ok k int EcoSkate makes skateboards from recycled plastic. For a recent job lot of 100 skateboards, the company incurred direct materials costs of $600 and direct labor costs of $200. Factory overhead applied to this job is $900. Required: 1. What is the total manufacturing cost of this job lot? 2. What is the cost per skateboard? 1. Total cost 2. Cost per skateboard I

ok k int EcoSkate makes skateboards from recycled plastic. For a recent job lot of 100 skateboards, the company incurred direct materials costs of $600 and direct labor costs of $200. Factory overhead applied to this job is $900. Required: 1. What is the total manufacturing cost of this job lot? 2. What is the cost per skateboard? 1. Total cost 2. Cost per skateboard I

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

2. Skywalker Corporation produces hand-made custom lightsabers for the most die-hard Star Wars fans. Each fan has their own individual lightsaber that they special order to fit their needs. Skywalker Corp. applies factory overhead based off direct labor hours for the year. Below is information pertaining to estimated and actual direct material, direct labor, and overhead costs as well as direct labor hours. Estimated Actual $24,350 30,500 27,600 10,300 1,200 $26,900 32,005 29,000 11,000 1,500 350 Direct Materials Direct Labor Factory supervisor salary Indirect materials Factory utilities Other indirect Costs 275 Direct Labor Hours 4,500 5,000 a. Calculate the predetermined overhead rate b. Provide the journal entry to record the applied overhead. c. Provide the journal entry to close out the overhead account.
Shoostar Ltd is a video tech company that produces videos for companies’ marketing campaigns and video training content. All jobs are tailor-made to the clients’ requirements. The company uses a job costing system, and had 2 jobs in process at the start of the year: Job S1 ($66 000) and Job S3 ($55 000). The following information is available: (i) The company applies manufacturing overhead on the basis of video production hours. Budgeted overhead and video production activity for the year were anticipated to be $800 000 and 40 000 hours, respectively. (ii) The company worked on four jobs during the first quarter (i.e. from 1 July to 30 September). Direct materials used, direct labour incurred and video production hours were as shown in the following table: Job numbers Direct material Direct labour Video production hours S1 $ - $40 000 500 S2 50 500 23 000 1000 S3 - 65 000 1 500 S4 30 000 $40 000 2 000 (iii) Manufacturing…
kk.
Please help me with show all calculation thanku
Brooklyn Company produces leather bags for individual or corporates. On December 1, there were three jobs in process with the following costs attached below Questions : If overhead is applied on the basis of electricity consumed, what is the overhead rate? If overhead is applied on the basis of direct material consumed, what is the overhead rate? Please compute the overhead allocated for each job if the basis used is electricity consumed.
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
Compute the predetermined overhead rate assuming that Tiger Furnishings uses direct labor costs to allocate overhead costs.
None
A Midwest producer of specialty farming equipment, Agriboon, has three products that the company needs costing information about. The following information is available for each product. XY263 GO987 TR345 Direct material cost per unit $2.00 $8.00 $10.00 Direct labor cost per hour $15.00 $16.75 $18.00 Agriboon presently applies overhead using a predetermined rate based on direct labor hours. Estimated Direct Labor hours for the year are 132,026. The product leader for GO987 has suggested that Agriboon switch to activity-based costing and identified the following activities, cost drivers, estimated costs, and estimated cost driver units for the year: Activity Recommended Cost Driver Estimated Cost Estimated Cost Driver Units Materials Handling Requisition Request $38,912 1,216 Request Machine Operations Machine Hours $142,500 12,000 Hours Safety Compliance Compliance Test $125,000 1,100 Test Total OH…
provide correct answer for this question
2 Drilling Company uses activity-based costing and provides this information: Driver Rate $ 0.80 Manufacturing Activity Materials handling Machinery Assembly Inspection Cost Driver Number of parts Number of machine hours Number of parts Number of finished units 58.00 3.20 37.00 Drilling has just completed 87 units of a component for a customer. Each unit required 107 parts and 3.35 machine hours. The prime cost is $1,370 per finished unit. All other manufacturing costs are classified as manufacturing overhead. Required: 1. Compute the total manufacturing costs and the unit costs of the 87 units just completed using ABC costing. 2. In addition to the manufacturing costs, the firm has determined that the total cost of upstream activities, including research and development and product design, is $187 per unit. The total cost of downstream activities, such as distribution, marketing, and customer service, is $307 per unit. Compute the full product cost per unit, including upstream,…
THIS is cOST ACCOUNTING FOR FACTORY OVERHEAD. PLEASE ANSWER AND SHOW SOLUTIONS