Lux Corporation uses a job cost system and has two production departments,X and Y. Budgeted manufacturing costs for the year are: Department X $1400,000 $400,000 Department Y Direct materials $200,000 Direct manufacturing labor $1600,000 Manufacturing overhead $1200,000 $800,000 The actual material and labor costs charged to Job #512 were as follows: Total Direct materials: $50,000 Direct labor: Department X $ 16,000 Department Y $24,000 $40,000 Lux applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. For Department Y, the manufacturing overhead allocation rate is:

Lux Corporation uses a job cost system and has two production departments,X and Y. Budgeted manufacturing costs for the year are: Department X $1400,000 $400,000 Department Y Direct materials $200,000 Direct manufacturing labor $1600,000 Manufacturing overhead $1200,000 $800,000 The actual material and labor costs charged to Job #512 were as follows: Total Direct materials: $50,000 Direct labor: Department X $ 16,000 Department Y $24,000 $40,000 Lux applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. For Department Y, the manufacturing overhead allocation rate is:

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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Metal Company budgeted $571,000 manufacturing direct wages, 2,000 direct labor hours, and had the following manufacturing overhead: Overhead Cost Pool Budgeted Overhead Cost Budgeted Level for Cost Driver Overhead Cost Driver Materials handling $ 144,000 4,800 pounds Weight of materials Machine setup 22,000 550 setups Number of setups Machine repair 1,580 31,600 machine hours Machine hours Inspections 16,000 320 inspections Number of inspections Requirements for Job #971 which manufactured 4 units of product: Direct labor 20 hours Direct materials 290 pounds Machine setup 40 setups Machine hours 16,600 machine hours Inspections 15 inspections If Metal Company uses a volume-based overhead rate based on direct labor hours, the manufacturing overhead for Job #971 is:
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?
Company has two production departments; Cutting and Painting, and two service departments Maintenance and design which directly support two production departments. The first level overhead costs of these departments are as follows. Cutting Painting $400,000 Design 640,000 Maintenance 96,000 500,000 The following schedule reflects the use of the Maintenance and Design Departments' output by other departments: Maintenance Maintenance (hours) Design (minutes) 240,000 0 Design 1,000 0 Cutting 1,000 his 840,000 Painting 8,000 120,000 Required 1. Allocate service departments cost to production departments by using direct method and step-down method.
Hijinx Company projected the following overhead costs and cost drivers: Overhead Item Expected Costs Cost Driver Expected Quantity Setup costs $121,500 Number of setups 50 Ordering costs 40,500 Number of orders 30 Maintenance 174,000 Machine-hours 600 Power 27,000 Kilowatt-hours 600 Total overhead cost 363,000 Direct Labor Hours 500 Hijinx contracted for two jobs, both of which were completed during the year. Production managers reported the following data in relation to these jobs: Job 1 Job 2 Direct materials $170,000 $120,000 Direct labor $14,000 $11,000 Direct labor-hours 300 220 Number of setups 25 23 Number of orders 20 13 Machine-hours 410 200 Kilowatt-hours 380 240 If Hijinx uses a company-wide predetermined overhead rate and the allocation basis is machine hour. How much overhead costs should be assigned to Job 1. Show the calculation steps and…
exam.ptuk.edu.ps/mod/qu Lux Corporation uses a job cost system and has two production departments,X and Y. Budgeted manufacturing costs for the year are: Department X Department Y Direct materials $1400,000 $200,000 Direct manufacturing labor $400,000 $1600,000 Manufacturing overhead $1200,000 $800,000 The actual material and labor costs charged to Job #512 were as follows: Total Direct materials: $50,000 Direct labor: Department X $ 16,000 Department Y $24,000 $40,000 Lux applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. For Department Y, the manufacturing overhead allocation rate is: Select one: а. 200% b. 100% с. 300% مشمس - hp
Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company is budgeted for the year at $1,503,200, divided into four activities: fabrication, $756,000; assembly, $272,000; setup, $259,200; and inspection, $216,000. Bardot Marine manufactures two types of boats: speedboats and bass boats. The activity-base usage quantities for each product by each activity are as follows: Inspection Speedboat Bass boat Fabrication Assembly Setup Speedboat Each product is budgeted for 3,500 units of production for the year. a. Determine the activity rates for each activity. Bass boat Fabrication 9,000 dih $ Feedback 27,000 36,000 dih 21 B Assembly 25,500 dih 8,500 34,000 dih 480 Setup per setup 65 setups 475 540 setups ✓per direct labor hour ✓ per direct labor hour Inspection $ 240✔ per inspection b. Determine the activity-based factory overhead per unit for each product. Round to the nearest whole dollar. 183 X per unit 301 ✔ per unit 113 inspections 787 900…
Delph Company uses job-order costing with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 54,000 machine-hours would be required for the period's estimated level of production. It also estimated $1,040,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $5.00 per machine-hour. Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following information to enable calculating departmental overhead rates: Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Job D-70 Direct materials cost Direct labor cost Machine-hours Job C-200 Direct materials cost Direct labor cost Machine-hours During the year, the company had no beginning or ending inventories and it…
Blue Industries has two departments ABC and XYZ and uses a job cost system. In determining manufacturing costs, Blue applies manufacturing overhead to production orders based on direct labor cost during the departmental rates predetermined at the beginning of the year based on the annual budget. The budget for the two departments are as follows: ABC XYZ Direct Materials P630,000 P90,000 Direct Labor 180,000 720,000 Factory Overhead 540,000 360,000 Actual materials and labor costs for Job 678 were: Direct Materials P22,500 Direct Labor Dept ABC P7,200 Dept XYZ 10,800 18,000 What is the total manufacturing costs associated with Job 678?
Metal Company budgeted $565,000 manufacturing direct wages, 2,500 direct labor hours, and had the following manufacturing overhead: Overhead Cost Pool Budgeted Overhead Cost Budgeted Level for Cost Driver Overhead Cost Driver Materials handling $ 168,000 4,200 pounds Weight of materials Machine setup 14,700 490 setups Number of setups Machine repair 1,550 31,000 machine hours Machine hours Inspections 13,000 260 inspections Number of inspections Requirements for Job #971 which manufactured 4 units of product: Direct labor 20 hours Direct materials 230 pounds Machine setup 40 setups Machine hours 16,000 machine hours Inspections 15 inspections Using Activity-Based Costing, overhead cost assigned to Job #971 for inspections is: Multiple Choice $2,440. $750. $9,200. $800. $1,200.
Steel Company uses activity-based costing and reports the following for this year. Allocate overhead costs to a job that uses 40 machine hours and 30 direct labor hours. Activity Budgeted Cost Activity Cost Driver Budgeted Activity Usage Cutting $ 56,000 Machine hours (MH) 2,000 machine hours Assembly 240,000 Direct labor hours (DLH) 6,000 direct labor hours Total $ 296,000
Mickley Company's plantwide predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage rate is $14.00 per hour. The following information pertains to Job A-500: Direct materials Direct labor $ 290 $ 210 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 70 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.) 1. Total manufacturing cost 2. Unit product cost per unit