Opunul Corporation has two manufacturing departments-Molding and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Total 10,000 $ 26,600 Molding Finishing Estimated total machine-hours (MHs) Estimated total fixed manufacturing overhead cost 6,500 $ 24,000 3,500 $ 2,600 Estimated variable manufacturing overhead cost per MHS 2.50 5.00 During the most recent month, the company started and completed two jobs-Job A and Job M. There were no beginning inventories. Data concerning those two Jobs follow: Job A Job M $7,700 $7,600 Direct materials $13,700 $20,800 2,500 2,500 Direct labor cost Molding machine-hours Finishing machine-hours 4,000 1,000 Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. The total manufacturing cost assigned to JobM is closest to: (Round "Predetermined overhead rate" to 2 decimal pleces.) Multiple Cholce S30.200 $7.600 $45.500 $7700
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![Opunul Corporation has two manufacturing departments--Molding and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:
Molding
Finishing
Total
Estimated total machine-hours (MHs)
6,500
3,500
10,000
$ 24,000
$ 2,600
$ 26,600
Estimated total fixed manufacturing overhead cost
Estimated variable manufacturing overhead cost per MH
2.50
$4
5.00
During the most recent month, the company started and completed two Jobs-Job A and Job M. There were no beginning Inventories. Data concerning those two jobs follow:
Job A
Job M
Direct materials
$13,700
$7,700
$7,600
4,000
1,000
Direct labor cost
$20,800
Molding machine-hours
Finishing machine-hours
2,500
2,500
Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. The total manufacturing cost assigned to Job M Is closest to: (Round "Predetermined overhead rate" to 2 decimal places.)
Multiple Cholce
$30,200
$7,600
$45,500
$7,700](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F23bc0a90-df6b-4529-96e8-221af15b06be%2Fd7f600de-3818-42ad-b1b7-120626ef5e60%2Fla6nqso_processed.jpeg&w=3840&q=75)
![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
30,700
Total fixed manufacturing overhead cost
Variable manufacturing overhead per machine-hour
$337,700
4.00
Recently, Job T687 was completed with the following characteristics:
Number of units in the job
10
Total machine-hours
20
Direct materials
$4
575
Direct labor cost
$1,150
The unit product cost for Job T687 Is closest to:
Multiple Choice
$87.50
$101.25
$172.50
$202.50](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F23bc0a90-df6b-4529-96e8-221af15b06be%2Fd7f600de-3818-42ad-b1b7-120626ef5e60%2F4b3wtq8_processed.jpeg&w=3840&q=75)
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