percentage calculated in Requirement 1? (Round the price to the nearest dollar.) 3. What if Ventana wants to calculate a markup on direct materials cost, since it is the largest cost of doing business? What is the markup on direct materials cost that will maintain the same profit as last year? (Round the percentage to two significant digits.) What is the bid price Ventana will use for the job given in Requirement 2 if the markup percentage is calculated on the basis of direct materials cost? (Round to the nearest dollar.)
What is the allocated rate, weight bas per the cups, tablecloths, and bottles?
Please I need your help thanks! TOPIC: COSTING AND CONTROL OF MATERIALS AND LABOR
Fogelin Promotional Services uses a job order system for costing and billing promotional services for dance and ballet performances. Fogelin has four public relations specialists and office staff. At the beginning of the year, Fogelin estimated the total cost of salaries and benefits for the public relations specialists at $403,300 and a total of 7,200 billable hours for the year. The office and administrative costs were estimated at $676,000. What direct labor rate would Fogelin use for the cost of its specialists? (Round your answer to the nearest cent.)
Sofía Gomez runs a mobile pet grooming service. She charges $30 direct labor per grooming hour. She applies overhead to jobs on the basis of grooming hours. She predicts 930 grooming hours for the year. Her estimated overhead costs for the year follow. Van depreciation Van maintenance $ 4,420 Van insurance expense 1,460 Indirect materials 1. Predetermined overhead rate 2. Total job cost 3. Price quote $ 1,130 Tool depreciation 730 Other overhead 1. Compute the predetermined overhead rate using estimated grooming hours. 2. Sofía has been asked to groom 3 large dogs. She expects this job to require a total of 15 direct labor grooming hours. Compute her total cost (direct labor plus applied overhead) for this job. 3. If Sofía targets a markup of 20% on the total cost for each job, what price should she quote for the job in part 2? + $ 480 1,080 Check my w
James Graham Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated thle following amounts for 2019 for the company, for Job 62 and Job 63: Company $60,000 $25,000 $72,000 Job 62 Job 63 Direct materials Direct labor Manufacturing $4,500 $2,500 $7,100 $4,200 overhead costs Machine hours 90,000 1,350 3,100 During 2019, the actual machine-hours totaled 95,000, and actual overhead costs were $71,000. Job 62 consisting of 1,000 units and Job 63 consisting of 2000 units were completed during the month. Instructions: a) Compute the predetermined overhead rate. b) Compute the total manufacturing costs for Job 62 and Job 63. c) Compute the unit cost of Jobs 62 and 63. - prm, d) How much overhead is over or underapplied for the year for the company? State amount and whether it is over- or underapplied. e) If Graham Manufacturing sells Job 62 for $14,000 and $18,000 for Job 63, compute the gross profit.
On March 5, 2023, the Materials Department of Cards by Shannon received the following: Materialsrequisition for Job 22 for $200 and materials requisition for Job 23 for $800. On March 6, 2023, the timetickets of employees at Cards by Shannon gave the following information: ten hours for Job 22 and twelvehours for Job 23. Employees are paid an hourly rate of $10. Cards by Shannon allocates factory overheadbased upon hours used by a piece of equipment. At the beginning of the period, the company estimatesfactory overhead to be $25,000 and expects the equipment to be used for 4,000 hours. During the period,Job 22 requires 1,900 hours of use of the equipment, Job 23 requires 1,700 hours.a) Prepare the Job Cost Sheet for Job 22 and Job 23.b) Prepare the journal entries for Material requisitions for each job.c) Prepare the journal entries for Labor Costs for each job.d) Prepare the journal entries for Manufacturing Overhead application for each job no copy paste from other answer need answer…
Olney Recycling recycles newsprint, cardboard, and so forth, into recycled packaging materials. For the coming year, attached in screen shot below
Gibson Manufacturing is a small textile manufacturer using machine-hours as the single indirect-cost rate to allocate manufacturing overhead costs to the various jobs contracted during the year. The following estimates are provided for the coming year for the company and for the Winfield High School band jacket job. Company Winfield High School Job Direct materials $40,000 $1,000 Direct labor $10,000 $200 Manufacturing overhead costs $30,000 Machine-hours 100,000 mh 900 mhWhat are the total manufacturing costs of this job?
Carla Vista Limited is a company that produces machinery to customer orders, using a normal job-order cost system. It applies manufacturing overhead to production using a predetermined rate. This overhead rate is set at the beginning of each fiscal year by forecasting the year's overhead and relating it to direct labour costs. The budget for 2022 was as follows: Direct labour Manufacturing overhead $1,804,000 902,000 As at the end of the year, two jobs were incomplete. These were 1768B, with total direct labour charges of $113,600, and 1819C, with total direct labour charges of $390,100. Machine hours were 287 hours for 17688 and 647 hours for 1819C. Direct materials issued for 1768B amounted to $220,000, and for 1819C they amounted to $420,500. Total charges to the Manufacturing Overhead Control account for the year were $898,500, and direct labour charges made to all jobs amounted to $1,583,600, representing 247,500 direct labour hours. There were no beginning inventories. In…
Cavy Company estimates that total factory overhead costs will be $660,000 for the year. Direct labor hours are estimated to be 100,000. a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent.$ per direct labor hour b. Determine the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 560 and to Job 777 if the amount of direct labor hours is 800. Job 345 $ Job 777 $ c. Journalize the entry to record the factory overhead applied if Jobs 345 and 777 are the only jobs for the period. If an amount box does not require an entry, leave it blank.
Please answer subpart 4 (Requirement 4).

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