The following data are from the costing records of ABC Ltd. in respect of Job No. 14: Materials used BD. 2500 Direct Wages: Department A - 30 hours at BD. 6 per hour Department B - 50 hours at BD. 5 per hour Department C- 20 hours at BD. 2 per hour Overhead for these three departments were estimated as follows: • Variable overheads: Department A- BD. 10000 for 2000 Direct labour hours Department B- BD. 60000 for 3000 Direct labour hours Department c - BD. 80000 for 2000 Direct labour hours Fixed overheads: BD7 for 100 working hours You are required to calculate the total cost of the above Job No. 14 using job-order costing syste as well the price for the job to give a profit of 20% of sales. Bartioul

The following data are from the costing records of ABC Ltd. in respect of Job No. 14: Materials used BD. 2500 Direct Wages: Department A - 30 hours at BD. 6 per hour Department B - 50 hours at BD. 5 per hour Department C- 20 hours at BD. 2 per hour Overhead for these three departments were estimated as follows: • Variable overheads: Department A- BD. 10000 for 2000 Direct labour hours Department B- BD. 60000 for 3000 Direct labour hours Department c - BD. 80000 for 2000 Direct labour hours Fixed overheads: BD7 for 100 working hours You are required to calculate the total cost of the above Job No. 14 using job-order costing syste as well the price for the job to give a profit of 20% of sales. Bartioul

Name: Would you like to set Microsoft Edge as your default browser?Set as d
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Would you like to set Microsoft Edge as your default browser?Set as defaultof 5 QACtIvity 2:The following data are from the costing records of ABC Ltd. in respect of Job No. 14:Materials used BD. 2500Direct Wages:Department A - 30 hours at BD. 6 per

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

Curry Company has two divisions, Eastern Division and Western Division. Curry Company has been allocating overhead based on direct labor hours. For the most recent year, the predetermined overhead rate was $70 per direct labor hour. An activity-based costing analysis of Curry's operations has identified three different cost pools. Data about the cost drivers for each pool for the most recent year given below. Cost Pool Number of Events per Year Cost Pool A B 2,000 $100,000 1,000 200,000 50,000 $350,000 с 50 Total The following data relate to cost driver event activity within the two divisions during the most recent year. Eastern Division Western Division Total 500 2,000 800 1,000 20 50 3,000 5,000 Cost Driver A events Cost Driver B events Cost Driver C events Direct labor hours 1,500 200 30 2,000 Which of the following statements is correct? If the activity-based costing system had been used in the most recent year in place of the traditional overhead allocation technique, Select one:…
Feauto Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor-hours (DLHS). The company has two products, 163E and E761, about which it has provided the following data: Direct materials per unit Direct labor per unit Direct labor-hours per unit Annual production (units) The company's estimated total manufacturing overhead for the year is $2,760,000 and the company's estimated total direct labor-hours for the year is 60,000. Activities and Activity Measures Assembling products (direct labor-hours) Preparing batches (batches) Product support (product variations) Total Direct labor-hours Batches Product variations The company is considering using a form of activity-based costing to determine its unit product costs for external reports. Data for this proposed activity-based costing system appear below: Multiple Choice O O O $138.00 $44.10 I63E $18.30 $16.50 1.00 30,000…
Rex Industries has two products. They manufactured 12,540 units of product A and 8,255 units of product B. The data are: Activity in Estimated Cost Pool Overhead Product A Product B 1 $51,850 1,100 600 53,840 100 700 3 24,600 700 5,300 What is the activity rate for each cost pool? Round your answers to two decimal places. Activity in Activity Cost Pool Rate 1 $ 2 $ 3 $
Hancock 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 The estimated total manufacturing overhead is closest to: O $273,000 $630,000 O $357,004 O $357,000 machine-hour 70,000 $ 357,000 S 3.90
Assume that department C applies factory overhead based on units produced with an estimate of 5,000 units for the period. The actual units produced for the current period was 4800. If the company uses the step method in allocating service department costs, how much is the applied factory overhead of department C.* Etona company has two service departments and three producing departments. The following data was made avalable: Service Departments Engineering 400 Producing Departments Maintenance A Maintenance Hrs Engineering Hrs Overhead Costs 800 200 200 800 400 400 P90,000 400 P12,000 P54,000 P80,000 P50,000 Your answer
The following Information relates to a company that has two manufacturing departments. The company used the following data at the beginning of the period to calculate predetermined overhead rates: Dept. X 4,000 $22,000 $ 3.00 Dept. Y 6,000 $20,400 $ 6.00 Total Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH 10,eee $42,400 During the perlod, the company started and completed two Jobs--Job A and Job B. Data concerning those two Jobs follow: Job A Job B Direct materials $22,500 $8,400 $22,700 $8,000 2,500 1,250 Direct labor cost Molding machine-hours Assembly machine-hours 1,500 4,750 Requlred: 1. Assume the company uses a plantwide predetermined manufacturing overhead rate based on machine hours. a. Calculate the overhead rate. (Round your answer to 2 decimal places.) b. Calculate the amount of manufacturing overhead applied to Job A. (Do not round Intermedlate calculatlons.) c. Calculate the…
Jones Company has the following information: Total estimated manufacturing $200,000 overhead costs Total estimated direct labor costs 800,000 Actual direct labor costs 50,000 Actual manufacturing overhead 210,000 costs What is the predetermined overhead allocation rate based on direct labor costs as a single plantwide rate?
Tolerin Company uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials $41,280 Overhead $ 66,150 7,000 8,000 Cost added during May Equivalent units of production Required: Compute the cost per equivalent unit for materials, for labour, for overhead, and in total. (Round your answers to 2 decimal places.) Cost per equivalent unit Materials Labour $ 26,460 7,000 Labour Overhead $ Total 0:00 Next >
Job 599 was recently completed. The following data have been recorded on its job cost sheet: Direct Materials 40,610 Direct Labor Hours 1,147 Direct Labor Wage Rate 11/DLH Number of Units Completed 3,100 The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $20 per direct labor-hour Required: Compute the unit product cost that would appear on the job cost sheet for this job.
Assume that actual overhead costs were $82,000 and overhead allocated to jobs was $63,000. The unadjusted balance in Manufacturing Overhead would be _______. A. $19,000 credit B. $19,000 debit C. $145,000 credit D. $145,000 debit
The following figures have been extracted from the department P of Q Ltd. Direct material used $ 20000 Direct Wages $ 30000 Total overheads allocated to this department are $25000. On an order the department carried outjob no. 163. The details ofjob no. 163 are as follows: Direct material used $ 600 Direct Wages $ 1200 Find out the overhead amount absorbedon job no. 163 under each of the following methods 1) Percentage on direct material cost basis. (ii) Percentage on prime cost basis.
Some inventory errors are said to be “self-correcting,” in that the error has the opposite financial statement effectin the period following the error, thereby “correcting,” the original account balance errors.Required:Despite this self-correcting feature, discuss why these errors should not be ignored and describe the steps requiredto account for the error correction.