What is Vaughn's predetermined overhead rate?$/ machine hourPredetermined overhead rate%24 Vaughn Church Furniture manufactures custom pews, altars, and pulpits for churches across the southern United States. Since eachorder is unique, Vaughn uses a job order costing system. During the month of June, Vaughn worked on orders for three churches: FaithChurch, Grace Church, and Hope Church. Production on the Faith and Grace orders began in May, and the Faith job was completed inJune. Production on the Hope order began in June and was incomplete at the end of the month. Vaughn applies overhead to each jobbased on machine hours. Prior to the year, managers had estimated manufacturing overhead at $ 693,000, along with 21,000 machinehours. Additional cost information related to the three orders is as follows:FaithGraceHopeBeginning balance, June 1$ 4,000$ 2,800Direct materials, June$ 8,300$ 6,500$ 4,000Direct labor, June$ 13,000$7,000$ 5,500Manufacturing OH, June??Machine hours, June2,2001,3001,400

PREDETERMINED OVERHEAD RATE : = ESTIMATED TOTAL MANUFACTURING OVERHEAD COST / ESTIMATED TOTAL AMOUNT…

Answered: Vaughn Church Furniture manufactures…

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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John at Tim's Toys was working on a custom-made miniature car for a customer. The job, BCB101, was started in March. At the end of March, the job cost sheet for BCB101 showed direct materials of $6,000, direct labor of 200 hours at $75 per hour, and overhead of 80% of direct labor cost. During April, direct materials of $1,700 were added, and John's time ticket showed 50 hours on Job BCB101, 25 hours on Job BCB102, and 40 hours on a new job, BCB103. Job BCB101 was completed on April 29. What is the total cost of Job BCB101 as of April 29? $26,450 $33,000 $41,450 $8,450
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A Chair Company manufactures a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 85,000 chairs, and transferred them to the Finishing Department. The firm ended the month with 15,000 chairs in ending inventory. All direct materials are added at the beginning of the production cycle. How many chairs were in inventory at the beginning of the month? Using weighted-average costing, what were the equivalent units for materials for February? Using FIFO costing, what were the equivalent units for direct materials for February? Using weighted average costing, what were the equivalent units for conversion costs for February if the beginning inventory was 70% complete as to conversion costs, and the ending inventory was 40% complete as to conversion costs?
Vaughn Church Furniture manufactures custom pews, altars, and pulpits for churches across the southern United States. Since each order is unique, Vaughn uses a job order costing system. During the month of June, Vaughn worked on orders for three churches: Faith Church, Grace Church, and Hope Church. Production on the Faith and Grace orders began in May, and the Faith job was completed in June. Production on the Hope order began in June and was incomplete at the end of the month. Vaughn applies overhead to each job based on machine hours. Prior to the year, managers had estimated manufacturing overhead at $ 693,000, along with 21,000 machine hours. Additional cost information related to the three orders is as follows: Faith Grace Hope Beginning balance, June 1 $ 4,000 $ 2,800 Direct materials, June $ 8,300 $ 6,500 $ 4,000 Direct labor, June $ 13,000 $7,000 $ 5,500 Manufacturing OH, June ? ? Machine hours, June 2,200 1,300 1,400
Foam Products, Incorporated, makes foam seat cushions for the automotive and aerospace industries. The company's activity-based costing system has four activity cost pools, which are listed below along with their activity measures and activity rates: Activity Cost Pool Supporting direct labor Batch processing Order processing Customer service Activity Measure Number of direct labor-hours Number of batches Number of orders Number of customers. The company just completed a single order from Interstate Trucking for 2,200 custom seat cushions. The order was produced in three batches. Each seat cushion required 0.6 direct labor-hours. The selling price was $141.70 per unit, the direct materials cost was $104 per unit, and the direct labor cost was $14.40 per unit. This was Interstate Trucking's only order during the year. Costs: Required: Calculate the customer margin on sales to Interstate Trucking for the year. Activity Rate $ 14 per direct labor-hour $94 per batch $280 per order $ 2,620…
Tim's Toys makes custom silver picture frames embroidered with names and significant dates, such as weddings or births. Although the frames can be partially completed in advance, all frames remain in the Work in Process Inventory account until the final engraving is completed. Frame AAA01 was completed in January. At the beginning of January, costs accumulated on the frame were direct materials of $40, direct labor of $60, and overhead of $15. Completing the frame required 1.5 hours of direct labor at $15 per hour. Overhead is applied at $4 per direct labor hour. What is the total cost on the job cost sheet for Job AAA01 at the end of January? 4 O $103.50 O $122.50 O $61.50 O $143.50
The Swivel Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 155,000 chairs. During the month, the firm completed 183,000 chairs and transferred them to the Finishing Department. The firm ended the month with 23,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Swivel. How many chairs were in inventory at the beginning of the month? Conversion costs are incurred uniformly over the production cycle. A) 46,000 chairs B) 23,000 chairs C) 42,500 chairs D) 51,000 chairs

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