PROBLEM 1: CANVAS IS LIFE CORP uses a predetermined overhead rate based on machine hours to apply factory overhead to jobs. The company manufactures tools to customer specifications. The following data pertain to Job 101: Direct Materials used 21,000 1,500 Direct labor hours worked Direct labor rate per hour 8 Machine hours used 1,000 Predetermined FOH rate per machine hour 15 11. What is the total manufacturing costs recorded on Job 101?

PROBLEM 1: CANVAS IS LIFE CORP uses a predetermined overhead rate based on machine hours to apply factory overhead to jobs. The company manufactures tools to customer specifications. The following data pertain to Job 101: Direct Materials used 21,000 1,500 Direct labor hours worked Direct labor rate per hour 8 Machine hours used 1,000 Predetermined FOH rate per machine hour 15 11. What is the total manufacturing costs recorded on Job 101?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 8MC: A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the...

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A new company started production. Job 10 was completed, and Job 20 remains in production. Here is the information from job cost sheets from their first and only jobs so far: Using the information provided. A. What is the balance in work in process? B. What Is the balance in the finished goods inventory? C. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?
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Determining job costcalculation of predetermined rate for applying overhead by direct labor cost and direct labor hour methods Beemer Products Inc. has its factory divided into three departments, with individual factory overhead rates for each department. In each department, all the operations are sufficiently alike for the department to be regarded as a cost center. The estimated monthly factory overhead for the departments is as follows: Forming, 64,000; Shaping, 36,000; and Finishing, 10,080. The estimated production data include the following: The job cost ledger shows the following data for X6, which was completed during the month: Required: Determine the cost of X6. Assume that the factory overhead is applied to production orders, based on the following: 1. Direct labor cost 2. Direct labor hours (Hint: You must first determine overhead rates for each department, rounding rates to the nearest cent.)
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A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600
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