Required: The following information applies to Job 730 completed bySweeny Manufacturing Company during October 2013. Theamount of labor cost for the job was $89,850. Appliedoverhead amounted to $105,000. The project was completedand delivered to Perez Company at a contract price of$303,000. Sweeny recognized a gross profit of $50,400 on thejob.Required:Determine the amount of raw materials used to complete Job730.

Explanation of Labor Cost: Labor cost refers to the total expenses associated with the workforce…

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Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 4E: The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the...

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Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?
Luna Manufacturing Inc. completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the following data, based on an estimate of 5,000 direct labor hours: The factory has one production department and uses the direct labor hour method to apply factory overhead. Three jobs are started during the month, and postings are made daily to the job cost sheets from the materials requisitions and labor-time records. The following schedule shows the jobs and amounts posted to the job cost sheets: The factory overhead control account was debited during the month for actual factory overhead expenses of 27,000. On June 11, Job 2526 was completed and delivered to the customer using a mark-on percentage of 50% on manufacturing cost. On June 24, Job 2527 was completed and transferred to Finished Goods. On June 30, Job 2528 was still in process. Required: 1. Prepare job cost sheets for Jobs 2526, 2527, and 2528, including factory overhead applied when the job was completed or at the end of the month for partially completed jobs. 2. Prepare journal entries as of June 30 for the following: a. Applying factory overhead to production. b. Closing the applied factory overhead account. c. Closing the factory overhead account. d. Transferring the cost of the completed jobs to finished goods. e. Recording the cost of the sale and the sale of Job 2526.
York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?
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The following information applies to Job 730 completed by Sweeny Manufacturing Company during October 2013. The amount of labor cost for the job was $89,850. Applied overhead amounted to $105,000. The project was completed and delivered to Perez Company at a contract price of $303,000. Sweeny recognized a gross profit of $50,400 on the job. Required: Determine the amount of raw materials used to complete Job 730.
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Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $696,000 of overhead costs and $ 580,000 of direct labor cost for the year. During MarchShire began and completed Job 13-56 . 1. What is the predetermined overhead rate for the year? 2. Use the information on the following cost sheet to determine the total cost of the job.
Job 910 was recently completed. The following data have been recorded on its job cost sheet: Direct materials $ $ 3,193 Direct labor-hours 21 labor-hours Direct labor wage rate $ 12 per labor-hour Machine-hours 166 machine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $15 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 910 would be: Multiple Choice $3,220 $3,760 $5,935 $3,445
Job 910 was recently completed. The following data have been recorded on its job cost sheet: Direct materials $ 2,412 Direct labor-hours 74 labor-hours Direct labor wage rate $ 21 per labor-hour Machine-hours 137 machine-hours The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $22 per machine-hour. The total cost that would be recorded on the job cost sheet for Job 910 would be:

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