Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates inAssembly and Testing & Packaging are $28.00 per direct labor-hour and $24.00 per direct labor-hour, respectively. The company'sdirect labor wage rate is $30.00 per hour. The following information pertains to Job N-60:Assembly$ 420$ 375Testing &Packaging$ 57$ 105Direct materialsDirect laborRequired:1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.)2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)1Total manufacturing cost2.Unit product costper unit

Step 1 Manufacturing overhead is all indirect costs incurred during the production process which…

Required: 1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate cald 2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round inte answer to 2 decimal places.)

Required: 1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate cald 2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round inte answer to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Work in…

A: Cost of Goods Manufactured = Cost of Goods Manufactured include all Cost related to Manufacturing of…

Q: omplete the job cost sheet for Job Alpha. (Round your intermediate calculations to 2 decimal…

A: Direct Materials Cost: This represents the cost of raw materials directly used in Job…

Q: Manufacturing cost data for Blossom Company, which uses a job order cost system, are presented…

A: Cost of goods manufactured - The cost of Goods Manufactured is the total cost incurred for…

Q: Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented…

A: Overhead cost is the cost incurred by the company indirectly on the production process. It involves…

Q: Required information [The following information applies to the questions displayed below.] The first…

A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units is calculated by adding equivalent…

Q: :All the following statements about multiple predetermined overhead rates are correct, EX They are…

A: Option B " They are calculated at the beginning of the accounting period once the actual amount of…

Q: Victory Company uses weighted average process costing. The company has two production processes.…

A: Cost assignment, in the context of this question, is an allocation of costs incurred between the…

Q: All the following can be used as an allocation base , EXCEPT : a All of the given answers can be…

A: Allocation base means base used to allocate costs between various jobs and products.

Q: The adjustment of underapplied manufacturing overhead cost results in: O a. decrease in net…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is the total manufacturing overhead for P1 (Producing Department 1), after allocating service…

A: Compute total manufacturing overhead after allocating services cost to producing departments as…

Q: All the following can be used as an allocation base, EXCEPT: а. direct labor cost b. direct machine…

A: Allocation Base : Allocation base is that the instrument by that the overhead price of the…

Q: Required: 1-a. Compute the predetermined overhead rate based on direct labor-hours. 1-b. Using the…

A: 1-(a) Calculation of the predetermined overhead rate based on direct labor-hours.Particulars…

Q: this company provided the following information regarding Product XY: Direct material costs OMR3 per…

A: The question seeks to calculate total cost of job for 550 units based on information given Let us…

Q: Sequential Method Belami Company manufactures both shampoo and conditioner, with each product…

A: The overhead is applied to the production on the basis of the pre-determined overhead rate. Using…

Q: What will the unit product cost under Full costing method.

A: Formula: Unit product cost = Direct material + Direct labor + Variable manufacturing overhead +…

Q: 4. If Job P includes 20 units, what is its unit product cost? 5. What is the total manufacturing…

A: Manufacturing overhead are the total indirect costs that occured during production of the product.…

Q: nly on or and overhead per equivalent unit cross two periods in computing equivalent units.…

A: The production process involves steps which start from material requisition and ends with the…

Q: Skrunchy Company produces two products, Lower and Upper. The following two tables give pertinent…

A: Calculation of cost per unit as per traditional method is as follows: Resultant table:

Q: 16. Under a job order costing system, the dollar amount of the entry involved in the transfer of…

A: Note: As per our guidelines, only the first question shall be answered. 16. The correct answer is…

Q: 1 Assume Delph uses departmental predetermined overhead rates based on machine-hours. a Compute the…

A: At the commencement of the accounting cycle, a predetermined overhead rate is computed by dividing…

Q: Manufacturing cost data for Sunland Company, which uses a job order cost system, are presented…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is…

A: Total manufacturing cost is the sum of direct material, direct labor and manufacturing overhead…

Q: cost of a job

A: Cost of job = Direct materials cost + Direct Labour cost + Overhead cost

Q: You Answered Correct Answers one manufacturing overhead cost pool. Harmony allocates manufacturing…

A: Predetermined Overhead Rate:— It is the rate used to allocate manufacturing overhead cost to cost…

Q: he following statements is true? bsorption costing treats fixed overhead as an expense in the period…

A: The income statement is prepared using various methods as absorption costing and variable costing.…

Q: Manufacturing cost data for Cullumber Company, which uses a job order cost system, are presented…

