Mcewan Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours, The company based its predetermined overhead rate for the current year on 35,000 direct labor-hours, total fixedmanufacturing overhead cost of $273,000, and a variable manufacturing overhead rate of $3.00 per direct labor-hour. Job X941, whichwas for 50 units of a custom product, was recently completed. The job cost sheet for the job contained the following data:Total direct labor-hoursDirect materialsDirect labor cost250500$6,900Requlred:Calculate the selling price for Job X941 if the company marks up its unit product costs by 20%. (Round your Intermedlate colculationsand final answer to 2 declmal places.)Selling price per unit< Prev6 of 8Mext >92 F AQI 61here to search,DELL

Predetermined plantwide overhead can be calculated as: = Variable manufacturing overhead rate +…

Answered: Mcewan Corporation uses a job-order…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Post the relevant items from your journal entries to thes accounts. 3. Prepare a journal entry for item (g) above. 4. If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be inclu cost of goods sold for February? Answer is not complete. Complete the question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If 11,000 of the custom-made machined parts are shipped to the customer in February, how much of this job's cost will be included in cost of goods sold for February? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Portion of job cost included in cost of goods sold 45 X < Required 3
A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on labor-hours. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $120,000 and 6,000 labor-hours. The job sheet of Job1112 shows that the number of units produced in this job order is 5 units. This job required 500 labor-hours and incurred direct materials cost of $10,000 and direct labor costs of $30,000. The unit product cost for :Job1112 is $10,000 a O $2,000 .b O None of the given answers $50,000 .d O $32,000 .e O الصقحة التالية ladi ia hp 10 1+ ho II pr 144 & 7 V 6. 9. { Y H. J
The Oswell Company manufactures products in two departments: Mixing and Packaging. The company allocates manufacturing overhead using a single plantwide rate with direct labor hours as the allocation base. Estimated overhead costs for the year are $579,800, and estimated direct labor hours are 260,000. In October, the company incurred 60,000 direct labor hours. Requirement 1. Compute the predetermined overhead allocation rate. Round to two decimal places. Begin by selecting the formula to calculate the predetermined overhead (OH) allocation rate. Then enter the amounts to compute the allocation rate. Predetermined OH ? ÷ ? = allocation rate ? ÷ ? = ? Requirement 2. Determine the amount of overhead allocated in October. Begin by selecting the formula to allocate overhead costs. Allocated mfg. ? × ? = overhead costs The overhead allocated…
Delph Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine- hours. At the beginning of the year, the company estimated that 56,000 machine-hours would be required for the period's estimated level of production. It also estimated $1,000,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 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 Molding 21,000 Fabrication 35,000 Total 56,000 Fixed manufacturing overhead cost $ 780,000 $220,000 $1,000,000 Variable manufacturing overhead cost per machine-hour $ 4.00 $1.00 During the year, the company had no beginning or ending inventories and it started, completed, and…
Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of machine hours. For the upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $440,300 and total machine hours of 47,600. During the year actual manufacturing overhead incurred was $432,960 and 49,200 machine hours were used. (a) Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined Overhead Rate (b) Calculate how much manufacturing overhead will be applied to production. Manufacturing Overhead Applied per hour (c) Is overhead over- or underapplied? By how much? (Input the amount as positive value.) Overhead (d) What account should be adjusted for over- or underapplied overhead? Should the balance be increased or decreased?
Mcewan Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor- hours. The company based its predetermined overhead rate for the current year on 46,000 direct labor-hours, total fixed manufacturing overhead cost of $322,000, and a variable manufacturing overhead rate of $4.80 per direct labor-hour. Job X941, which was for 50 units of a custom product, was recently completed. The job cost sheet for the job contained the following data: Total direct labor-hours Direct materials Direct labor cost 400 $ 800 $ 6,300 Required: Calculate the selling price for Job X941 if the company marks up its unit product costs by 20%. (Round intermediate calculations and final answer to 2 decimal places.) Selling price per unit
Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department’s predetermined overhead rate is based on machine-hours and the Customizing Department’s predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Milling Customizing Machine-hours 16,000 11,000 Direct labor-hours 18,000 6,000 Total fixed manufacturing overhead cost $ 92,800 $ 28,800 Variable manufacturing overhead per machine-hour $ 1.20 Variable manufacturing overhead per direct labor-hour $ 5.00 During the current month the company started and finished Job A319. The following data were recorded for this job: Job A319: Milling Customizing Machine-hours 50 40 Direct labor-hours 60 30 Direct materials $ 430 $ 180 Direct labor cost $ 800 $ 540…
Royal Furniture Co. uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $720,000 and 30,000 machine-hours. The job sheet of Job F2412 shows that the number of units produced in this job order is 40 units. This job required 240 machine-hours and incurred direct materials cost of $350 and direct labor costs of $1,250. The unit product cost for Job F2412 is approximately: a. $184 b. $46 C. $960 d. $64 e. None of the given answers.
Landen Corporation uses job - order costing. At the beginning of the year, it made the following estimates: Direct labor - hours required to support estimated production 140,000 Machine - hours required to support estimated production 70, 000 Fixed manufacturing overhead cost $ 784,000 Variable manufacturing overhead cost per direct labor-hour $ 2.00 Variable manufacturing overhead cost per machine - hour $ 4.00 During the year, Job 550 was started and completed. The following information pertains to this job: Direct materials $ 175 Direct labor cost $ 225 Direct labor-hours 15 Machine - hours 5 Required: Assume Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: Compute the plantwide predetermined overhead rate. Compute the total manufacturing cost of Job 550. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? Assume Landen's…
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine- hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,158,800 in manufacturing overhead cost at an activity level of 562,000 machine-hours. The company spent the entire month of January working on a large order for 12,500 custom- made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow: a. Raw materials purchased on account, $319,000. b. Raw materials used in production, $267,000 (80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $162,000 (one-third direct labor and two-thirds indirect labor). d. Depreciation recorded on factory equipment, $63,100. e. Other manufacturing overhead costs incurred on account, $84,300. f. Manufacturing overhead cost was…
A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on labor-hours. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $120,000 and 4,000 labor-hours. The job sheet of Job1112 shows that the number of units produced in this job order is 5 units. This job required 500 labor-hours and incurred direct materials cost of $5,000 and direct labor costs of $15,500. The unit product cost for Job1112 is:
Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour 32,300 $581,400 $. 2.00 Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 40 Direct materials $4 630 Direct labor cost $1,260 The amount of overhead applied to Job T687 is closest to: Multiple Cholce $800.00 $581.40 6:08 PM = to search 92 F AQI 61 9/8/2021 22 DELL F11 F12 PrtScr Insert Delete PgUp Home End F4 F5 F6 F7 F8 F9 F10

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS