SavedThe following date Is for a company that uses a job-order costing system:Estimated direct labor hoursEstimated manufacturing overhead costsActual direct labor hoursActual manufacturing overhead costs12,000$39,00011,000S37,000Overhead Is applied based on direct labor-hours. What Is the predetermined overhead rate?Multiple Cholce$3.08 per direct labor-hour$3.25 per direct labor-hour$3.36 per direct labor-hour$3.55 per direct labor-hour

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Description: SavedThe following date Is for a company that uses a job-order costing system:Estimated direct labor hoursEstimated manufacturing overhead costsActual direct labor hoursActual manufacturing overhead costs12,000$39,00011,000S37,000Overhead Is applied

The predetermined overhead rate is calculated as total estimated overhead cost divided by estimated…

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The following date Is for a company that uses a Job-order costing system: Estimated direct labor hours 12,000 $39,000 Estimated manufacturing overhead costs Actual direct labor hours 11,000 Actual manufacturing overhead costs $37,000 Overhead is applied based on direct labor-hours. What Is the predetermined overhead rate?

The following date Is for a company that uses a Job-order costing system: Estimated direct labor hours 12,000 $39,000 Estimated manufacturing overhead costs Actual direct labor hours 11,000 Actual manufacturing overhead costs $37,000 Overhead is applied based on direct labor-hours. What Is the predetermined overhead rate?

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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Manufacturing cost data for Oriole Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Work in process 1/1/22 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Work in process 12/31/22 Cost of goods manufactured $ Case A 55,000 44,000 160,215 221,650 211,530 (a) (b) (c) Case B $17,050 $91,300 154,000 12,980 (d) (e) (f) (g)
Please see picture. Required information Skip to question [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Beginning of period End of Period Raw materials $ 29,000 $ 59,000 Work in process 9,600 18,500 Finished goods 64,000 33,200 Cost incurred for the period Raw materials purchases $ 181,000 Factory payroll 150,000 Factory overhead (actual) Indirect materials used 16,000 Indirect labor used 34,500 Other overhead costs 91,500 Incurred other actual overhead costs (all paid in Cash). Applied overhead to work in process. Prepare journal entries for the above transactions for the period.
Berry Company applies overhead on the basis of direct labor hours. Given the following data, calculate overhead applied and the under- or over-application of overhead for the period: Estimated annual overhead cost $450,000 Actual annual overhead cost $445,000 Estimated direct labor hours 90,000 Actual direct labor hours 88,000
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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?
Manufacturing cost data for Bonita Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to O decimal places, eg. 5,275.) Case A Case B Direct materials used $ (a) $86,500 Direct labor 55,000 149,700 Manufacturing overhead applied 44,000 Total manufacturing costs 152,150 Work in process 1/1/22 Total cost of work in process 207,100 Work in process 12/31/22 Cost of goods manufactured 196,200 (b) 24,000 (c) 14,900 (d) Case C $64,150 (e) 214,000 (f) 18,600 (g) 229,700 (h) (i) (j) (k)
Mickley Company’s predetermined overhead rate is $14.00 per direct labor-hour and its direct labor wage rate is $12.00 per hour. The following information pertains to Job A-500: Direct materials $230 Direct labor $108 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 average cost assigned to each unit included in the job? (Round your answer to 2 decimal places.)
The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $7,200 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,400 and direct labor cost of $1,150. What is the company's overhead application rate?
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Use the following information for the next two questions: Sur Company uses a job-order costing system and has the following data available: $78,000 $0 Beginning Direct Materials Inventory Beginning Work-In-Process Inventory Beginning Finished Goods Inventory Direct materials purchased on account Direct materials used $10,000 $444,000 $270,000 $390,000 $438,000 140% Overhead application rate (based on direct labor cost) All work-in-process inventory during this period was completed and sold. 36. Direct labor cost incurred Factory overhead incurred The journal entry to record the actual factory overhead costs incurred would include a A) Debit to Cash, Accounts Payable etc. for $438,000 B) Debit to Factory Department Overhead Control for $438,000 C) Credit to Factory Department Overhead Control for $546,000 D) Credit to Work-In-Process Inventory for $546,000 37. The journal entry to record the factory overhead costs applied would include a A) Credit to Cash, Accounts Payable etc. for…
Bernard Incorporated uses a job-order costing system and a predetermined overhead rate based on direct labor hours.At the beginning of the year, the company estimated manufacturing overhead for the year would be $1,184,000 and direct labor hours would be 80,000 hours.The following information pertains to September of the current year: Job X10 Job X11 Job X12 Work in Process, Sept. 1 $14,000 $18,000 $24,000 March production activity: Materials used $12,800 $8,200 $9,700 Direct labour used $3,400 $4,600 $6,500 Machine hours 390 620 790 Labour hours 1,050 1,170 1,180 Required (round answers to 2 decimal points) Calculate the predetermined overhead rate (POHR). Complete a brief job-order cost sheets for the 3 jobs for the month of September. (Hint: this requires applying overhead using the rate calculated in part 1 above).