The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Job Standard Hours Standard Rate Standard Cost Motor tune-up 1.90 $6.60 $12.54 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 200 tune-ups were completed during the week and the controller recalls the following variance data relating to tune-ups: Labor rate variance $954 F Labor spending variance $36 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.)

The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Job Standard Hours Standard Rate Standard Cost Motor tune-up 1.90 $6.60 $12.54 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 200 tune-ups were completed during the week and the controller recalls the following variance data relating to tune-ups: Labor rate variance $954 F Labor spending variance $36 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.)

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 9P: Channel Products Inc. uses the job order cost system of accounting. The following is a list of the...

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Cycle Specialists manufactures goods on a job order basis. During the month of June, three jobs were started in process. (There was no work in process at the beginning of the month.) Jobs Sprinters and Trekkers were completed and sold, on account, during the month (selling prices: Sprinters, 22,000; Trekkers, 27,000); Job Roadsters was still in process at the end of June. The following data came from the job cost sheets for each job. The factory overhead includes a total of 1,200 of indirect materials and 900 of indirect labor. Prepare journal entries to record the following: a. Materials used. b. Factory wages and salaries earned. c. Factory Overhead transferred to Work in Process d. Jobs completed. e. Jobs sold.
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Standard Standard Standard Job Hours Rate Cost Motor tune- 1.90 $6.60 $12.54 up The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 200 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune- ups: Labor rate variance $658 F Labor spending variance $ 64 F Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. Actual labor hours hours 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) Actual hourly rate per hour
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Please ensure that the information from the picture is changed to the information listed below. Use the information in the problem 4-53 (picture listed below) to prepare journal entries for the month of July with the following CHANGES. First, assume that the company uses a plantwide overhead rate based on direct labor dollars. Also assume that estimated information for the year includes Direct labor dollars of $1,642,000. Finally, assume that the company sells its jobs at a selling price equal to (cost + 25% of cost markup).
I do not understand how to do the t accounts for this problem pictured. With the following transaction: Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,070.(b) Requisitioned materials at a cost of $110,800, of which $15,200 was for general factory use.(c) Recorded factory labor of $224,600, of which $42,575 was indirect.(d) Incurred other costs: Selling expense$35,100Factory utilities 23,100Administrative expenses 51,450Factory rent 11,000Factory depreciation 19,200 (e) Applied overhead at a rate equal to 138 percent of direct labor cost.(f) Completed jobs costing $261,750.(g) Sold jobs costing $323,070.(h) Recorded sales revenue of $516,000.
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $262,000 and direct labor hours to be 20,000. Actual overhead for the year was $290,000. Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Applied Manufacturing Overhead 89 SEP 17 Next > A O
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $262,000 and direct labor hours to be 20,000. Actual overhead for the year was $290,000. Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 23,200 direct labor hours, how much manufacturing overhead is applied to their job? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places. Predetermined Overhead Rate 89 SEP 17 Next > S LAO
Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $2,870 Job 202 1,430 Job 203 1,130 Job 204 2,110 Factory supervision 980 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $30 per direct labor hour. The direct labor rate is $13 per hour. If required, round final answers to the nearest dollar. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. b. Journalize the entry to apply factory overhead to production for November.
Badour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 114,000 and estimated factory overhead was $695,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished. September 1, inventories: Materials $ 9,000 Work-in-process (All Job X) 37,400 Finished goods 80,400 Materials purchases $ 125,000 Direct materials requisitioned: Job X $ 54,500 Job Y 40,000 Direct labor hours: Job X 5,000 Job Y 4,500 Labor costs incurred: Direct labor ($6.00 per hour) $ 57,000 Indirect labor 16,200 Factory supervisory salaries 7,200 Rental costs: Factory $ 8,400 Administrative offices 2,200 Total equipment depreciation costs:…
Badour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 114,000 and estimated factory overhead was $695,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished. September 1, inventories: Materials $ 9,000 Work-in-process (All Job X) 37,400 Finished goods 80,400 Materials purchases $ 125,000 Direct materials requisitioned: Job X $ 54,500 Job Y 40,000 Direct labor hours: Job X 5,000 Job Y 4,500 Labor costs incurred: Direct labor ($6.00 per hour) $ 57,000 Indirect labor 16,200 Factory supervisory salaries 7,200 Rental costs: Factory $ 8,400 Administrative offices 2,200 Total equipment depreciation costs:…
Badour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 119,000 and estimated factory overhead was $785,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished. September 1, inventories: Materials $ 9,500 Work-in-process (All Job X) 37,900 Finished goods 80,900 Materials purchases $ 130,000 Direct materials requisitioned: Job X $ 55,000 Job Y 40,500 Direct labor hours: Job X 5,500 Job Y 5,000 Labor costs incurred: Direct labor ($6.50 per hour) $ 68,250 Indirect labor 17,000 Factory supervisory salaries 7,700 Rental costs: Factory $ 9,000 Administrative offices 2,700 Total equipment depreciation costs:…