High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning of the year, the company provided the following estimates: Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Direct labor-hours Machine-hours Direct materials Direct labor cost Department Painting 131 70 Molding 87 400 $ 936 $ 710 Department $ 1,160 $ 980 Molding Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job: 30,500 89,000 $ 204,700 $ 2.80 Painting 51,100 33,000 $ 449,680 0 $ 4.80 Required: 1. Compute the predetermined overhead rates used in the Molding Department and the Painting Department. 2. Compute the total overhead cost applied to Job 205.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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![Problem 2-19 (Algo) Multiple Predetermined Overhead Rates; Applying Overhead [LO2-1, LO2-2, LO2-4]
High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in
which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined
overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor-
hours. At the beginning of the year, the company provided the following estimates:
Direct labor-hours
Machine-hours
Fixed manufacturing overhead cost.
Variable manufacturing overhead per machine-hour
Variable manufacturing overhead per direct labor-hour
Direct labor-hours
Machine-hours
Direct materials
Direct labor cost
Department
Molding
87
400
$936
$ 710
Painting
131
70
Department
Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning
the job:
$ 1,160
$980
Molding
30,500
89,000
$ 204,700
$ 2.80
0
Painting
51, 100
33,000
$ 449,680
0
$ 4.80
Required:
1. Compute the predetermined overhead rates used in the Molding Department and the Painting Department.
2. Compute the total overhead cost applied to Job 205.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97defb29-5fbc-46d6-bd9c-f02949c5b505%2F8c63d20c-b873-4a72-9d6d-681fd824e230%2F5veo04f_processed.png&w=3840&q=75)
![Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3A Required 38
Compute the Predetermined Overhead Rates used in the Molding Department and the Painting Department. (Round your
answers to 2 decimal places.)
Molding Department
Painting Department
Predetermined Overhead
Rate
per MH
per DLH
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3A Required 38
Compute the total overhead cost applied to Job 205. (Round "Predetermined overhead rate" to 2 decimal places. Round other
Intermediate calculations and final answer to the nearest dollar amount.)
Total overhead cost
Direct materials
Direct labor
< Required 1
Complete this question by entering your answers in the tabs below.
Manufacturing overhead
Total cost
Required 2 >
Required 1 Required 2
Required 3A Required 38
Compute the total overhead cost applied to Job 205. (Round "Predetermined overhead rate" to 2 decimal places. Round other
intermediate calculations and final answer to the nearest dollar amount.)
Total overhead cost
< Required 1
What would be the total manufacturing cost recorded for Job 205? (Round "Predetermined overhead rate" to 2 decimal places.
Round other intermediate calculations and final answers to the nearest dollar amount.)
Molding Painting
Department Department
< Required 2
Required 3A >
Total
Required 3A >
Required 38 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F97defb29-5fbc-46d6-bd9c-f02949c5b505%2F8c63d20c-b873-4a72-9d6d-681fd824e230%2F601z628_processed.png&w=3840&q=75)
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