(Q.5) Apple Valley Corporation uses a job cost system and has two production departments, A and B. Budgeted manufacturing costs for the year are: Direct materials: Direct labor: Department A $700,000 $200,000 $600,000 Direct materials Direct manufacturing labori Manufacturing overhead The actual material and labor costs charged to Job #432 and Job #433 were as follows: Job #432 Job #433 $25,000 $32,000 Department A Department B Department B $100,000 $800,000 $400,000 $ 8,000 $12,000 $20,000 $9,500 $13,500 $23,000 Apple Vailey applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. a. Calculate overhead allocation rates for the departments. Departm ent B

(Q.5) Apple Valley Corporation uses a job cost system and has two production departments, A and B. Budgeted manufacturing costs for the year are: Direct materials: Direct labor: Department A $700,000 $200,000 $600,000 Direct materials Direct manufacturing labori Manufacturing overhead The actual material and labor costs charged to Job #432 and Job #433 were as follows: Job #432 Job #433 $25,000 $32,000 Department A Department B Department B $100,000 $800,000 $400,000 $ 8,000 $12,000 $20,000 $9,500 $13,500 $23,000 Apple Vailey applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. a. Calculate overhead allocation rates for the departments. Departm ent B

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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IKAR, a small home furniture factory, operates with THREE production departments: Assembly, Polishing, and Packing and TWO service departments: Stores and Maintenance. For the forthcoming period, the total budgeted overhead costs are as follows: Allocated costs: Departments Indirect materials (RM) Indirect labor (RM) Assembly Polishing Packing Stores 3,800 4,630 2,120 900 9,900 8,180 6,200 4,760 5,800 Maintenance 120 The following factory overheads were obtained from the accounts relating to the period: RM 20,180 36,000 56,000 29,000 5,830 7,600 15,000 21,000 Heating and lighting Rent and rate Production supervision Plant depreciation Lubricant Office depreciation Direct labour Direct materials The following information is also available: Department Assembly Polishing Packing Stores Maintenance Number of Employees Floor Area (sq. metr.) 20 12 1150 1800 1250 1350 350 Machine hours 1200 2140 60 Direct labour hours 120 30 50 Plant's values (*000RM) 210 190 50 13 17 Required: Prepare an…
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Tillman Corporation uses a Job Order Costing system and has two production departments--Molding and Assembly. The company applies manufacturing overhead to production orders on the basis of direct labor costs. Separate departmental predetermined overhead rates are used. Budgeted manufacturing costs for the year are as follows: Molding Assembling Direct Materials P700,000 P100,000 Direct Labor 200,000 800,000 Manufacturing Overhead 600,000 400,000 The actual material and labor costs charged to Job 432 were as follows: Direct Materials 25,000 Direct Labor Molding 8,000 Assembling 12,000 20,000 Tillman applies manufacturing overhead to production orders on the basis of direct labor cost using a departmental rate predetermined at the beginning of the year based on the annual budget. The total manufacturing cost associated with Job 432 should be?
Activity- based costing: factory overhead costs The total factory overhead for Bardot Marine Company is budgeted for the year at$600,000,divided into four activities:fabrication,$204,000;assembly,$105,000;setip,$156,000;and inspection,$135,000.Bardot Marine manufactures two types of boats;speedboats and bass boats.the activity-base usage quantities for each product by each activity are as follows; Each product is budgeted for 250 units of production for the year.Determine(A) the activity rates for each activity and (B) the activity.based factory overhead oer unit for each product.
Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company is budgeted for the year at $1,347,400, divided into four activities: fabrication, $660,000; assembly, $276,000; setup, $224,400; and inspection, $187,000. Bardot Marine manufactures two types of boats: speedboats am bass boats. The activity-base usage quantities for each product by each activity are as follows: Fabrication Assembly Setup Inspection Speedboat 11,000 dlh 34,500 dlh 79 setups 138 inspections Bass boat 33,000 11,500 581 962 44,000 dlh 46,000 dlh 660 setups 1,100 inspections Each product is budgeted for 6,500 units of production for the year. a. Determine the activity rates for each activity. Fabrication per direct labor hour Assembly %$4 per direct labor hour Setup %$4 per setup Inspection per inspection b. Determine the activity-based factory overhead per unit for each product. Round to the nearest whole dollar. Speedboat per unit Bass boat %$4 per unit
Delph Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine- hours. At the beginning of the year, the company estimated that 56,000 machine-hours would be required for the period's estimated level of production. It also estimated $1,000,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per machine-hour. Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following information to enable calculating departmental overhead rates: Machine-hours Molding 21,000 Fabrication 35,000 Total 56,000 Fixed manufacturing overhead cost $ 780,000 $220,000 $1,000,000 Variable manufacturing overhead cost per machine-hour $ 4.00 $1.00 During the year, the company had no beginning or ending inventories and it started, completed, and…
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Facebo... PIUK Lea se Lux Corporation uses a job cost system and has two production departments,X and Y. Budgeted manufacturing costs for the year are: Department X DepartmentY on Direct materials $1400,000 $200,000 Direct manufacturing labor $400,000 $1600,000 Manufacturing overhead $1200,000 $800,000 The actual material and labor costs charged to Job #512 were as follows: Total Direct maternals: $50,000 Direct labor: Department X Department Y s 16,000 $24,000 $40,000 Lux applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. For Department X, the manufacturing overhead allocation rate is: Select one: a. 300% b. 33% C. 100% d. 66%% 23°C uaio
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