Tiff Corporation has two production departments, Casting and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate ineach production department. The Casting Department's predetermined overhead rate is based on machine-hours and the Assembly Department's predeterminedoverhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates:Machine-hoursDirect labor-hoursTotal fixed manufacturing overhead costVariable manufacturing overhead per machine-hourVariable manufacturing overhead per direct labor-hourJob P131:Machine-hoursDuring the current month the company started and finished Job P131. The following data were recorded for this job:Assembly2060Direct labor-hoursCasting9020CastingThe amount of overhead applied in the Assembly Department to Job P131 is closest to:Note: Round your intermediate calculations to 2 decimal places.17,0001,000$ 129, 200$ 1.80Assembly10,0005,000$ 46,500$ 3.80

The objective of the question is to calculate the overhead applied in the Assembly Department to Job…

Answered: Tiff Corporation has two production…

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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Malcolm Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The estimates for the year were: Manufacturing overhead $16,240 Direct labor hours 11,600 The actual results for the year were: Manufacturing overhead $21,700 Direct labor hours 13,000 The cost records for the year will show Group of answer choices Overapplied overhead of $5,460. Underapplied overhead of $5,460 Overapplied overhead of $ 3,500. Underapplied overhead of $3,500
Harootunlan 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 machine-hour Recently, Job T629 was completed with the following characteristics: Number of units in the job Total machine-hours The amount of overhead applied to Job T629 is closest to: Multiple Choice $1,620 $780 O $1,200 50 200 O $420 80,000 $ 312,000 $ 2.10 K
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Frame Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine- hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour O $24,000 O $110,400 $86,400 Casting Customizing 19,000 1,000 $ 138,700 $ 1.60 The estimated total manufacturing overhead for the Customizing Department is closest to: $60,379 11,000 8,000 $ 86,400 S 3.00
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $ 400 $ 270 34 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. 156,000 $ 651,000 4.70 S Required 1 Required 2 If Job 400…
Please show work or formulas/excel format. Thank you!
Thatch 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 total fixed manufactruing overhead cost of $665,000, variable manufacturing overhead of $3.00 per machine-hour, and 70,000 machine-hours. Recently, Job T321 was completed with the following characteristics: Number of units in the job 30 Total machine0hours 90 Direct materials $630 Direct labor cost $2,880 The unit product cost for Job T321 is closest to $154.50. How was this answer achieved? Can I see the breakdown of the formula?
Kostelnik 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 total fixed manufacturing overhead cost of $237,000, variable manufacturing overhead of $3.90 per machine-hour, and 30,000 machine-hours. The company has provided the following data concerning Job A496 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost If the company marks up its unit product costs by 40% then the selling price for a unit in Job A496 is closest to: Note: Round your intermediate calculations to 2 decimal places. Multiple Choice о O O O $186.20 $272.28 $72.08 20 80 $ 500 $ 2,160 $252.28
White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the Finishing Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates: Department Cutting Finishing Direct labor-hours 7,800 76,000 Machine-hours 52,700 3,200 Total fixed manufacturing overhead cost $ 390,000 $ 425,000 Variable manufacturing overhead per machine-hour $ 3.00 0 Variable manufacturing overhead per direct labor-hour 0 $3.75 Required (see below for hints, if needed): 1. Compute the predetermined overhead rate for each department. 2. The job cost sheet for Job 203, which was started and completed during the year, showed the following: Department Cutting Finishing Direct labor-hours 3 16 Machine-hours 89 6 Direct materials $ 730 $ 380 Direct labor…
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Cull 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 total fixed manufacturing overhead cost of $231,200, variable manufacturing overhead of $2.40 per machine-hour, and 34,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost $ 20 80 $ 990 1,980 If the company marks up its unit product costs by 25% then the selling price for a unit in Job X455 is closest to: Note: Round your intermediate calculations to 2 decimal places.
5) Munist, Corporation has two production departments, Forming and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Job T617: Machine-hours Direct labor-hours Direct materials Direct labor cost Forming S Avelin Davi S Forming 18,000 2,000 During the current month the company started and finished Job T617. The following data were recorded for this job: 99,000 www 2.10 Finishing 90 30 940 960 S Finishing The total job cost for Job T617 is closest to: (Round your intermediate calculations…

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