Peter co makes shirts that it sells to retailers. The company uses a job order costing system in which predetermined overhead rates are used to apply factory overhead cost to jobs. The predetermined rate in the sewing department is based on machine hours and in cutting department is based on direct labor cost.The following estimates are made at the beginning of the year: (see picture)1. What would be the total cost of JOB 101? Sewing24,000Cutting120,000Direct Labor HoursMachine HoursDirect Material CostDirect Labor Cost140,0001,020,000260,0001,204,00010,0001,300,000840,0001,470,000Factory Overhead CostJob 101 was started on Feb 1 and completed on Feb 25. The company's cost records show the followinginformation concerning the job.SewingCuttingDirect Labor HoursMachine Hours6017022040Material Used940664Direct Labor Cost5801,360At the end of the year, the records of the company show the actual cost and data for all the jobs workedduring the year.Sewing20,000Cutting124,000Direct Labor HoursMachine Hours130,00018,000Direct Material Cost860,000216,0001,140,0001,360,000872,0001,500,000Direct Labor CostFactory Overhead Cost

Peter co makes shirts that it sells to retailers. The company uses a job order costing system in which predetermined overhead rates are used to apply factory overhead cost to jobs. The predetermined rate in the sewing department is based on machine hours and in cutting department is based on direct labor cost. The following estimates are made at the beginning of the year: (see picture) 1. What would be the total cost of JOB 101?

Peter co makes shirts that it sells to retailers. The company uses a job order costing system in which predetermined overhead rates are used to apply factory overhead cost to jobs. The predetermined rate in the sewing department is based on machine hours and in cutting department is based on direct labor cost. The following estimates are made at the beginning of the year: (see picture) 1. What would be the total cost of JOB 101?

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

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B Compute the Predetermined Overhead Rates used in the Molding Department and the Painting Department. (Round your answers to 2 decimal places.)
i need a and b and c answer.
a)Calculate the amount of overhead that should be applied to each job and amount of Rullos overapplied or underapplied overhead at the end of the first year b)Calculate Rullos balances for work in process ,finished goods and cost of goods sold at the end of the first year
Peter Co. Makes shirts that it sells to retailers. The company uses a job order costing system in which predetermined overhead rates are used to apply factory overhead cost to jobs. The predetermined rate in the Sewing department is based on machine hours and in Cutting department is based on direct labor cost. The following estimates are made at the beginning of the year: Sewing Cutting Direct labor hours 24,000 120,000 Machine hours 140,000 10,000 Direct material cost 1,020,000 1,300,000 Direct labor cost 260,000 840,000 FOH Cost 1,204,000…
Need help with this question
Peter co makes shirts that it sells to retailers. The company uses a job order costing system in which predetermined overhead rates are used to apply factory overhead cost to jobs. The predetermined rate in the sewing department is based on machine hours and in cutting department is based on direct labor cost. The following estimates are made at the beginning of the year: (see picture) 1. What would be the under or over applied factory overhead in sewing department at the end of the year?
Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) $ 41,000 9,200 50,000 Indirect materials used Indirect labor used Other overhead costs End of Period $ 42,000 20,700 33,700 $ 176,000 150,000 8,000 34,500 117,500 Exercise 15-14 (Algo) Recording direct and indirect labor LO P2, P3 1. Direct labor used (recorded as factory wages payable). 2. Indirect labor used (recorded as factory wages payable). Prepare journal entries for the above transactions for the period.
help
Assume it is the beginning of the month, using the estimates and a job-order costing system, what price would you recommend Lina quote for each of the above two jobs to ensure profitability in the long term? 2. Assume it is the end of the month, determine the amount of under- or over-applied overhead and recommend to Lina how the amount should be accounted for. 3. Prepare a schedule of cost of goods manufactured for the month - these were the only two jobs started and sold (zero beginning and ending work-in-process inventory). Assume that actual materials used and the labour rate/hours are the same as estimated. Hint: refer to Exhibit 5.11 on page 213 of text for suggested format.
Can someone help me with this question? I keep getting the answers wrong. High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor-hours. At the beginning of the year, the company provided the following estimates: Department Molding Painting Direct labor-hours 37,000 52,900 Machine-hours 88,000 40,000 Fixed manufacturing overhead cost $ 228,800 $ 529,000 Variable manufacturing overhead per machine-hour $ 2.20 - Variable manufacturing overhead per direct labor-hour - $ 4.20 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information…
Please help me. Thankyou.
Wheeler's Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of each bike. Estimated costs and expenses for the coming year follow: Bike parts Factory machinery depreciation Factory supervisor salaries Factory direct labor Factory supplies Factory property tax Advertising cost Administrative salaries Administrative-related depreciation Total expected costs $ 338,800 58,500 142,500 235,790 Required: 1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $12.41 per hour. 2. Determine the amount of applied overhead if 17,900 actual hours are worked in the upcoming year. Required 1 40,400 33,750 22,500 54,500 25,700 $ 952,440 Complete this question by entering your answers in the tabs below.