Q3: a) ABC Company incurred the following costs to produce Job No. 586 which consisted of 1000 units of product 'A'. Direct Materials: Req.No.99 500 yards of fabric at Rs 0.70 per yard. Re.No.103 400 cubic feet of stuffing at Rs 0.40 per cubic feet. Direct labor: Time card No.72 500 hours at Rs 13 per hour. Manufacturing overhead: Applied on the basis of direct labor hours at Rs 3 per hour. Required: i) The appropriate information entered on the job order cost sheet. ii) The sales price of the job, assuming that it was contracted with a markup of 25% of cost.

Q3: a) ABC Company incurred the following costs to produce Job No. 586 which consisted of 1000 units of product 'A'. Direct Materials: Req.No.99 500 yards of fabric at Rs 0.70 per yard. Re.No.103 400 cubic feet of stuffing at Rs 0.40 per cubic feet. Direct labor: Time card No.72 500 hours at Rs 13 per hour. Manufacturing overhead: Applied on the basis of direct labor hours at Rs 3 per hour. Required: i) The appropriate information entered on the job order cost sheet. ii) The sales price of the job, assuming that it was contracted with a markup of 25% of cost.

Name: Q3: a) ABC Company incurred the following costs to produce Job No. 58
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Q3: a) ABC Company incurred the following costs to produce Job No. 586 which consisted of 1000 units ofproduct 'A'.Direct Materials:Req.No.99 500 yards of fabric at Rs 0.70 per yard.Re.No.103 400 cubic feet of stuffing at Rs 0.40 per cubic feet.Dire

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

Rob's Pool Cleaning applies overhead support costs to jobs using direct labor costs as the allocation base. The company's unadjusted Cost of Services for the year amounted to $800,000. Determine the company's adjusted Cost of Services given the following data: Estimated Actual Direct Labor $180,000 $177,500 Overhead Support Costs $270,000 $284,000
Please help me with show all calculation thanku
Determine the manufacturing overhead of Cleene Company using the following information: • Work in process, ending_P8,000 • Work in process, beginning_P11,000 • Cost of goods manufactured_P70,000 • Direct labor_P25,000 • Direct materials_P20,000
Job 210 was unfinished at the end of the accounting period. The total cost assigned to the job was Rs. 12,000 of which Rs. 3,000 was direct material cost. Factory overheads were allocated to goods in process at 150% of direct labor cost. What was the amount of Factory overhead cost charged to Job210? A. Rs. 3,600 B. Rs. 3,000 C. Rs. 5,400 D. Rs. 9,000
BK Corporation estimated its overhead rate for the year to be SAR 140 per direct labor hour. Job Direct labor cost. SAR 2,800 Direct material cost. SAR 3,650 Direct labor hours. 25 Machine hours. 20 The total cost for Job 46B would be O A. SAR 2,800 O B. SAR 3,500 O C. SAR 9,250 O D. SAR 9,950
Assume that a company pays a 5% sales commission. Also, assume (1) a company's plantwide predetermined overhead rate is $13.00 per direct labor-hour, and (2) its job cost sheet for Job X shows that this job used 18 direct labor-hours and incurred direct materials and direct labor charges of $500 and $360, respectively. What is the total cost of Job X? O $1,105.70 O $734.00 O $1148.70 O $1094.00
J5
2 Drilling Company uses activity-based costing and provides this information: Driver Rate $ 0.80 Manufacturing Activity Materials handling Machinery Assembly Inspection Cost Driver Number of parts Number of machine hours Number of parts Number of finished units 58.00 3.20 37.00 Drilling has just completed 87 units of a component for a customer. Each unit required 107 parts and 3.35 machine hours. The prime cost is $1,370 per finished unit. All other manufacturing costs are classified as manufacturing overhead. Required: 1. Compute the total manufacturing costs and the unit costs of the 87 units just completed using ABC costing. 2. In addition to the manufacturing costs, the firm has determined that the total cost of upstream activities, including research and development and product design, is $187 per unit. The total cost of downstream activities, such as distribution, marketing, and customer service, is $307 per unit. Compute the full product cost per unit, including upstream,…
Makkah Equipment Co. sells machines and has the following information for the year: Actual Estimated Overhead cost OMR 2,400,000 OMR 3,000,000 Direct labor hours 120,000 300,000 Machine hours 300,000 150,000 Overhead is applied on the basis of machine hours. The amount of manufacturing overhead to be applied is:
Using the attached, Was the overhead underallocated or overallocated? By how much?
7. Reamer Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company has provided the following estimated costs for next year: Direct materials.. Direct labor S1,000 S3,000 S4,000 $2,000 $400 S800 S1,000 Sales commissions Salary of production supervisor. Indirect materials. Advertising expense. Rent on factory equipment. Reamer estimates that 500 direct labor-hours and 1,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be: $6.80 $6.00 $3.00 $3.40
Job 123A has total cost assigned P24,000 which includes direct materials cost of P6,000. The factory overhead is applied to work in process at 150% of direct labor cost. What is the amount of direct labor cost charged and factory overhead applied to job 123A?