Megan Company has two departments. X and Y Overbead is applied based on direct-labor hours in Department X and machine hours in Department Y. The following additionai information is available: BUDGETED AMOUNTS Department X Department Y Direct-Labor Hours 18,000 16,500 Machine Hours 51,000 40,000 Factory Overhead $225,000 $180,000 Actual Data for Job #10 |Department Y $16,000 $14,000 3,000 1,400 Department X Direct materials Direct-labor cost $10,000 $11,000 5,000 1,100 Machine hours Direct-labor hours

Megan Company has two departments. X and Y Overbead is applied based on direct-labor hours in Department X and machine hours in Department Y. The following additionai information is available: BUDGETED AMOUNTS Department X Department Y Direct-Labor Hours 18,000 16,500 Machine Hours 51,000 40,000 Factory Overhead $225,000 $180,000 Actual Data for Job #10 |Department Y $16,000 $14,000 3,000 1,400 Department X Direct materials Direct-labor cost $10,000 $11,000 5,000 1,100 Machine hours Direct-labor hours

Name: if job 10 consists of 50 units of product, what is the unit cost of th
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Description: if job 10 consists of 50 units of product, what is the unit cost of this job? Megan Company has two departments, X and Y. Overhead is applied based on direct-laborhours in Department X and machine hours in Denartment Y. The following additionalinform

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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Required: 1. Using the five most expensive activities, calculate the overhead cost assigned to each prod-uct. Assume that the costs of the other activities are assigned in proportion to the cost of the five activities.2. Calculate the error relative to the fully specified ABC product cost and comment on the outcome.3. What if activities 1, 2, 5, and 8 each had a cost of $650,000 and the remaining activities hada cost of $50,000? Calculate the cost assigned to Wafer A by a fully specified ABC systemand then by an approximately relevant ABC approach. Comment on the implications forthe approximately relevant approach.
Arensky Company uses normal costing to account for overhead in its job costing system. There are departments in the company: Designing and Machining. The Designing Dept. is labor intensive; the Machining Dept. is machine intensive. (OH- Overhead; DLH = Direct Labor Hours; MH = Machining Hours.) The budget for 2019 is as follows: Actual results are as follows: a. b. C. Est. OH Est. DLH Est. MH d. Actual OH Actual DLH Actual MH Designing $2,000,000 40,000 hours 20,000 hours Designing $2,100,000 41,500 hours 19,800 hours Machining $5,600,000 10,000 hours 70,000 hours Machining $5,650,000 11,000 hours 72,000 hours Using the most logical allocation base, calculate the OH Allocation Rate for eac department. Be sure to state your final answer in proper units. For each department, calculate how much OH is allocated. For each department, give the journal entry to record over- or under-allocated overhead. Why is the Normal Costing method preferred to the Actual Costing method? uirements
how to i get total direct labor for a company with hours and cost number available?
Last question 4) The company uses normal costing with two direct-cost categories: Direct materials Direct manufacturing labor Furthermore, the company uses two manufacturing overhead cost pools: Machining department with machine- hours as the allocation base Assembly department with direct manufacturing labor costs as the allocation base. The budget for the plant in 2020 is as follows: Production plant Machine department Assembly department Manufacturing overhead costs 13 597 500 12 271 500 Direct manufacturing labor costs 1 455 000 6 075 000 Direct manufacturing labor-hours 54 000 22 500 Machine-hours 277 500 55 500 What is the budgeted manufacturing overhead rate in the machining and the assembly department? Overhead is the direct cost involved in the production process of the business of the company Calculation of budgeted manufacturing overhead rate in machine department: Budgeted manufacturing…
Angler Industries produces a product which goes through two operations, Assembly and Finishing, before it is ready to be shipped. Next year's expected costs and activities are shown below. Direct labor hours Machine hours Overhead costs Multiple Choice O $15.60. O Assume that the Assembly Department allocates overhead based on machine hours, and the Finishing Department allocates overhead based on direct labor hours. How much total overhead will be assigned to a product that requires 1 direct labor hour and 3.4 machine hours in the Assembly Department, and 4.0 direct labor hours and 0.6 machine hours in the Finishing Department? $3.40 Assembly 190,000 DLH 390,000 MH $16.10. $ 390,000 Finishing) 149,000 DLH: 95,550 MH $ 581,100
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An advertising agency is estimating costs for promoting a music festival. The job will require 380 direct labor hours at a cost of $86 per hour. Overhead costs are applied at a rate of $83 per direct labor hour. 1. What is the total estimated cost for this job? 2. If the company applies a markup of 20% of total costs (price quote is 120% of total costs), what price should it quote for this job? 1. Total estimated job cost 2. Price quote
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