XYZ has two production departments, Forming and Finishing. The companyuses a job-order costing system and computes a predetermined overheadrate in each production department. The Forming Department'spredetermined overhead rate is based on machine-hours and the FinishingDepartment's predetermined overhead rate is based on direct labor-hours.At the beginning of the current year, the company had made the following:estimatesFinishingForming14.00018,000Machine-hours8,0002,000Direct labor-hours70.400 OMR 99,000 OMRTotal fixed manufacturing overhead costVariable manufacturing overhead permachine-hour2.50 OMRVariable manufacturing overhead per directlabor-hour3.90 OMRDuring the current month the company started and finished Job PS5. Thefollowing data were recorded for this job During the current month the company started and finished Job PS5. The:following data were recorded for this jobFinishingForming:Job PS52090Machine-hours6030Direct labor-hours350 OMR 940OMRDirect materials1920 OMR 960OMRDirect labor cost:The total job cost for Job PS5 is closest toOMR 5,694.a OOMR 5,751 .b OOMR 5,616.c ONone of the given answers .dOOMR 5,652 e

Name: XYZ has two production departments, Forming and Finishing. The compan
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Description: XYZ has two production departments, Forming and Finishing. The companyuses a job-order costing system and computes a predetermined overheadrate in each production department. The Forming Department'spredetermined overhead rate is based on machine-ho

Forming overhead rate = Fixed: (9900018000) $5.50 Variable…

Business

Accounting

During the current month the company started and finished Job PS5. The :following data were recorded for this job Finishing Forming :Job PS5 20 90 Machine-hours 60 30 Direct labor-hours 350 OMR 940 OMR Direct materials 1920 OMR 960 OMR Direct labor cost The total job cost for Job PS5 is closest to OMR 5,694 .a O OMR 5.751 b O OMR 5,616 c O None of the given answers d O OMR 5,652 e O

During the current month the company started and finished Job PS5. The :following data were recorded for this job Finishing Forming :Job PS5 20 90 Machine-hours 60 30 Direct labor-hours 350 OMR 940 OMR Direct materials 1920 OMR 960 OMR Direct labor cost The total job cost for Job PS5 is closest to OMR 5,694 .a O OMR 5.751 b O OMR 5,616 c O None of the given answers d O OMR 5,652 e O

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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Grange Company has two departments, Stamping and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Stamping Department bases its rate on machine-hours, and the Assembly Department bases its rate on direct labour cost. At the beginning of the year, the company made the following estimates: Department Stamping 40,000 300,000 $2,550,000 $ 360,000 $3,200,000 Assembly 125,000 15,000 $4,000,000 Direct labour-hours Machine-hours Manufacturing overhead cost Direct labour cost Required: 1. Compute the predetermined overhead rate to be used in each department. (Round your stamping department answer to 2 decimal places.) Stamping department Assembly department per machine-hour % Direct labour cost
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! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Job 7 $ 28,600 24, 200 12,100 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400; and applied overhead, $2,500. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
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