Exercise 2-8 (Algo) Applying Overhead Cost; Computing Unit Product Cost (LO2-2, LO2-3] Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes $22.800 in direct materials cost and $10.000 in direct labor cost. A total of 1300 units were produced in Job 313. Required: a What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313? a Total manutacturing cost b Unt product cost

Exercise 2-8 (Algo) Applying Overhead Cost; Computing Unit Product Cost (LO2-2, LO2-3] Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes $22.800 in direct materials cost and $10.000 in direct labor cost. A total of 1300 units were produced in Job 313. Required: a What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313? a Total manutacturing cost b Unt product cost

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Description: Exercise 2-8 (Algo) Applying Overhead Cost; Computing Unit Product Cost (LO2-2, LO2-3]Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes$22,800 in direct materials cost an

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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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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! Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Beginning of period $ 45,000 9,600 68,000 End of Period Inventories Raw materials Work in process Finished goods $ 45,000 19,000 33,500 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period. X Answer is not complete. No Transaction General Journal…
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Question 1 Far West Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct material cost. Its predetermined overhead rate was based on a cost formula that estimated $500,000 of manufacturing overhead for an estimated allocation base of $390,625 direct material dollars. The company has provided the following data in the form of an Excel worksheet: Ending $55,000 166,125 138,000 The following actual costs were incurred during the year: $450,000 $119,000 Beginning $38,000 79,000 47,000 Raw Materials Work in Process Finished Goods Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect materials 104,875 102,000 35,000 32,700 41,000 23,425 49,000 Insurance, factory Depreciation of equipment Indirect labor Property taxes Maintenance Rent, building Required: Compute the predetermined overhead rate for the year. Prepare a schedule of cost of goods manufactured for the year. Compute the amount of underapplied…
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