Job #2365 incurred the following during production: Direct Materials: $25,000 Manufacturing Labor: 45 hrs. Packaging materials: $1,000 Packing and shipping labor: 5 hrs. The following data is also available for the company: Overhead costs for the period $3,000 Indirect Labor (machine maintenance) 20 hrs. The company incurs costs at the following rates:

Job #2365 incurred the following during production: Direct Materials: $25,000 Manufacturing Labor: 45 hrs. Packaging materials: $1,000 Packing and shipping labor: 5 hrs. The following data is also available for the company: Overhead costs for the period $3,000 Indirect Labor (machine maintenance) 20 hrs. The company incurs costs at the following rates:

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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Show Me How Applying factory overhead Keenan Company estimates that total factory overhead costs will be $322,000 for the year. Direct labor hours are estimated to be 23,000. a. For Keenan Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. $ per direct labor hour b. During May, Keenan Company accumulated 720 hours of direct labor costs on Job 200 and 510 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. $ c. Prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate. If an amount box does not require an entry, leave it blank.
The records at Smith and Jones Company show that Job 110 is charged with $11,000 of direct materials and $12,500 of direct labor. Smith and Jones Company allocate manufacturing overhead at 85% of direct labor cost. What is the total cost of Job No. 110?
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Job 765 Job 766 Job 765 $ Job 766 $ Direct Materials $8,680 13,338 Job 765 $ Job 766 $ Direct Labor $2,604 4,212 Machine Hours Job 765 produced 186 units, and Job 766 consisted of 234 units. Assuming that factory overhead is applied using machine hours at a rate of $131 per hour. a. Determine the balance on each job cost sheet. 31 78 b. Determine the cost per unit for each job at the end of April. Round your answers to the nearest cent.
Calico Corporation produced 2,000 units in Job 903. The following data is provided for Job 903 for the year: Direct materials used $2,300 Direct labor costs $700 Actual manufacturing overhead rate per direct labor hour $17.15 Predetermined manufacturing overhead rate per direct labor hour $18.30 Direct labor hours used in Job 903 35 Direct labor rate per hour $20 What is the total cost of Job 903? $3,000 $3,640.50 $24,500 $3,020
Mason Company has two manufacturing departments-Machining and Assembly. All of the company's manufacturing overhead costs are fixed costs. It provided the following estimates at the beginning of the year as well as the following information for Jobs A and B: Estimated Data Manufacturing overhead Direct labor-hours Machine-hours Job A Direct labor-hours Machine-hours Job B Direct labor-hours Machine-hours Machining $5,054,000 19,000 266,000 Machining Assembly 5 10 11 2 Machining 4 12 Assembly 5 3 Assembly $361,000 266,000 14,000 Total 15 13 Total 9 15 Total $5,415,000 285,000 280,000 Required: 1. If Mason Company uses a plantwide predetermined overhead rate with direct labor-hours as the allocation base, how much manufacturing overhead cost would be applied to Job A? Job B? 2. Assume Mason Company uses departmental predetermined overhead rates. The Machining Department is allocated based on machine-hours and the Assembly Department is allocated based on direct labor-hours. How much…
At the beginning of the year, a company estimated a predetermined plantwide overhead rate of $8.50 per machine - hour. Job X used 16 machine-hours and it was charged $200 and $288 for direct materials and direct labor, respectively. What is the total job cost for Job X? A. $446 B. $136 C. $624 D. $488
The Polaris Company uses a job-order costing system. The following transsctions occurred in October: a. Row materials purchased on account, $210,000. b. Row materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). c. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. d. Depreciation recorded on factory equipment, $40,000. e. Other manufacturing overhead costs accrued during October, $70,000. f. The company applies manufacturing overhesd cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. g. Jobs costing $520,000 sccording to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $480,000 to complete sccording to their job cost sheets were shipped to customers during the month. These jobs were sold on sccount at 25% above cost. Required: 1. Prepare journal entries to record the transactions given…
Mackey Company's plantwide predetermined overhead rate is $25.00 per DLH and its direct labor wage is $21.00 per hour. For Job N, Direct materials is $1,000 and Direct labor is $420. a. What is the total manufacturing cost assigned to Job N? b. If Job N consists of 60 units, what is the unit product cost for this job?
K company production was working on Job 1 and Job 2 during the month. Of the $795 in direct materials, $380 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $21 per hour, and employees worked 20 hours on Job 1 and 29 hours on Job 2. Overhead is applied at the rate of $22 per direct labor hours. Prepare job order cost sheets for each job. Job 1 Hours Total Cost Direct materials Direct labor Manufacturing overhead Total cost $ Job 2 Hours Total Cost Direct materials $ Direct labor Manufacturing overhead Total cost $
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Direct Materials Direct Labor Machine Hours Job 765 $7,000 $2,100 25 Job 766 11,628 3,672 68 Job 765 produced 150 units, and Job 766 consisted of 340 units. Assuming that factory overhead is applied using machine hours at a rate of $153 per hour. a. Determine the balance on each job cost sheet.Job 765 fill in the blank 1 of 2$Job 766 fill in the blank 2 of 2$ b. Determine the cost per unit for each job at the end of April. Round your answers to the nearest cent.Job 765 fill in the blank 1 of 2$Job 766 fill in the blank 2 of 2$
sawyer Manufacturing Company uses a predetermined overhead rate based on direct labour hours to apply manufacturing overhead to jobs. Last year, the company worked 57,000 actual direct labour hours and incurred $345,000 of actual manufacturing overhead cost The Company had estimated that it would work 55,000 direct labour hours during the year and incur $330, 000 of manufacturing overhead cost. The company's manufacturing overhead cost for the year was: O a. overapplied by $3,000 b . underapplied by $3,000 c. underapplied by $15,000 d. overapplied by $15,000
Franklin, Inc. estimates manufacturing overhead costs for the Year 3 accounting period as follows. Equipment depreciation. Supplies Materials handling Property taxes Production setup Rent Maintenance Supervisory salaries $190,100. 20,000 33,200 a. Predetermined overhead rate b. Applied manufacturing overhead 13,300 20,100 43,000 39,000 281,300 The company uses a predetermined overhead rate based on machine hours. Estimated hours for labor in Year 3 were 201,000 and for machines were 128,000. Required a. Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) b. Determine the amount of manufacturing overhead applied to Work in Process Inventory during the Year 3 period if actual machine hours were 143,000. (Do not round intermediate calculations.) per machine hour