The following costs were incurred on Job No. 150.Materials US$10,000Wages:Department 130 hours at $15 per hourDepartment 220 hours at $10 per hourDepartment 310 hours at $8 per hourVariable Overheads:Department 1$9 per hourDepartment 2$8 per hourDepartment 3$7 per hourFixed Overheads: Estimated at $25,000 for 1,250 normal working hours.What is the cost of Job 150 and the price to give profit of 30% on selling price?Select one:OA. $12,825 and $16,031O B. $12,605 and $15,756O C. $12,210 and $17,460O D. $12,430 and $17,775

First, we need to calculate the total wages for each department. This is done by multiplying the…

Answered: The following costs were incurred on…

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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Boarders estimates overhead will utilize 160,000 machine hours and cost P80,000. It takes 4 machine hours per unit, direct material cost of P5 per unit, and direct labor of P5 per unit. What is the cost of each unit produced?
One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?
Kelso Manufacturing allocates manufacturing overhead using a single predetermined rate based on a planned use of 15,000 direct labour hours per year. Company leadership recently learned that its costing system may be too simple for its operations, and that job cost fairly inaccurate. A consultant was hired to study overhead costs, and the following information reflects the cost pools and activity rates that were determined: Cost Pool Total Cost Activity Rate Purchasing $90,000 $30/purchase order Assembly $150,000 $?/direct labour hour Inspection $60,000 $15/inspection Production $150,000 $3/unit produced $450,000 Total Based on the information presented in the introduction and table above, Kelso's single predetermined manufacturing overhead cost rate is __________ and its rate for the Assembly cost pool is __________ Question 8 a. $30/direct labour hour; $30/direct labour hour b. $30/direct labour hour; $10/direct labour hour C. $30/direct labour hour; $15/direct labour hour d.…
The costs incurred for Job A are:Total labor and overhead $37,225Total other direct costs $10,775The bid price for the job if the company made a 40 percent profit on the bid price is:
Your company uses an activity-based costing system for its overhead costs. The following data is from its activity-based costing system. Activity Rates Cleaning $ 7.58 per hour Job support $20.74 per job Client support $25 per client One particular client requested 25 jobs during the year that required a total of 150 hours. For this service, the client was charged $2,000. What is customer margin for this client? (Round to the nearest dollar.) $ 345 $1,681 $1,656 $ 320
None of the above Managers at X company think machine hours is the best activity base for manufacturing overhead. The annual estimated of overhead costs was $1,025,000. The budgeted machine hours for the year totaled 20,000. The company used 1,000 hours of processing on Job No.102 during the period and incurred overhead costs totaling $1,050,000. How much overhead should be applied to Job No.102? * $51,250 O $52,500 O $1,025 O None of the above
A service company is bidding on a new job. The job is estimated to require 148 designer hours at $90 per hour and 93 staff hours at $45 per hour. Overhead is applied at the rate of 60% of direct labor cost. Compute the estimated cost for this job. Direct Labor Total direct labor Overhead Applied overhead Estimated Cost Estimated hours Hourly rate Total estimated job cost OH Base Labor cost OH Rate Total cost
Facebo... PIUK Lea se Lux Corporation uses a job cost system and has two production departments,X and Y. Budgeted manufacturing costs for the year are: Department X DepartmentY on Direct materials $1400,000 $200,000 Direct manufacturing labor $400,000 $1600,000 Manufacturing overhead $1200,000 $800,000 The actual material and labor costs charged to Job #512 were as follows: Total Direct maternals: $50,000 Direct labor: Department X Department Y s 16,000 $24,000 $40,000 Lux applies manufacturing overhead costs to jobs on the basis of direct manufacturing labor cost using departmental rates determined at the beginning of the year. For Department X, the manufacturing overhead allocation rate is: Select one: a. 300% b. 33% C. 100% d. 66%% 23°C uaio
if job 10 consists of 50 units of product, what is the unit cost of this job?
1. Calculate the plant-wide overhead rate using the following information: Estimated Total Manufacturing Costs Estimated Cost Allocation Base Actual Total Manufacturing Costs Actual Cost Allocation Base $20 per machine hour $30 per machine hour $1,000,000 50,000 machine hours $1,500,000 25,000 machine hours $60 per machine hour $40 per machine hour

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