Job Number April 10 11 12 13 14 $7,100 $4,900 4,300 May 1,400 June 4,900 $3,700 4,800 6,700 6,600 3,800 Month Completed May June April June Not complete
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- Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.Work in Frocess May 1 Per general ledger P22,250 Per cost sheets #001 #002 #003 Direct materials P 6,000 P S,000 Direct labor 3,000 2,500 Factory Costs for May 6,000 2,600 Direct materials 3,000 2,000 Direct labor 1,000 1,500 Factory overhead is charged to production based on direct labor cost. Jobs #001 and #002 are completed during the month. Required: Determine the following: L Total manufacturing costs for the month. 2. Total cost of Job #001. 3. Total cost of Job #002 4. Work in Process - End 5. Total factory overhead applied for the month 6. Cos of goods manufactured for the month. V. Multiple C 1. Which10 EA10. 4.5 K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct materials, $375 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $23 per hour, and employees worked 18 hours on Job 1 and 29 hours on Job 2. Overhead is applied at the rate of $20 per direct labor hours. Prepare job order cost sheets for each job.
- Question No.8 King manufacturing has four categories of overhead. The four categories and expected overhead costs for each category for next year are as follows. Maintenance Rs.70,000 Material Handling 30,000 Set-ups 25,000 Inspection 50,000 Currently, overhead is applied using a predetermined overhead rate based upon budgeted direct labor hours, 50,000 direct labor hour are budgeted for next year? The company has been asked to submit a bid for a proposed job. The plant manager feels that obtaining this job would result in new business in future years. Usually, bids are based upon full manufacturing cost plus 30 percent. Estimates for the proposed job are as follows: Direct material Rs.2,500 Direct labor (750 hours) Rs.3,750 Number of machine hours 300 Number of material moves 8…[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. March Direct materials Direct labor b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. Overhead applied Work in process, beginning April Direct materials Direct labor d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. Overhead applied Costs added in April Total…42 ABC Company uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of 2022, ABC estimated that manufacturing overhead for the year would be P4,800,000 and machine hours would be 80,000. The following information pertains to April 2022: Job #1 Job #2 Job #3 Work in process, April 1 P320,000 P520,000 P760,000 April production: Direct materials requisitioned 80,000 96,000 144,000 Direct labor costs 48,000 72,000 90,000 Machine hours 400 700 900 Actual overhead costs incurred during April amounted to P125,000. During April, jobs 1 and 3 were completed. Job 1 was delivered to a customer and an invoice for P800,000 was billed. Any over- or under-applied overhead is considered to be insignificant. How much is the cost of goods manufactured in April? How much is the adjusted gross profit in April?
- Reynolds Manufacturers Inc. has estimated total factory overhead costs of $113,400 and expected direct labor hours of 12,600 for the current fiscal year. If Job 117 incurs 1,180 direct labor hours, Work in Process will be debited and Factory Overhead will be credited for Oa. $10,620 Ob. $113,400 Oc. $56,700 Od. $1,180 日 Previous Next 3:26 PM 曲 53°F Sunny 耳 好 a 12/14/2021 2) V.Month April May June Machine-Hours 63, eee 53,000 73,00e 84,e00 Cost $115, eee $138, 000 $326, 000 $193,000 July Assume that the overhead cost above consists of utilities, supervisory salaries, and maintenance. The breakdown of these costs at the 53,000-machine-hour level of activity in May is as follows Utilities (variable) Supervisory salaries (fixed) Maintenance (mixed) $ 25,000 28, 000 85,000 $138, 000 Total overhead cost The company wants to break down the maintenance cost into its variable and fixed cost elements. Required: 1. Estimate how much of the $193,000 of overhead cost in July was maintenance cost. (Hint To do this, first determine how much of the $193,000 consisted of utilities and supervisory salaries. Think about the behaviour of variable and fixed costs within the relevant range ) (Round the "Variable cost per unit" to 2 decimal places.) 11,623 Maintenance cost in JulyTB MC Qu. 04-97 (Algo) Kay Company budgets overhead... Kay Company budgets overhead cost of $3,645,000 for the next year. The company uses direct labor hours as its overhead allocation base. If hours are planned for the next year, how much overhead would be assigned to a product requiring 4 direct labor hours? Multiple Choice $45.00 $35.00 $180.00 $140.00
- 15 ed < es [The following information applies to the Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Job 306 $ 29,000 25,000 12,500 Problem 2-2A (Algo) Part 4 133,000 103,000 Finished (sold) Job 307 $ 38,000 16,000 8,000 Job 308 210,000 $ 115,000 152,000 ? 104,000 ? In process Finished (unsold) a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $24,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…S 13. In August direct labor was 60% of conversion cost. If the manufacturing overhead for the month was $54,000 and the direct materials cost was $34,000, the direct labor cost was: A. $36,000 B. $22,667 C. $51,000 D. $81,000Direct labor cost Factory overhead Direct labor hours Machine hours Dept. A $ 69,000 $115,920 Dept. B $49,000 $54,855 6,900 2,900 9,900 15,900 of the year, the company made the following What predetermined overhead rate would be used in Department A and Department B, respectively? Multiple Choice 168% and 345%. 168% and $3.45. ) $1.68 and 345%. $1.68 and $3.45.