A: Cost of goods manufactured is the cost incurred by the entity on the making of the goods that are to…

Q: Question 1 Jse the information provided below to answer the following questions: 1.1 Calculate the…

A: Predetermined overhead rate is calculated for allocation of overhead on single rate basis. Here only…

Q: Weaver Company's predetermined overhead rate is $17.00 per direct labour-hour, and its direct labour…

A: Total manufacturing cost is the total cost incurred in the manufacturing of the product during the…

Q: Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based…

A: Under a job-order costing system, job cost sheet for all the jobs is prepared separately. All the…

Q: Problem 3-19 (Algo) Multiple Predetermined Overhead Rates; Applying Overhead [LO3-1, LO3-2, LO3-4]…

A: Introduction:The overhead rate is a cost that is allocated to the product or service at the time of…

Q: Job order costing and process costing: O a. All the given answers are NOT correct. O b. compute…

A: Job-order costing: It is a costing method that calculate the cost of each item or service…

Q: Predetermined overhead rates are calculated: O a. based on estimated total manufacturing overhead…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: What amount of prime costs were incurred during 20x10? b) What was the predetermined overhead rate…

A: Note: Since we answer three subparts, we will answer the first three subparts. Please resubmit the…

Q: Required: 1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent.…

Q: What are the total manufacturing costs for job #24 if the company uses normal job costing? Cost Data…

A: The cost of goods manufactured is the total cost of producing the goods. It includes direct material…

Q: 7. All of the following statements about operation costing systems are true except Direct materials…

A: Operating costing is the method of ascertaining costs of providing service. It is a hybrid costing…

Q: Manufacturing cost data for Oriole Company, which uses a job order cost system, are presented below.…

A: Work in process 1/1/22 = Total cost of work in process — Total manufacturing costs Direct Material…

Q: Required: 1. Using direct labor-hours as the manufacturing overhead cost allocation base: a.…

A: ABC method also known as activity-based costing is a costing method that computes the total cost of…

Q: ngle plantwide The company based its n total estimated labor-hours. The job duced in this job order…

A: Job order costing is useful to the management of the company to identify the cost of the product…

Q: s

A: Dear student, check the answer in the explanation box below.Explanation:Dear student, the following…

Q: PB2-7 (Static) Selecting an Allocation Base and Analyzing Manufacturing Overhead [LO 2-3, 2-5]…

A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: Manufacturing cost data for Bonita Company, which uses a job order cost system, are presented below.…

A: The cost of goods manufactured includes the cost of goods that are finished during the period. The…

Q: $ 91,300 Harbour Company makes two models of electronic tablets, the Home and the Work. Basic…

A: The question is related to Traditional method and Activity Based Costing. The details of two…

Q: Job order costing and process costing: O a differently assign direct materials cost, direct labor…

A: NOTE : As per BARTLEBY guidelines, when multiple independent questions are given, then first…

Q: Corporation's predetermined overhead rate is $18.00 per direct labor-hour its direct labor wage rate…

A: Predetermined overhead rate: To calculate manufacturing overhead, cost accountants estimate a rate…

Q: Req 1 Req 2 and 3 Calculate the activity rates. Note: Round your answers to 2 decimal places.…

A: In the domain of accounting the concept of activity bases costing is very important. In an activity…

Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates in
Assembly and Testing & Packaging are $28.00 per direct labor-hour and $24.00 per direct labor-hour, respectively. The company's
direct labor wage rate is $30.00 per hour. The following information pertains to Job N-60:
Assembly
$ 420
$ 375
Testing &
Packaging
$ 57
$ 105
Direct materials
Direct labor
Required:
1. What is the total manufacturing cost assigned to Job N-60? (Do not round intermediate calculations.)
2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round intermediate calculations. Round your
answer to 2 decimal places.)
1
Total manufacturing cost
2.
Unit product cost
per unit

