Turbo Shop uses job order costing to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $678,200 495,000 Shop direct labor Shop and repair equipment depreciation 41,000 Shop supervisor salaries 113,900 Shop property taxes 20,700 Shop supplies 15,800 13,600 58,300 7,500 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $15.00 per hour. $1,444,000 Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour

Turbo Shop uses job order costing to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $678,200 495,000 Shop direct labor Shop and repair equipment depreciation 41,000 Shop supervisor salaries 113,900 Shop property taxes 20,700 Shop supplies 15,800 13,600 58,300 7,500 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $15.00 per hour. $1,444,000 Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour

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Description: eBookShow Me HowPredetermined Factory Overhead RateTurbo Shop uses job order costing to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows:Engine parts$678,200Shop direct labor495,0

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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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…
Predetermined Factory Overhead Rate Novus Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $767,200 Shop direct labor 560,000 Shop and repair equipment depreciation 68,500 Shop supervisor salaries 190,400 - Shop property taxs 34,600 Shop supplies 26,500 Advertising expense 15,300 . Administrative office salaries 66,000 Administrative office depreciation expense 8,400 Total costs and expenses $1,736,900 The average shop direct labor rate is $14 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round your answer to the nearest cent. %24 per direct labor hour
Metlock Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information $13,300 10.870 3,340 Manufacturing overhead 42,120 69,440 118,480 7,000 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used Determine the total amount of manufacturing overhead.. $59,480 39,820 2.150 1,130 1,720 12.900 2,260 su
compute the customer level operating income of this customer for abc corporation using the companys activity based costing system
Use the table below and record the amount in the appropriate column category. Cost Item Cost Prime cost Conversion Cost Factory Overhead Period Costs Rent on Factory equipment 11,000 Insurance on factory building 1,500 Raw materials 75,000 Sales Commissions 10,000 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 58,000 Depreciation on office equipment 800 Miscellaneous materials (Glue etc.) 1,100 Factory manager’s salary 5,700 Property taxes on factory building 400 Advertising for the laptops 14,000 Office Supervisor Salary 16,000 Depreciation of factory building 1,500
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Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,233,000 900,000 79,900 222,200 40,300 31,100 24,700 106,000 13,600 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,650,800
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Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $953,500 696,000 31,700 88,000 16,000 12,200 Advertising expense 19,100 Administrative office salaries 82,000 Administrative office depreciation expense 10,500 Total costs and expenses $1,909,000 The average shop direct labor rate is $24.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. $ per direct labor hour
Predetermined Factory Overhead Rate Exotic Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies $1,287,800 940,000 50,300 139,800 25,400 19,500 25,800 110,800 14,200 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $20.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour $2,613,600
redetermined Factory Overhead Rate Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $637,100 Shop direct labor 465,000 Shop and repair equipment depreciation 51,100 Shop supervisor salaries 142,000 Shop property taxes 25,800 Shop supplies 19,800 Advertising expense 12,700 Administrative office salaries 54,800 Administrative office depreciation expense 7,000 Total costs and expenses $1,415,300 The average shop direct labor rate is $15 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$ per direct labor hour