Shipley 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 the current year on the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour The predetermined overhead rate is closest to: SS 80,000 416,000 3.10

Shipley 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 the current year on the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour The predetermined overhead rate is closest to: SS 80,000 416,000 3.10

Name: Shipley Corporation uses a job-order costing system with a singleplan
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Shipley Corporation uses a job-order costing system with a singleplantwide predetermined overhead rate based on machine-hours. Thecompany based its predetermined overhead rate for the current year onthe following data:Total machine-hoursTotal fixed

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Moody Corporation uses a job-order costing system with a plantwide predetermined 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 Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information pertains to this job: Direct materials Direct labor cost Machine-hours used $ 390 $ 240 34 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 60 units, what is its unit product cost? 4. If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it establish for Job 400? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the plantwide predetermined overhead rate.…
Lupo 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 the current year on the following data: Total machine-hours 30,000 $ 252,000 $ 2.10 Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 30 $ 675 $ 1,050 Direct materials Direct labor cost The of overhead applied to Job T687 is closest to: your intermediate calculations decimal places.) Multiple Choice $315 $252 $378 $63
Kostelnik 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 the current year on total fixed manufacturing overhead cost of $237,000, variable manufacturing overhead of $3.90 per machine-hour, and 30,000 machine-hours. The company has provided the following data concerning Job A496 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost 20 80 $ 500 $ 2,160 If the company marks up its unit product costs by 40% then the selling price for a unit in Job A496 is closest to: Note: Round your intermediate calculations to 2 decimal places.
Required information [The following information applies to the questions displayed below.] Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 52,000 machine-hours would be required for the period's estimated level of production. It also estimated $980,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per machine-hour. Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following information to enable calculating departmental overhead rates: Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Job D-70 Direct materials cost Direct labor cost Machine-hours During the year, the company had no…
Computing Total Job Costs and Unit Product Costs Using a Plantwide Predetermined Overhead Rate Mickley Company’s plantwide predetermined overhead rate is $14.00 per direct labor-hour and its direct labor wage rate is $ 17.00 per hour. The following information pertains to Job A-500: Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 40 units, what is the unit product cost for this job?
s
Hilltop Manufacturing uses a predetermined manufacturing overhead rate based on machine hours to allocate manufacturing overhead to jobs. Selected data about the company's operations follows: Actual manufacturing overhead cost $500,000 Estimated manufacturing overhead cost $550,000 Estimated direct labor cost $175,800 Estimated direct labor hours 50,500 Actual direct labor hours 60,700 Estimated machine hours 40,600 Actual machine hours 35,800 By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent.)
Moody Corporation uses a job-order costing system with a plantwide predetermined 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 Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used 151,000 $ 656,000 $ 4.90 $ 320 $ 250 36 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
Luthan Company uses a plantwide predetermined overhead rate of $22.30 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $267,600 of total manufacturing overhead cost for an estimated activity level of 12,000 direct labor-hours. The company incurred actual total manufacturing overhead cost of $266,000 and 12,400 total direct labor-hours during the period. Required: Determine the amount of manufacturing overhead cost that would have been applied to all jobs during the period.
MNO Corporation uses a job-order costing system with a predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Total estimated direct labor-hours 50,000 Total estimated fixed manufacturing $285,000 overhead cost Estimated variable manufacturing overhead per direct labor-hour 3.80 $ Recently, Job P123 was completed with the following characteristics: Total actual direct labor-hours 20 $ 710 $ 500 Direct materials Direct labor cost The total job cost for Job P123 is closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $1,210 $1,400 $690 $900
Lupo 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 the current year on the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Recently, Job T687 was completed with the following characteristics: Number of units in the job Total machine-hours Direct materials Direct labor cost Multiple Choice If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: Note: Round your intermediate calculations to 2 decimal places. O O $113.60 $754.00 $397.60 10 30 $ 690 $ 1,370 $288.40 30,500 $ 610,000 $ 6.00
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