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

A company has traditionally allocated its overhead based on machine hours but had collected this information to change to activity-based costing: Estimated Activity Activity Center Product 1 Product 2 Estimated Cost Machine Setups 15 45 $11,400 Assembly Parts 4,500 4,500 217,800 Packaging Pieces 250 200 27,450 Machine Hours per Unit 4 3 Production Volume 750 1,500 A. How much overhead would be allocated to each unit under the traditional allocation method? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit ? ? B. How much overhead would be allocated to each unit under activity-based costing? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit ? ?
These are tue/false questions. ____ 21. Differential revenue is the amount of increase or decrease in revenue expected from a particular course of action as compared with an alternative. ____ 22. Equivalent units of production are the number of units that could have been manufactured from start to finish during an accounting period. ____ 23. One of the differences in accounting for a process costing system compared to a job order system is that the amounts used to transfer goods from one department to the next comes from the cost of production report instead of job cost cards. ____ 24. The primary accounting tool for controlling and reporting for cost centers is a budget performance report. ____ 25. The dollars available from each unit of sales to cover fixed cost and profit is the unit variable cost.
17.) In a job order system, the ending Work in Process account balance should equal the sum of: A.) the Pokémon from all nine regions B.) all manufacturing costs for the period dloun C.) the open job cost sheets D.) the over or under-applied balance in Manufacturing Overhead for the period
Single Plantwide Rate and Activity-Based Costing Whirlpool Corporation (WHR) conducted an activity-based costing study of its Evansville, Indiana, plant in order to identify its most profitable products. Assume that we select three representative refrigerators (out of 333): one low-, one medium-, and one high-volume refrigerator. Additionally, we assume the following activity-base information for each of the three refrigerators: Three Representative Number of Machine Number of Number of Sales Number of Refrigerators Hours Setups Orders Units Refrigerator-Low Volume 24 14 38 160 Refrigerator-Medium Volume 225 13 88 1,500 Refrigerator-High Volume 900 120 6,000 Prior to conducting the study, the factory overhead allocation was based on a single machine hour rate. The machine hour rate was $200 per hour. After conducting the activity-based costing study, assume that three activities were used to allocate the factory overhead. The new activity rate information is assumed to be as follows:…
! Required information [The following information applies to the questions displayed below.] For many years, Thomson Company manufactured a single product called LEC 40. Then three years ago, the company automated a portion of its plant and at the same time introduced a second product called LEC 90 that has become increasingly popular. The LEC 90 is a more complex product, requiring 0.60 hours of direct labor time per unit to manufacture and extensive machining in the automated portion of the plant. The LEC 40 requires only 0.20 hours of direct labor time per unit and only a small amount of machining. Manufacturing overhead costs are currently assigned to products on the basis of direct labor-hours. Despite the growing popularity of the company's new LEC 90, profits have been declining steadily. Management is beginning to believe that there may be a problem with the company's costing system. Direct material and direct labor costs per unit are as follows: Direct materials Direct labor…
All the following statements about multiple predetermined overhead rates are correct , EXCEPT : a. They are calculated for each department by dividing total estimated manufacturing overhead cost by total actual units of the allocation base . b. They are calculated at the beginning of the accounting period once the actual amount of manufacturing overhead is known . c. They improve job - order costing's accuracy accounting for costs . d .All the given answers are correct . e . They are based on estimated total manufacturing overhead costs
Which one is the correct answer?
Please do not give solution in image format thanku
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Use the following data to answer the question. Inputs of Labor Total Product 0 1 2 3 4 5 6 7 The average product (AP) when seven units of labor are hired is Multiple Choice O O -3. 0 10 22 36 48 58 66 63 18.
A company has traditionally allocated its overhead based on machine hours but had collected this information to change to activity-based costing: Estimated Activity Activity Center Product 1 Product 2 Estimated Cost Machine Setups 15 45 $11,400 Assembly Parts 4,500 4,500 217,800 Packaging Pieces 250 200 27,450 Machine Hours per Unit 4 Production Volume 750 1,500 A. How much overhead would be allocated to each unit under the traditional allocation method? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit $ B. How much overhead would be allocated to each unit under activity-based costing? Round your answers to two decimal places. Product 1 Product 2 Allocation per unit $ $4
QUESTION: 1. IN THE COST RECONCILIATION REPORT UNDER THE FIFO METHOD, THE COSTS TO BE ACCOUNTED FOR EQUALS THE COST OF BEGINNING WORK IN PROCESS INVENTORY PLUS THE COST OF UNITS TRANSFERRED OUT. TRUE OR FALSE. PLEASE EXPLAIN. 2. WHEN THE PREDETERMINED OVERHEAD RATE IS BASED ON DIRECT LABOR-HOURS, THE AMOUNT OF OVERHEAD APPLIED TO A JOB IS PROPORTIONAL TO THE ESTIMATED AMOUNT OF DIRECT LABOR-HOURS FOR THE JOB. TRUE OF FALSE.