Exercise 2-12 (Algo) Computing Predetermined Overhead Rates and Job Costs [LO2-1, LO2-2, LO2-3] Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $ 330 $ 260 36 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 153,000 $ 656,000 $ 4.80 Required 4 Compute the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH

Exercise 2-12 (Algo) Computing Predetermined Overhead Rates and Job Costs [LO2-1, LO2-2, LO2-3] Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $ 330 $ 260 36 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 153,000 $ 656,000 $ 4.80 Required 4 Compute the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH

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Description: -SExercise 2-12 (Algo) Computing Predetermined Overhead Rates and Job Costs [LO2-1, LO2-2, LO2-3]Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At thebeginning of the year, the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem #1. ABC Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine hours required to support estimated production 150,000 Manufacturing overhead costs ₱1,350,000 Required: 1.Compute the predetermined overhead rate. 2.During the year, Job 500 was started and completed. The following information was available with respect to this job: Direct materials requisitioned ₱350 Direct labor cost ₱230 Machine hours used 30 Compute the total manufacturing costs assigned to Job 500. 3.During the year the company worked a total of 147,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of ₱1,325,000. What is the amount of underapplied or overapplied overhead for the year?
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Exercise 2-9 (Algo) Job-Order Costing and Decision Making [LO2-1, LO2-2, LO2-3] Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $4,000. The following information was available with respect to this job: Direct materials $ 1,840 Direct labor cost Machine-hours used $ 1,320 87 Compute the total manufacturing cost assigned to Job P90. Complete this question by entering your answers in the tabs below. Required 1 Required 2 240,000 $ 4,320,000 $ 2.00 Compute the plantwide predetermined overhead…
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Problem #4:Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased.) In computing a predetermined overhead rate at the beginning of the year, the company’s estimates were: manufacturing overhead cost, $800,000; and direct materials to be used in production, $500,000. The company has provided the following data :BeginningEndingRaw materials$20,000$80,000Work in Process150,00070,000Finished Goods260,000400,000The following actual costs were incurred during the year:Purchase of direct raw materials $510,000Direct labor cost90,000Manufacturing overhead costs: 4Indirect labor170,000Property taxes48,000Depreciation-equipment260,000Maintenance95,000Insurance7,000Rent -Building180,000Required: 1.a. Compute the predetermined overhead rate for the yearb. Compute the amount of under-or over-applied overhead for the year.1.Prepare the statement of cost of goods…
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