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Required (show your work) The Machining Department overhead rate The applied overhead cost for Job 375 The total product cost for Job 375 A B

Required (show your work) The Machining Department overhead rate The applied overhead cost for Job 375 The total product cost for Job 375 A B

FINANCIAL ACCOUNTING
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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5 The Lewis Corparation uses a normal job costing system for the products they manufacture and sell. The company has a machining department. The cost of the product has three major cost categories; direct material, direct labor and manufacturing overhead. The manufacturing overhead cost is allocated by the following: Machining Department overhead cost is based on machine hours You have been asked to determine the product cost for Job 375 using the following information The 2020 budget for the Machining Department is Manufacturing overhead cost $1,800,000 Machine hours 50,000 Job 375 information $45,000 $14,000 Direct materials used Direct labor cost Machine hours used 750 Required (show your work) The Machining Department overhead rate The applied overhead cost for Job 375 The total product cost for Job 375 A в C
Transcribed Image Text:5 The Lewis Corparation uses a normal job costing system for the products they manufacture and sell. The company has a machining department. The cost of the product has three major cost categories; direct material, direct labor and manufacturing overhead. The manufacturing overhead cost is allocated by the following: Machining Department overhead cost is based on machine hours You have been asked to determine the product cost for Job 375 using the following information The 2020 budget for the Machining Department is Manufacturing overhead cost $1,800,000 Machine hours 50,000 Job 375 information $45,000 $14,000 Direct materials used Direct labor cost Machine hours used 750 Required (show your work) The Machining Department overhead rate The applied overhead cost for Job 375 The total product cost for Job 375 A в C
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