e completed, and the following costs were incurred: Job 401 Job 402 P 37,000 23,000 6,000 Direct materials Direct labor - regular P 28,000 18,000 overtime premium er factory costs for the month totaled P 16,800. Factory overhead costs are allo I to Job 401 and two-thirds to Job 402. wired: a) Describe two alternative methods of recording the overtime premium and exp

e completed, and the following costs were incurred: Job 401 Job 402 P 37,000 23,000 6,000 Direct materials Direct labor - regular P 28,000 18,000 overtime premium er factory costs for the month totaled P 16,800. Factory overhead costs are allo I to Job 401 and two-thirds to Job 402. wired: a) Describe two alternative methods of recording the overtime premium and exp

Name: Problem 1. The Evergreen Company produces tools on a job order basis.
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Description: Problem 1. The Evergreen Company produces tools on a job order basis. During May, two jobswere completed, and the following costs were incurred:Direct materialsDirect labor - regularJob 401P 28,00018,000Job 402P 37,00023,0006,000overtime premiumOthe

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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2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…
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
Rob's Pool Cleaning applies overhead support costs to jobs using direct labor costs as the allocation base. The company's unadjusted Cost of Services for the year amounted to $800,000. Determine the company's adjusted Cost of Services given the following data: Estimated Actual Direct Labor $180,000 $177,500 Overhead Support Costs $270,000 $284,000
Company XYZ applies overhead cost to jobs on the basis of direct labor cost Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24.000 for applied overhead. Deect ubor cost of lob B at year end is Select one a None of the arswers given b. $11,000 C $36,400 Od $13,000 e $12,000
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $424,000, and direct labor costs to be $2,120,000. Actual overhead costs for the year totaled $398,000, and actual direct labor costs totaled $1,860,000. At year-end, the balance in the Factory Overhead account is a: # 119** 3 E Multiple Choice D C O $ ● $398,000 Debit balance. $372,000 Debit balance. 4 $26,000 Debit balance. $424,000 Credit balance. ID R % 5 T G A 40 6 Y H & 4 7 V B N O K L alt fu AAI P ctri { ? + [ 1 = prt sc ← ] 2 pause delete backspace home enter lock 7
A review of Job Number 403's cost sheet revealed direct material charges of $20,000, and total manufacturing costs of $25,000. If Home Renovators applies overhead at 150 percent of direct labour cost, the overhead applied to Job Number 403 must have been: Select one: O a. $1 O b. $2,000 Oc $3,000 O d. $6,000 O e $3,333
The following cost data relates to Job 355C:· Direct materials: P28,400· Indirect Materials: P7,000· Direct labor cost: P9,600· Direct labor hours of 200 hours· Indirect labor cost: P4,500· Other indirect manufacturing costs: P12,000· Manufacturing overhead cost – applied: (160 machine hours @ P25/machine hour, based on budgeted amounts)· Selling and shipping cost: P14,000The Job 355C consists of 2,000 units and has been completed. The company uses normal costing of accounting for overhead. What is the cost per unit of Job 355C?
Primary Co. allocates factory overhead to jobs based on actual machine hours used. Total overhead for all jobs in May was $1,000,000 and total estimated machine hours for the same period were 12,500. A. Calculate the POHR for May's factory overhead. (Answer Choices: $80/A machine hour, .0125/A Machine hour, $.0125/Overhead Job, $80/Overhead Job) B. Assume Job 898 used 500 machine hours in May. How much overhead should be allocated to this job? C. Actual overhead costs for Job 898 in May were $38,000. Based on your answer to part B, was overhead overapplied or underapplied? By how much?
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At the end of Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: JobDirect Materials Direct Machine Hours Job No. 765 $ 5,670 3,500 Job No. 8,900 4,775 44 Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of 200 per hour. a. Determine the balance on the job cost sheets for each job Job 765 Job 766 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent Job 765 Job 766
Assume that a company pays a 5% sales commission. Also, assume (1) a company's plantwide predetermined overhead rate is $13.00 per direct labor-hour, and (2) its job cost sheet for Job X shows that this job used 18 direct labor-hours and incurred direct materials and direct labor charges of $500 and $360, respectively. What is the total cost of Job X? O $1,105.70 O $734.00 O $1148.70 O $1094.00
Company A uses direct labor cost as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2018 for the company and for Job 201: Company OMR 120,000 OMR 20,000 OMR 24,000 Job 201 OMR 30,000 OMR 25,000 Direct materials Direct labor Manufacturing overhead costs Direct labor cost incurred 21,000 During 2018, and actual overhead costs were OR 142,000. Direct labor cost incurred 21,000 Instructions: (a) Compute the predetermined overhead rate. (b) Compute the total manufacturing costs for Job 201.