None Job 412 was one of the many jobs started andcompleted during the year. The job required$8,400 in direct materials and 35 hours ofdirect labor time at a total direct labor cost of$9,300. If the job contained five units and thecompany billed at 70% above the unit productcost on the job cost sheet, what price per unitwould have been charged to the customer?

Step 1: Introduction to the Job CostingJob costing refers to the accounting that is used to…

Answered: Job 412 was one of the many jobs…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 1PA: Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the...

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York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
Compute the total job cost for each of the following scenarios: a. If the direct labor cost method is used in applying factory overhead and the predetermined rate is 100%, what amount should be charged to Job 2010 for factory overhead? Assume that direct materials used totaled 5,000 and that the direct labor cost totaled 3,200. b. If the direct labor hour method is used in applying factory overhead and the predetermined rate is 10 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, and the number of direct labor hours totaled 250. c. If the machine hour method is used in applying factory overhead and the predetermined rate is 12.50 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, the direct labor hours were 250 hours, and the machine hours were 295 hours.
If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?
Pocono Cement Forms expects $900,000 in overhead during the next year. It does not know whether it should apply overhead on the basis of its anticipated direct labor hours of 60,000 or its expected machine hours of 30,000. Determine the product cost under each predetermined allocation rate if the last job incurred $1,550 in direct material cost, 90 direct labor hours, and 75 machine hours. Wages are paid at $16 per hour.
Please use the information from this problem for these calculations. After grouping cost pools and estimating overhead and activities, Box Springs determined these rates: Box Springs estimates there will be four orders in the next year, and those jobs will involve: What is the total cost of the jobs?
Patterson Corporation expects to incur 70,000 of factory overhead and 60,000 of general and administrative costs next year. Direct labor costs at 5 per hour are expected to total 50,000. If factory overhead is to be applied per direct labor hour, how much overhead will be applied to a job incurring 20 hours of direct labor? a. 120 b. 260 c. 28 d. 140
Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the following costs: If the labor rate is $30 per hour, what is the per-unit cost of each product?
Lucy Sportswear manufactures a specialty line of T-shirts using a job order cost system. During March, the following costs were incurred in completing Job ICU2: direct materials, 13,700; direct labor, 4,800; administrative, 1,400; and selling, 5,600. Factory overhead was applied at the rate of 25 per machine hour, and Job ICU2 required 800 machine hours. If Job ICU2 resulted in 7,000 good shirts, the cost of goods sold per unit would be: a. 5.70. b. 6.50. c. 5.50. d. 6.30.
Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?
A Company uses a job order costing system and estimated it will have direct materials cost of $86,000 and $100,000 of direct labor cost next year. The company estimates its overhead next year will be $69,000. It also expects to incur 28,600 machine hours. If the company bases applied overhead on machine hours, its predetermined overhead rate for the next period should be (roun your answer to two decimal places): O $1.45/MH. O $0.69/MH. $2.99 per MH. O $2.41 per MH.
Cavy Company estimates that total factory overhead costs will be $685,938 for the year. Direct labor hours are estimated to be 109,400. a. Determine the predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank 23d34d049fd4031_1 b. Determine the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and Job 777 if the amount of direct labor hours is 3,300. Job 345 $fill in the blank 23d34d049fd4031_2 Job 777 $fill in the blank 23d34d049fd4031_3 c. Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. fill in the blank 919f7901300ffaf_2 fill in the blank 919f7901300ffaf_4
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.

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