The following information applies to Job730 completed by Sweeny ManufacturingCompany during October 2013. Theamount of labor cost for the job was$89,850. Applied overhead amounted to$105,000. The project was completed anddelivered to Perez Company at a contractprice of $303,000. Sweeny recognized agross profit of $50,400 on the job.Required:Determine the amount of raw materialsused to complete Job 730.

Step 1: Determining the amount of raw material used to complete job 730: Raw material=Contract…

Answered: The following information applies to…

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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Antoine Machining estimated its manufacturing overhead to be $279,000 and its direct materials costs to be $450,000 in Year 1. Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $15,000 for Job AM002, $55,000 for Job AM005, and $70,000 for Job AM008. For Year 1, actual manufacturing overhead was $313,000 and total direct materials cost was $540,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Overhead applied in each of the inventory accounts is as follows: Work-in-process inventory $ 20,088 Finished goods inventory 63,612 Cost of goods sold 251,100 Required: Prepare an entry to allocate the under- or overapplied overhead.
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Craig Company uses a predetermined overhead rate to assign overhead to jobs. Because Craig's production is machine intensive, overhead is applied on the basis of machine hours. The expected overhead for the year was $5,412,800, and the practical level of activity is 398,000 machine hours. During the year, Craig used 404,000 machine hours and incurred actual overhead costs of $5,411,400. Craig also had the following balances of applied overhead in its accounts: Work-in-process inventory $ 621,090 Finished goods inventory 627,270 Cost of goods sold 1,841,640 Required: Question Content Area 1. Compute a predetermined overhead rate for Craig. Round your answer to the nearest cent. $fill in the blank 2450b2fed067063_1 per machine hour 2. Compute the overhead variance, and label it as under- or overapplied.$fill in the blank 2450b2fed067063_2 Question Content Area 3. Assuming the overhead variance is immaterial, prepare the journal entry to dispose of…
York Corporation is using a predetermined overhead rate of $22.30 per machine-hour that was based on estimated total fixed manufacturing I overhead of $446,000 and 20,000 machine-hours for the period. The company incurred actual total fixed manufacturing overhead of $409,000 and 18,200 total machine-hours during the period. The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to: $446,000 $37,000 $372,190 O $405,860
Hamilton Company applies manufacturing overhead costs to products based on direct labor hours. The company estimates manufacturing overhead cost for the year to be $254,000 and direct labor hours to be 20,000. Actual overhead for the year was $270,000. Required: 1. Compute the predetermined overhead rate. 2. If the company actually used 22,400 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
Gitano Products operates a job-order casting system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased) Its predetermined overhead rate was based on a cost formula that estimated $113, 100 of manufacturing overhead for an estimated allocation base of $87, 000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials $ 133, 000 Direct labor cost $ 83,000 Manufacturing overhead costs: Indirect labor S 105,800 Property taxes S 8,500 Depreciation of equipment $ 18,000 Maintenance $ 16,000 Insurance $ 7,000 Rent, building $ 38,000 Beginning Ending Raw Materials $26,000 $ 14,000 Work in Process $ 48,000 $ 37,000 Finished Goods $ 73,000 $ 61,000 Required: 1. Compute the predetermined overhead rate for the year
Garst Manufacturing is working on two jobs. Cost is accumulated under a job-order costing system, and overhead is applied on the basis of direct labor hours. The company estimated that overhead would be $64,000 and 10,000 direct labor hours would be worked. Both projects were started and completed in the current accounting period. The following transactions were completed during the period: (a) Used $10,000 of direct material on Project I and $6,800 of direct material on Project II. (b) Labor costs for the two jobs amounted to the following: Project I, $24,000 (2,000 hours); Project II, $44,000 (6,000 hours). (c) Project II was sold during the period for $120,000. The ending balance in Work in Process was: Multiple Choice X $34,000. $0. $46,800. $136,000.
Newhard company assigns overhead cost to jobs on the basis of 118% of direct labor costs. The job cost sheet for job 313 includes $23,664 in direct materials cost and $10,200 in direct labor cost. A total of 1,350 units were produced in job 313. A. what is the total manufacturing cost assigned to job 313? b. what is the unit product cost for job 313?
Antoine Machining estimated its manufacturing overhead to be $299,650 and its direct materials costs to be $461,000 in Year 1. Three of the jobs that Antoine Machining worked on in Year 1 had actual direct materials costs of $26,000 for Job AM002, $66,000 for Job AM005, and $81,000 for Job AM008. For Year 1, actual manufacturing overhead was $318,500 and total direct materials cost was $551,000. Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates. Required: How much overhead was assigned to each of the three jobs, AM002, AM005, and AM008? What was the over- or underapplied manufacturing overhead for Year1?
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
Landen Corporation uses job - order costing. At the beginning of the year, it made the following estimates: Direct labor - hours required to support estimated production 140,000 Machine - hours required to support estimated production 70, 000 Fixed manufacturing overhead cost $ 784,000 Variable manufacturing overhead cost per direct labor-hour $ 2.00 Variable manufacturing overhead cost per machine - hour $ 4.00 During the year, Job 550 was started and completed. The following information pertains to this job: Direct materials $ 175 Direct labor cost $ 225 Direct labor-hours 15 Machine - hours 5 Required: Assume Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: Compute the plantwide predetermined overhead rate. Compute the total manufacturing cost of Job 550. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? Assume Landen's…
Johansen Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Direct materials $16,000 Direct labor $20,000 Rent on factory building $25,000 Sales salaries $25,000 Depreciation on factory equipment $8,000 Indirect labor $16,000 Production supervisor's salary $35,000 Jameson estimates that 25,000 direct labor-hours will be worked during the year. The predetermined overhead rate per hour will be: Group of answer choices 3.36 4.00 5.45 6.45

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