Navarre Corporation makes custom-order furniture. Navarre worked on only three jobs during 20X8. The relevant direct manufacturing costs for these three jobs follow. Job 1 Job 2 Job 3 Total O 34,440 O 15,230. O 13,890 O 16,760 Direct Labor Direct Materials $4,100 2,000 9,000 $15,100 Navarre's predetermined manufacturing overhead allocation rate was $0.40 per direct labor dollar during 20X8. Actual manufacturing overhead costs during 20X8 amounted to $5,794. At the end of 20X8, Navarre had completed Job 1 and Job 2 but was still working on Job 3. Based on this information, Navarre's Cost of Goods Manufactured during 20X8 was 14740 $4,600 1,600 4,100 $ 10,300

Navarre Corporation makes custom-order furniture. Navarre worked on only three jobs during 20X8. The relevant direct manufacturing costs for these three jobs follow. Job 1 Job 2 Job 3 Total O 34,440 O 15,230. O 13,890 O 16,760 Direct Labor Direct Materials $4,100 2,000 9,000 $15,100 Navarre's predetermined manufacturing overhead allocation rate was $0.40 per direct labor dollar during 20X8. Actual manufacturing overhead costs during 20X8 amounted to $5,794. At the end of 20X8, Navarre had completed Job 1 and Job 2 but was still working on Job 3. Based on this information, Navarre's Cost of Goods Manufactured during 20X8 was 14740 $4,600 1,600 4,100 $ 10,300

Name: A9 Navarre Corporation makes custom-order furniture. Navarre worked on
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Description: A9 Navarre Corporation makes custom-order furniture. Navarre worked on only three jobs during20X8. The relevant direct manufacturing costs for these three jobs follow.Job 1Job 2Job 3TotalO 34,440Navarre's predetermined manufacturing overhead allocati

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 3CMA: Lucy Sportswear manufactures a specialty line of T-shirts using a job order cost system. During...

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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.
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?
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.
The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?
Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For Year 2, 2M estimates its manufacturing overhead to be $424,060 and its direct labor costs to be $815,500. 2M worked on three jobs for the year. Job 2M-1. which was sold during Year 2, had actual direct labor costs of $632.500. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $425,500. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $92,000. Actual manufacturing overhead for Year 2 was $632,400. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No A Transaction 1 Answer is not complete. General Journal Cost of Goods Sold Finished Goods Inventory Work-in-Process Inventory Manufacturing Overhead Applied 3333…
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Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For Year 2, 2M estimates its manufacturing overhead to be $425,620 and its direct labor costs to be $818,500. 2M worked on three jobs for the year. Job 2M-1, which was sold during Year 2, had actual direct labor costs of $748,000. Job 2M-2, which was completed but not sold at the end of the year, had actual direct labor costs of $503,200. Job 2M-3, which is still in work-in-process inventory, had actual direct labor costs of $108,800. Actual manufacturing overhead for Year 2 was $742,800. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < A Record the allocation of over- or underapplied overhead. Note: Enter debits before credits. Transaction General…