Homework Help is Here – Start Your Trial Now!
Business
Accounting
High Desert Potteryworks makes a varlety of pottery products that it sells to retallers. 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- nours. At the beginning of the year, the company provided the following estimates: Department Molding Painting Direct labor-hours 33,000 82,000 $229,600 $494,700 51, e0e 35,e00 Machine-hours Fixed manufacturing overhead cost variable manufacturing overhead per machine-hour variable manufacturing overhead per direct labor-hour 2.40 4.40 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following Information concerning che job: Department Molding Painting Direct labor-hours 78 126 Machine-hours 370 73 $ 950 $ 700 Direct materials $1,300 $1,010 Direct labor cost 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. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the Job contained 31 units, what would be the unit product cost?

High Desert Potteryworks makes a varlety of pottery products that it sells to retallers. 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- nours. At the beginning of the year, the company provided the following estimates: Department Molding Painting Direct labor-hours 33,000 82,000 $229,600 $494,700 51, e0e 35,e00 Machine-hours Fixed manufacturing overhead cost variable manufacturing overhead per machine-hour variable manufacturing overhead per direct labor-hour 2.40 4.40 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following Information concerning che job: Department Molding Painting Direct labor-hours 78 126 Machine-hours 370 73 $ 950 $ 700 Direct materials $1,300 $1,010 Direct labor cost 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. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the Job contained 31 units, what would be the unit product cost?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Topic Video
Question
High Desert Potteryworks makes a varlety of pottery products that It sells to retalers. The company uses a Job-order costing system Iin 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 Palnting Department Is based on direct labor- hours. At the beglnning of the year, the company provided the following estimates: Department Molding Painting 33,000 82,000 $229,600 $494,700 Direct labor-hours 51,000 35,000 Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour variable manufacturing overhead per direct labor-hour 2.40 24 4.40 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following Information concerning the job: Department Molding Painting Direct labor-hours 78 126 Machine-hours 370 73 Direct materials $ 950 $ 700 $1,300 $1,810 Direct labor cost Requlred: 1. Compute the predetermined overhead rates used Iin the Molding Department and the Palnting Department. 2. Compute the total overhead cost applied to Job 205. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the job contalned 31 units, what would be the unit product cost? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 38 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.) Department Molding Painting Total Direct materials Direct labor Manufacturing overhead Total cost < Required 2 Required 3B >
Transcribed Image Text:High Desert Potteryworks makes a varlety of pottery products that It sells to retalers. The company uses a Job-order costing system Iin 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 Palnting Department Is based on direct labor- hours. At the beglnning of the year, the company provided the following estimates: Department Molding Painting 33,000 82,000 $229,600 $494,700 Direct labor-hours 51,000 35,000 Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour variable manufacturing overhead per direct labor-hour 2.40 24 4.40 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following Information concerning the job: Department Molding Painting Direct labor-hours 78 126 Machine-hours 370 73 Direct materials $ 950 $ 700 $1,300 $1,810 Direct labor cost Requlred: 1. Compute the predetermined overhead rates used Iin the Molding Department and the Palnting Department. 2. Compute the total overhead cost applied to Job 205. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the job contalned 31 units, what would be the unit product cost? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 38 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.) Department Molding Painting Total Direct materials Direct labor Manufacturing overhead Total cost < Required 2 Required 3B >
High Desert Potteryworks makes a varlety of pottery products that It sells to retalers. The company uses a Job-order costing system Iin 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 Palnting Department Is based on direct labor- hours. At the beglnning of the year, the company provided the following estimates: Department Molding Painting 33,000 82,000 $229,600 $494,700 Direct labor-hours 51,000 35,000 Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour 2.40 24 4.40 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following Information concerning the Job: Department Molding Painting Direct labor-hours 78 126 Machine-hours 370 73 Direct materials $ 950 $ 700 $1,300 $1,010 Direct labor cost Requlred: 1. Compute the predetermined overhead rates used in the Molding Department and the Palnting Department. 2. Compute the total overhead cost applied to Job 205. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the Job contalned 31 units, what would be the unit product cost? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B If the job contained 31 units, what would be the unit product cost? (Round "Predetermined overhead rate" to 2 decimal places. Round other intermediate calculations to the nearest dollar amount. Round your final answer to 2 decimal places.) Unit product cost per unit < Required 3A Required 3B >
Transcribed Image Text:High Desert Potteryworks makes a varlety of pottery products that It sells to retalers. The company uses a Job-order costing system Iin 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 Palnting Department Is based on direct labor- hours. At the beglnning of the year, the company provided the following estimates: Department Molding Painting 33,000 82,000 $229,600 $494,700 Direct labor-hours 51,000 35,000 Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour 2.40 24 4.40 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following Information concerning the Job: Department Molding Painting Direct labor-hours 78 126 Machine-hours 370 73 Direct materials $ 950 $ 700 $1,300 $1,010 Direct labor cost Requlred: 1. Compute the predetermined overhead rates used in the Molding Department and the Palnting Department. 2. Compute the total overhead cost applied to Job 205. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the Job contalned 31 units, what would be the unit product cost? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B If the job contained 31 units, what would be the unit product cost? (Round "Predetermined overhead rate" to 2 decimal places. Round other intermediate calculations to the nearest dollar amount. Round your final answer to 2 decimal places.) Unit product cost per unit < Required 3A Required 3B >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS