QUESTION THREE Hamad Woodworking uses normal costing and allocates manufacturing overhead to jobs based on direct labor hours. During 2014, Hamad recorded the following data: Budget manufacturing overhead costs Budgeted direct labour hours Actual manufacturing overhead costs Actual direct labour hours The following additional data were provided for Job 101: Direct materials $80,000 Direct labour 100,000 Direct labour hours 150 Machine hours 200 Required: 1. Compute the cost of Job 101 using normal costing. 2. Compute the overhead under or overallocated. faigh costing system. $4,400,000 200,000 4,650,000 212,000

QUESTION THREE Hamad Woodworking uses normal costing and allocates manufacturing overhead to jobs based on direct labor hours. During 2014, Hamad recorded the following data: Budget manufacturing overhead costs Budgeted direct labour hours Actual manufacturing overhead costs Actual direct labour hours The following additional data were provided for Job 101: Direct materials $80,000 Direct labour 100,000 Direct labour hours 150 Machine hours 200 Required: 1. Compute the cost of Job 101 using normal costing. 2. Compute the overhead under or overallocated. faigh costing system. $4,400,000 200,000 4,650,000 212,000

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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Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $ 72,000 Number of moves 3,000 Engineering 165,000 Number of change orders 10,000 Other overhead 280,000 Direct labor hours 50,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $20,300 $19,800 $2,300 $0 Direct materials $6,500 $8,900 $12,700 $9,800 Direct labor cost $18,000 $20,000 $32,000 $2,400 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 44 52 29 5 Number of change orders 30 40 20 20 Direct labor hours 900 1,000 1,600 120 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.…
Σ FL Harootunian Corporation 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 th current year on the following data: Total machine-hours 000 08 Total fixed manufacturing overhead cost Variable manufacturing overhead per machine- 00020 2.10 Recently, Job T629 was completed with the following characteristics: Number of units in the job Total machine-hours 000 The predetermined overhead rate is closest to: Muluple Cholce $8.10 per machine-hour $210 per machine-hour $3.90 per machine-hour www
Required information Skip to question Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity Machining Machine-hours $ 227,700 11,000 MHs Machine setups Number of setups $ 153,900 270 setups Production design Number of products $ 91,000 2 products General factory Direct labor-hours $ 257,000 10,000 DLHs Activity Measure Product Y Product Z Machining 8,700 2,300 Number of setups 60 210 Number of products 1 1 Direct labor-hours 8,700 1,300 2. Using the plantwide overhead rate, how much manufacturing overhead cost is…
The Prancing Pony utilizes a job-order costing system for accumulating their product costs. They had the following jobs during the month: Job A Job B Job C Job D Beginning balance 67,700 77,200 23,000 55,100 Direct materials used 92,800 67,000 60,500 75,900 Direct labor 47,400 80,300 81,100 83,900 Applied manufacturing overhead 97,000 10,300 14,900 81,500 Job A was unfinished at the end of the period. Job B and D were finished, and subsequently sold. Job C was finished, but had not yet been sold at the end of the period. The time ticket record revealed that Employee Underhill worked on Job A, while Employee Baggins worked on Job B, C, and D. Each job represents a small batch of 400 units. As the manager for The Prancing Pony, you previously set and communicated with employees that in order to meet budgetary goals, each unit should require no more than $150 of direct labor and $200 of direct materials. Using the information provided, what is the reported cost…
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Required information Skip to question Greenwood Company manufactures two products-15, 000 units of Product Y and 7,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor - hours. It is considering implementing an activity - based costing (ABC) system that allocates all of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z: Activity Cost Pool Activity Measure Estimated Overhead Cost Expected Activity Machining Machine - hours $ 213,400 11,000 MHs Machine setups Number of setups $ 61,600 140 setups Production design Number of products $ 78,000 2 products General factory Direct labor-hours $244,000 10,000 DLHS Activity Measure Product Y Product Z Machining 7,400 3,600 Number of setups 60 80 Number of products 1 1 Direct labor-hours 7,400 2,600 2. Using the plantwide overhead rate, how much manufacturing overhead cost is allocated to Product Y and Product Z?…
QUESTION THREE An engineering company which uses job costing to attribute costs to individual products and services provided to its customers has began the preparation of its fixed production overhead cost budget for 2017. Cost has been identified as follows: Machining Assembly Finishing Stores Maintenance K’000 K’000 K’000 K’000 K’000 Apportioned cost 6,000 2,500 1,500 1,000 800 The stores and maintenance departments are production department and provide services as follows: Machining Assembly Finishing Stores Maintenance Stores 40% 30% 20% - 10% Maintenance 55% 20% 20% 5% - The number of machine and labour hours budgeted for 2018 is: Machining…
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