Homework Help is Here – Start Your Trial Now!
Business
Accounting
Inventories, November 1 Raw materials and supplies Work in process (Job X-50) Finished goods Purchases of raw materials and supplies Raw materials $13,125 67,500 140,625 $168,750

Inventories, November 1 Raw materials and supplies Work in process (Job X-50) Finished goods Purchases of raw materials and supplies Raw materials $13,125 67,500 140,625 $168,750

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
Question

solve correct with steps and show full work thanks

 

The following information is for November 2022 when Jobs X-50 and X-51 were completed: Inventories, November 1 Raw materials and supplies Work in process (Job X-50) Finished goods Purchases of raw materials and supplies Raw materials Supplies Other Factory equipment costs (a) Job X-50 Job X-51 Job X-52 Supplies Power Repairs and maintenance Depreciation Materials and supplies requisitioned for production $56,250 46,875 31,875 15,000 $150,000 $5,000 1,875 1,875 1,250 $10,000 $13,125 67,500 140,625 $168,750 18,750 Predetermined overhead rate $ Calculate the predetermined rate to be used to apply overhead to individual jobs during the fiscal year. (Round answer to 2 decimal places, eg. 52.75.) Predetermined overhead rate $ Calculate the predetermined rate to be used to apply overhead to individual jobs during the fiscal year. (Round answer to 2 decimal places, e.g. 52.75.) per labour hour per labour hour
Transcribed Image Text:The following information is for November 2022 when Jobs X-50 and X-51 were completed: Inventories, November 1 Raw materials and supplies Work in process (Job X-50) Finished goods Purchases of raw materials and supplies Raw materials Supplies Other Factory equipment costs (a) Job X-50 Job X-51 Job X-52 Supplies Power Repairs and maintenance Depreciation Materials and supplies requisitioned for production $56,250 46,875 31,875 15,000 $150,000 $5,000 1,875 1,875 1,250 $10,000 $13,125 67,500 140,625 $168,750 18,750 Predetermined overhead rate $ Calculate the predetermined rate to be used to apply overhead to individual jobs during the fiscal year. (Round answer to 2 decimal places, eg. 52.75.) Predetermined overhead rate $ Calculate the predetermined rate to be used to apply overhead to individual jobs during the fiscal year. (Round answer to 2 decimal places, e.g. 52.75.) per labour hour per labour hour
Cullumber Company is a manufacturer with a fiscal year that runs from July 1 to June 30. The company uses a normal job-order cost accounting system for its production costs. It uses a predetermined overhead rate based on direct labour hours to apply overhead to individual jobs. It prepared three budgets of overhead costs for the 2022 fiscal year as follows: Direct labour hours Variable overhead costs Fixed overhead costs Total overhead 125,000 $406,250 150,000 $487,500 262,500 $676,250 $750,000 270,000 Inventories, November 1 Raw materials and supplies Work in process (Job X-50) Finished goods Purchases of raw materials and supplies Raw materials Although the annual ideal capacity is 187,500 direct labour hours, company officials have determined that 150,000 direct labour hours represent the normal capacity for the year. The following information is for November 2022 when Jobs X-50 and X-51 were completed: $13,125 67,500 140,625 175,000 $568,750 270,000 $168,750 $838,750
Transcribed Image Text:Cullumber Company is a manufacturer with a fiscal year that runs from July 1 to June 30. The company uses a normal job-order cost accounting system for its production costs. It uses a predetermined overhead rate based on direct labour hours to apply overhead to individual jobs. It prepared three budgets of overhead costs for the 2022 fiscal year as follows: Direct labour hours Variable overhead costs Fixed overhead costs Total overhead 125,000 $406,250 150,000 $487,500 262,500 $676,250 $750,000 270,000 Inventories, November 1 Raw materials and supplies Work in process (Job X-50) Finished goods Purchases of raw materials and supplies Raw materials Although the annual ideal capacity is 187,500 direct labour hours, company officials have determined that 150,000 direct labour hours represent the normal capacity for the year. The following information is for November 2022 when Jobs X-50 and X-51 were completed: $13,125 67,500 140,625 175,000 $568,750 270,000 $168,750 $838,750
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost Sheet
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