**Educational Content: Cost Calculation and Job Costing in Manufacturing**In this exercise, you will learn how to calculate costs associated with job costing in a manufacturing setting. Use the provided cost rates and follow the steps to answer the following questions.**Cost Data:**- **Direct Labor:** $38.00 per hour- **Order Allocation Rate:** $46.55 overhead (OH) per order- **Machine Time Allocation Rate:** $2.83 OH per machine hour**Questions:**1. **Under job costing, how much overhead will be applied to a unit that takes 0.5 hours to produce and is part of an order for 100 units?** 2. **Under job costing, how much overhead will be applied to a unit that takes 2 hours to produce and is part of an order for 10 units?**3. **What is the total cost of the first product if materials are $2.50 and a person must be present to run the machines?** 4. **What is the total cost of the second product if materials are $1 and a person must be present to run the machines for half the total time?****Instructions:**- Use the cost data to calculate the overhead and total costs.- Apply the hourly rates for labor and machine time to each scenario.- Consider the material costs and the presence of personnel in your total cost calculations.- Record your answers in the spaces provided.This exercise will help students understand the application of different cost components in the process of job costing, aiding in the efficient pricing and budgeting of production tasks. **Cost Allocation Problem: Golf Supply Company****Overview:**A golf supply company, which manufactures golf balls and golf clubs, utilizes a costing system based on two cost pools: machine time and production line setups. For the current year, the company predicts the following:- **Machine Hours:** A total of 102,000 machine hours will be used.- **Production Setups:** 1,500 setups will occur.**Production Plan:**- **Golf Clubs:** 2,500 units- **Golf Balls:** 100,000 unitsThe allocation assumptions include:- Machine hours are evenly split between the two products.- 66% of the production line setups are anticipated for golf clubs.**Overhead Costs:**- **Machine Hours Overhead:** $298,200- **Production Line Setups Overhead:** $71,000**Questions:****Part 1:** Calculate the allocation rate for the machine hours cost pool.**Part 2:** Calculate the allocation rate for the production setups cost pool.**Part 3:** Determine the overhead cost per golf ball produced.**Part 4:** Determine the overhead cost per golf club produced.Use the given data to find the overhead allocation rates and apply them to calculate the cost per unit of each product.

Name: **Educational Content: Cost Calculation and Job Costing in Manufactur
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: **Educational Content: Cost Calculation and Job Costing in Manufacturing**In this exercise, you will learn how to calculate costs associated with job costing in a manufacturing setting. Use the provided cost rates and follow the steps to answer the

Business

Accounting

Question 16 Direct Labor Order Allocation Rate Machine Time Allocation Rate (Easy-Medium) Use the information below to answer the questions that follow. $ $ $ 38.00 per hour 46.55 $ of OH/ order 2.83 $ of OH/machine hour Place the answer to each part of the question in the box provided. Under job costing, how much overhead will be applied to a unit that takes 0.5 hours to produce and is part of an order for 100 units? Under job costing, how much overhead will be applied to a unit that takes 2 hours to produce and is part of an order for 10 units? What is the total cost of the first product if materials are $2.50 and a person must be present to run the machines? What is the total cost of the second product if materials are $1 and a person must be present to run the machines for half the total time?

Question 16 Direct Labor Order Allocation Rate Machine Time Allocation Rate (Easy-Medium) Use the information below to answer the questions that follow. $ $ $ 38.00 per hour 46.55 $ of OH/ order 2.83 $ of OH/machine hour Place the answer to each part of the question in the box provided. Under job costing, how much overhead will be applied to a unit that takes 0.5 hours to produce and is part of an order for 100 units? Under job costing, how much overhead will be applied to a unit that takes 2 hours to produce and is part of an order for 10 units? What is the total cost of the first product if materials are $2.50 and a person must be present to run the machines? What is the total cost of the second product if materials are $1 and a person must be present to run the machines for half the total time?

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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خدمات التعلم الإلكتروني SQU PORTAL ATTENDANCE SQU E 0.30:52 Royal Furniture Co. uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $760,000 and 40,000 machine-hours. The job sheet of Job F2412 shows that the number of units produced in this job order is 25 units. This job required 225 machine- hours and incurred direct materials cost of $350 and direct labor costs of $1.250. The unit product cost for Job F2412 is approximately aibi 27 إنهاء الم None of the given answers .a $475b O $83 C $73 d $235
e R Company has the following production information available for June: Total materials costs Equivalent units of materials Total conversion costs Equivalent units of conversion costs What is the total manufacturing cost per unit? O a. $14.00 O b. $6.00 O c. $6.67 O d. $8.00 ment 3-Group Assignment on Job here to search O $ 80,000 10,000 $120,000 20,000 II O 6 Accianmont 4. Final
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services SQU Libraries SQU Portal Attendance English (en O b. OMR605 O c. OMR545 O d. OMR635 O e. OMR575 XYZ Company provided the following information regarding Product XY: Direct material costs OMR3 per unit of product; Direct labor costs OMR5 per direct labor hour; Predetermined overhead rate OMR10 per direct labor hour. The cost of a job for 550 units of product XY, which uses a total of 100 direct labor hours, is: Select one: Oa. OMR5,400 Ob. OMR3,300 Oc. OMR3,150 Od. None of the answers given e. OMR9,900 Total manutacturing costs assioned inclucted 10 units heom ofs tota mana
Discussion Question Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at $1,015,000, and they estimated total direct labor costs at $1,400,00o. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # W5oo. Data for the job are as follows: Direct materials cost $169,450 Direct labour cost $230,000 Direct labour hours 400 hours Special Design Cost Distribution quote from haulage company Units of product produced $12,300 $17,930 250 crates a) Compute Epsilon Manufacturing Company predetermined manufacturing overhead rate for 2018. b) How much manufacturing overhead was allocated to Job #W5o0? c) Calculate the total cost & quotation price of Job #W500, given…
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INA TOLOWING ASTIMATAS that are relate to the operation menanments is as Thin Required information Number of employees Number of customers Number of billable hours Total overhead cost Multiple Choice O O O $37,200 $292,200 The Company uses the step method for cost allocation as the administrative service department also provides services to the machine maintenance department. Assume that costs are allocated between service departments based on the # of employees. Using the information provided, what is the total amount of machine maintenance cost that will be allocated to the operating departments? Note: Round your intermediate calculations to the nearest whole dollar. $92,000 properties 40 125 $124,000 3,000 $ 455,000 properties 20 160 2,000 $ 374,000 Maintenance 15 n/a n/a n/a Total 75 285 5,000 $ 829,000
Problem 18: Predetermined Factory Overhead believes that the company would be better if it will use two factory overhead single factory overhead rate that is based on machine hours. Its manager Davao Corp. uses job order costing system to produce its products. It uses a rates, one based on material costs and the other one is based machine hours. The following data are for year 2020: Materials related Factory overhead Machine related Factory overhead Total Budgeted Factory overhead Costs of materials used on jobs Total Machine hours Data related to three jobs worked on in December follow: Material Costs Direct Labor Costs Machine Hours used Job # 1 168,000 128,000 68,000 Budgeted FOH 3,840,000 10,400,000 14,240,000 Job # 2 656,000 104,000 36,000 Job Order Costing 12,800,000 1,600,000 Job # 3 312,000 144,000 23,200 Actual factory overhead related to materials was P318,400 and actual factory overhead related to machine hours was P846,400. Required: 1. Determine the predetermine factory…
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