Castform Microcircuit Manufacturing Inc uses direct labor cost (DLP) for its overhead rate. The production data for the month of April is as follows: Estimated MOH costs P 375,000 Estimated allocation base ? Predetermined overhead rate P 125 per DLP ? Actual amount of allocation base P 425,500 Actual manufacturing overhead Applied manufacturing overhead P 415,000 Over or (under) applied overhead ? Castform's Over (Under) Applied Overhead is P ** INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED. CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place any spaces.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Step by step
Solved in 2 steps
Swirlix Semicon Manufacturing Inc uses machine-hours (MHs) for its
| Estimated MOH costs | ₱ 555,000 |
| Estimated allocation base | 15,000 MHs |
| Predetermined overhead rate | ? |
| Actual amount of allocation base | 13,820 MHs |
| Actual manufacturing overhead | ₱ 520,150 |
| Applied manufacturing overhead | ? |
| Over or (under) applied overhead | ? |
Swirlix's Over (Under) Applied Overhead is ₱______________.
** INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED.
CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place any spaces.
by Bartleby Expert
