Acme Company uses a job-order costing system with a singleplantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate forthe current year on the following data:Total machine-hoursTotal fixed manufacturing overhead costVariable manufacturing overhead per machine-hourRecently, Job T687 was completed with the followingcharacteristics:Number of units in the jobTotal machine-hoursDirect materialsDirect labor cost1040$710$ 1,42032,500$ 455,000$5 Total machine-hoursDirect materialsDirect labor costThe amount of overhead applied to Job T687 is closestto: (Round your intermediate calculations to 2 decimal places.)O $760.00O $455.00O $875.60O $652.0040$710$1,420

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Description: Acme Company uses a job-order costing system with a singleplantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate forthe current year on the following data:Total machine-hoursTotal fixed manufa

The overhead is applied to the production on the basis of predetermined overhead rate. The…

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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 Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Recently, Job T687 was completed with the following haracteristics: Number of units in the job Total machine-hours Direct materials Direct labor cost 10 40 $710 $1,420 32,500 $ 455,000 $5

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 Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Recently, Job T687 was completed with the following haracteristics: Number of units in the job Total machine-hours Direct materials Direct labor cost 10 40 $710 $1,420 32,500 $ 455,000 $5

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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ces Mickley Company's plantwide predetermined overhead rate is $20.00 per direct labor-hour and its direct labor wage rate is $15.00 per hour. The following information pertains to Job A-500: Direct materials Direct labor $ 230 $ 75 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 40 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.) 1. Total manufacturing cost 2. Unit product cost per unit
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Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $257,070 and total machine hours at 62,700. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 11,600 $ $ 16,900 1,800 hours Job 102 $ 8,700 $ 6,200 2,000 hours Job 103 $ 5,900 $ 4,500 1,100 hours Total $ 26,200 $ 27,600 4,900 hours Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $15,690. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the sales revenue and…
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Your Company uses a predetermined overhead rate in applying overhead to production orders on a labor cost basis in Department A and on a machine-hours basis in Department B. At the beginning of the most recently completed year, the company made the following estimates: Dept. A Dept. B Direct labor cost $56,000 $33,000 Manufacturing overhead $67,200 $45,000 Direct labor hours 8,000 9,000 Machine hours 4,000 15,000 What predetermined overhead rate would be used in Department A?
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Wilmington Company has two manufacturing departments-Assembly and Fabrication. It considers all of its manufacturing overhead costs to be fixed costs. The first set of data that is shown below is based on estimates from the beginning of the year. The second set of data relates to one particular job completed during the year-Job Bravo. Estimated Data Manufacturing overhead costs Direct labor-hours Machine-hours Job Bravo Direct labor-hours Machine-hours Assembly $ 600,000 50,000 20,000 Assembly Fabrication 11 3 3 6 Total 14 9 1. Plantwide manufacturing overhead applied to Job Bravo 2. Manufacturing overhead applied from Assembly to Job Bravo 2. Manufacturing overhead applied from Fabrication to Job Bravo 2. Total departmental manufacturing overhead applied to Job Bravo Fabrication $ 800,000 30,000 100,000 Total $ 1,400,000 80,000 120,000 Required: 1. If Wilmington used a plantwide predetermined overhead rate based on direct labor-hours, how much manufacturing overhead would be applied…