QUESTION 1 Richards Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 50,000 direct labor-hours, total fixed manufacturing overhead cost of $390,000, and a variable manufacturing overhead rate of $4.40 per direct labor-hour. Job X941, which was for 50 units of a custom product, was recently completed. The job cost sheet for the job contained the following data: Total direct labor-hours Direct materials Direct labor cost Required: Show your calculations to get full credit. Calculate the total budgeted overhead for the year. Calculate the predetermined overhead rate for the year. Calculate the total manufacturing cost of job X941 la 1b 1c 1d Calculate the total selling price for Job X941 if the company marks up its unit product costs by 20%. 300 $600 $7,000 D

QUESTION 1 Richards Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 50,000 direct labor-hours, total fixed manufacturing overhead cost of $390,000, and a variable manufacturing overhead rate of $4.40 per direct labor-hour. Job X941, which was for 50 units of a custom product, was recently completed. The job cost sheet for the job contained the following data: Total direct labor-hours Direct materials Direct labor cost Required: Show your calculations to get full credit. Calculate the total budgeted overhead for the year. Calculate the predetermined overhead rate for the year. Calculate the total manufacturing cost of job X941 la 1b 1c 1d Calculate the total selling price for Job X941 if the company marks up its unit product costs by 20%. 300 $600 $7,000 D

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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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Problem #1. ABC Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine hours required to support estimated production 150,000 Manufacturing overhead costs ₱1,350,000 Required: 1.Compute the predetermined overhead rate. 2.During the year, Job 500 was started and completed. The following information was available with respect to this job: Direct materials requisitioned ₱350 Direct labor cost ₱230 Machine hours used 30 Compute the total manufacturing costs assigned to Job 500. 3.During the year the company worked a total of 147,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of ₱1,325,000. What is the amount of underapplied or overapplied overhead for the year?
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Question 17?
For XYZ Company, the following information related to costs is available for the last quarter: direct materials $1,000, direct labor $2,000, variable MOH $200, fixed MOH$1,800 and selling and administrative expenses $3,000. The product cost under absorption costing is: Oa. $8,000 O b. $3,200 O c $5,000 O d. $4,800 O e. none of the given answers
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