Yancey Productions is a film studio that uses job-order costing. The company's direct materials include costumes and props. Its direct labor includes each film's actors, directors, and extras. The company's overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of maintenance workers. Yancey applies its overhead cost to films based on direct labor-dollars. At the beginning of the year, Yancey made the following estimates: Direct labor-dollars to support all productions Fixed overhead cost Variable overhead cost per direct labor-dollar Required: 1. Compute the predetermined overhead rate. 2. During the year, Yancey produced a film titled You Can Say That Again that incurred the following costs: Direct materials. $ 1,380,000 Direct labor cost $ 2,550,000 Compute the total job cost for this particular film. Complete this question by entering your answers in the tabs giveti below. Required 11 Required 2 Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places. Predetermined overhead rate $ 8,500,000 $ 5,100,000 $ 0.09 per DLS

Yancey Productions is a film studio that uses job-order costing. The company's direct materials include costumes and props. Its direct labor includes each film's actors, directors, and extras. The company's overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of maintenance workers. Yancey applies its overhead cost to films based on direct labor-dollars. At the beginning of the year, Yancey made the following estimates: Direct labor-dollars to support all productions Fixed overhead cost Variable overhead cost per direct labor-dollar Required: 1. Compute the predetermined overhead rate. 2. During the year, Yancey produced a film titled You Can Say That Again that incurred the following costs: Direct materials. $ 1,380,000 Direct labor cost $ 2,550,000 Compute the total job cost for this particular film. Complete this question by entering your answers in the tabs giveti below. Required 11 Required 2 Compute the predetermined overhead rate. Note: Round your answer to 2 decimal places. Predetermined overhead rate $ 8,500,000 $ 5,100,000 $ 0.09 per DLS

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Description: Complete this question by entering your answers in the tabs given below.Required 1 Required 2Compute the total job cost for this particular film.Note: Round your intermediate calculations to 2 decimal places.Direct materialsDirect laborOverhead appl

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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Shoostar Ltd is a video tech company that produces videos for companies’ marketing campaigns and video training content. All jobs are tailor-made to the clients’ requirements. The company uses a job costing system, and had 2 jobs in process at the start of the year: Job S1 ($66 000) and Job S3 ($55 000). The following information is available: (i) The company applies manufacturing overhead on the basis of video production hours. Budgeted overhead and video production activity for the year were anticipated to be $800 000 and 40 000 hours, respectively. (ii) The company worked on four jobs during the first quarter (i.e. from 1 July to 30 September). Direct materials used, direct labour incurred and video production hours were as shown in the following table: Job numbers Direct material Direct labour Video production hours S1 $ - $40 000 500 S2 50 500 23 000 1000 S3 - 65 000 1 500 S4 30 000 $40 000 2 000 (iii) Manufacturing…
Yancey Productions is a film studio that uses a job-order costing system. The company's direct materials consist of items such as costumes and props. Its direct labor includes each film's actors, directors, and extras. The company's overhead costs include items such as utilities, depreciation of equipment, senior management salaries, and wages of maintenance workers. Yancey applies its overhead cost to films based on direct labor-dollars. At the beginning of the year, Yancey made the following estimates: Direct labor-dollars to support all productions Fixed overhead cost Variable overhead cost per direct labor-dollar Required: 1. Compute the predetermined overhead rate. $ 8,710,000 $ 5,226,000 $ 0.08 2. During the year, Yancey produced a film titled You Can Say That Again that incurred the following costs: Direct materials Direct labor cost $ 1,426,000 $ 2,613,000 Compute the total job cost for this particular film. Complete the question by entering your answers in the tabs given…
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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3A Required 3B Compute the Predetermined Overhead Rates used in the Molding Department and the Painting Department. (Round your answers to 2 decimal places.)
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