James Graham Manufacturing is a small manufacturer that uses machine-hours as its activitybase for assigned overhead costs to jobs. The company estimated thle following amounts for2019 for the company, for Job 62 and Job 63:Company$60,000$25,000$72,000Job 62Job 63Direct materialsDirect laborManufacturing$4,500$2,500$7,100$4,200overhead costsMachine hours90,0001,3503,100During 2019, the actual machine-hours totaled 95,000, and actual overhead costs were$71,000. Job 62 consisting of 1,000 units and Job 63 consisting of 2000 units werecompleted during the month.Instructions:a) Compute the predetermined overhead rate.b) Compute the total manufacturing costs for Job 62 and Job 63.c) Compute the unit cost of Jobs 62 and 63. - prm,d) How much overhead is over or underapplied for the year for the company? State amountand whether it is over- or underapplied.e) If Graham Manufacturing sells Job 62 for $14,000 and $18,000 for Job 63, compute thegross profit.

a) Calculation of predetermined overhead rate Predetermined overhead rate = Estimated manufacturing…

Answered: James Graham Manufacturing is a small…

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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Cavy Company estimates that total factory overhead costs will be $1,053,206 for the year. Direct labor hours are estimated to be 107,800. a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent. $4 per direct labor hour b. Determine the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and to Job 777 if the amount of direct labor hours is 3,300. Job 345 Job 777 $4 c. Journalize the entry to record the factory overhead applied if Jobs 345 and 777 are the only jobs for the period. If an amount box does not require an entry, leave it blank.
Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows: Information State University On-the-Go Home Precious Pre-school Direct Materials Cost (food) $53,000 $36,900 $81,800 Direct Labor Cost $44,600 $40,700 $53,600 Labor Hours 2,920 3,510 4,160 The company applies overhead at a rate of $16.00 per labor hour. It completed all of its jobs in November. Total revenue for the three jobs amounted to $392,700. The actual overhead for the month was $147,400, of which $122,000 should be credited to accounts payable and $38,000 should be credited to Accumulated Depreciation.Determine the costs that should be assigned to each of the jobs.
Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2020, they estimated total manufacturing overhead costs at $1,203,750, and the estimated total direct labor costs at $1,500,000. The administration and selling overheads are to be absorbed in each job cost at 33⅓% of prime cost. Distribution costs should be added to each job according to quotes from outside carriage companies. The company wishes to quote for Job # B4000. Data for the job are as follows: Direct materials cost $159,500Direct labour cost $240,000Direct labour hours 400 hoursSpecial Design Cost $12,850Distribution quote from haulage company $17,900 d) Given that Job #4000 consisted of 250 units, determine the production cost per unit? Can I get assistance with part D please?
Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows: Information State University On-the-Go Home Precious Pre-school Direct Materials Cost (food) $54,100 $35,100 $79,700 Direct Labor Cost $43,600 $41,400 $53,500 Labor Hours 3,210 3,690 4,120 The company applies overhead at a rate of $20.00 per labor hour. It completed all of its jobs in November. Total revenue for the three jobs amounted to $401,200. The allocated overhead for the month was $149,800, of which $129,200 should be credited to accounts payable and $41,700 should be credited to Accumulated Depreciation.
Cavy Company estimates that total factory overhead costs will be $1,011,028 for the year. Direct labor hours are estimated to be 100,700. a. Determine the predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank 8b99eb02a009f9f_1 b. Determine the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,200 and Job 999 if the amount of direct labor hours is 2,800. Job 567 $fill in the blank 8b99eb02a009f9f_2 Job 999 $fill in the blank 8b99eb02a009f9f_3 c. Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. fill in the blank aa9138f9703b038_2 fill in the blank aa9138f9703b038_4
For 2020, Roy manufacturing used job costing. The company uses machine-hours as the overhead cost-allocation base. The records show the following information: Estimated Actual Manufacturing overhead costs £800,000 £840,000 Machine-hours 50,000 60,000 The budgeted manufacturing overhead rate for 2020 is ? a. £16 per machine-hour b. £14 per machine-hour c. £16.8 per machine-hour d. £13.3 per machine-hour
9. Safari Company estimated its total manufacturing overhead costs to be $80,000 and its total direct labour costs to be $160,000 for the year 2019. The actual labour costs were $80,000 for Job 2 during 2019. Manufacturing overhead is applied to jobs on the basis of direct labour cost using a predetermined rate. The amount of overhead assigned to Job 2 during 2019 was $40,000 $25,000 $30,000 $160,000 $80,000
Al Shams Manufacturing LLC has furnished the following information for the month of March 2019: Materials used is RO 45,000, Direct labor is RO 28,000, Labor hours worked is 7,000, Hours of machine operation is 5,000 and Overhead cost is RO 21,000. The department during the period has executed an order (job). The relevant information is as follows: Materials used is RO 2,000, Direct labor is RO 1,200, Labor hours worked is 500 and Hours of machines operation is 225. Calculate the overhead chargeable to the job based on percentage of direct material cost. a. RO 945 b. RO 900 c. RO 933 d. RO 1500
Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows: Information State University On-the-Go Home Precious Pre-school Direct Materials Cost (food) $55,900 $37,200 $79,700 Direct Labor Cost $43,500 $38,800 $53,100 Labor Hours 3,360 3,550 3,810 The company applies overhead at a rate of $16.00 per labor hour. It completed all of its jobs in November. Total revenue for the three jobs amounted to $406,800. The actual overhead for the month was $148,400, of which $118,600 should be credited to accounts payable and $41,500 should be credited to Accumulated Depreciation.Determine the costs that should be assigned to each of the jobs. State University On-the-Go Home Precious Pre-school TOTAL Direct Materials Direct Labor Applied Overhead Total Job Cost Manufacturing Overhead Debit Credit

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