During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Job Number Hours A257 A258 A259 A260 Total variance Job No. A257 A258 A259 220 A260 Actual 310 110 460 12,880 8.246 2.640 Hours Costs $5.500 225 $5,625 446 11,150 309 7,725 2.550 Costs Standard Actual Hours 102 Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent. Prepare a report for the plant supervisor on direct labor cost variances for March. (Round actual rate and standard rate to 2 decimal places, eg. 10.50) Total Variance $125 F Totale 1,730 U Standard Hours 521 U 90 F $2,216 U Quantity Variance TOBY TOOL & DIE COMPANY Direct Labor Variance Report $ $ $ $ Actual Rate V $ $ $ $ Standard Rate Price Variance Price Variance

During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Job Number Hours A257 A258 A259 A260 Total variance Job No. A257 A258 A259 220 A260 Actual 310 110 460 12,880 8.246 2.640 Hours Costs $5.500 225 $5,625 446 11,150 309 7,725 2.550 Costs Standard Actual Hours 102 Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent. Prepare a report for the plant supervisor on direct labor cost variances for March. (Round actual rate and standard rate to 2 decimal places, eg. 10.50) Total Variance $125 F Totale 1,730 U Standard Hours 521 U 90 F $2,216 U Quantity Variance TOBY TOOL & DIE COMPANY Direct Labor Variance Report $ $ $ $ Actual Rate V $ $ $ $ Standard Rate Price Variance Price Variance

Name: During March 2020, Toby Tool & Die Company worked on four jobs. A rev
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Description: During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data.Job NumberA257A258A259A260Total varianceJobNo.A257A258A259A260220Hours Costs Hours Costs Total Variance$5,500225 $5,625

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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The JOC-10847 company uses a job-order costing system with a predetermined overhead rate using direct labor hours as the allocation base. The company made the following estimates at the beginning of last year: Direct labor-hours required for the estimated production Fixed manufacturing overhead cost Variable manufácturing overhead cost per direct labor-hour 153,000 $ 654,000 $ 4.60 The JOC-10847 company started and completed Product A989 last year. It recorded the following information for Product A989: Direct materials Direct labor cost Direct labor hours used Number of units produced $ 330 $ 220 34 hours 50 units The JOC-10847 company uses a markup percentage of 110% of its total manufacturing cost in determining selling price. The selling price per unit the company would charge for Product A989 is closest to: (Carry out your calculations up to 2 decimal places) O$ 33.17 O$ 14.19 O$ 31.44 O$ 29.81
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Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows: Information State University On-the-Go Home Precious Pre-school Direct Materials Cost (food) $53,000 $36,900 $81,800 Direct Labor Cost $44,600 $40,700 $53,600 Labor Hours 2,920 3,510 4,160 The company applies overhead at a rate of $16.00 per labor hour. It completed all of its jobs in November. Total revenue for the three jobs amounted to $392,700. The actual overhead for the month was $147,400, of which $122,000 should be credited to accounts payable and $38,000 should be credited to Accumulated Depreciation.Determine the costs that should be assigned to each of the jobs.
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Epsilon Manufacturing Company uses a predetemined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at $1, 015,000, and they estimated total direct labor costs at $1, 400,000. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # W500. Data for the job are as follows: %23 Direct materials cost Direct labour cost Direct labour hours Special Design Cost Distribution quote from haulage company Units of product produced S169.450 $230,000 400 hours $12,300 $17,930 250 crates a) Compute Epsilon Manufacturing Company predetermined manufacturing overhead rate for 2018. b) How much manufacturing overhead was allocated to Job #W500? c) Calculate the total cost & quotation price of Job #W500, given that a margin of…
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The billing price for job no. 100 per unit amounted to ________
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45.
a) Compute Everlast Manufacturing Company predetermined manufacturing overhead rate for 2020. b) Determine how much manufacturing overhead was allocated to Job #B4000? c) Calculate the total cost & quotation price of Job #B4000, given that a margin of 20% is applied.
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