Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 19, Problem 11E
Exercise 19-11
Shire Computer's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $747:500 of overhead costs and $575,000 of direct labor cost for the year. During March, Shire began and completed Job 13-56.
1. What is the predetermined overhead rate for the year'7
2. Use the information on the following
Check (2) 122,710
JOB COST SHEET
Customer's Name Keiser Co.
Job Description 5 plasma monitors—61 inch
Overhead
| Direct Materials | Direct Labor | Costs Applied | |||
| Date | Requisition No. | Amount | Time-Ticket No. | Amount | Rate Amount |
| Mar. 3 | 4-129 | $5,000 | T-306 | $ 700 | |
| Mar. 11 | 4-142 | 7.020 | T-432 | 1250 | |
| Mar. 13 | 4-167 | 3.330 | T-456 | 1.250 | |
Totals Job No. 13-56
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Exercise 15-17 (Algo) Overhead rate; costs assigned to jobs LO P3
Shire Company's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $826,000
of overhead costs and $590,000 of direct labor cost for the period. During March, Shire began and completed Job 56.
1. What is the predetermined overhead rate for this period?
2. Use the Information on the following job cost sheet to determine the total cost of Job 56.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Use the information on the following job cost sheet to determine the total cost of Job 56.
Note: Round your answers to the nearest dollar amount.
Customer's Name: Keiser Company
Job Description: 3 customized systems
Direct Materials
Date
March 08
March 11
March 18
Requisition
Number
M-129
M-142
M-107
Cost
JOB COST SHEET
Direct Labor
Time-Ticket
Number
S 4.000 T-300
6,600 T-432
3.300 T-456
Total Cost
PROBLEM 14
Wayne company uses a job costing system and applies overhead to jobs using a predetermined overhead rate
based on direct labor-hours. The company had the following inventories at the beginning and end of March:
Direct Materials.
Work in Process.
Finished Goods...
March 1
P36,000
18,000
54,000
March 31
P30,000
12,000
72,000
The following additional data pertain to operations during March:
Direct materials purchased.
Direct labor cost..
P84,000
P60,000
Direct labor rate..
Overhead rate.....
P7.50 per direct labor-hour
P10.00 per direct labor-hour
17. During March total debits to Work in Process were:
a. P84,000.
b. Р220,000.
c. P144,000.
d. P230,000.
18. The Cost of Goods Manufactured for March was:
a. P212,000.
b. P218,000.
c. P230,000.
d. P236,000.
PROBLEM 15
Mallet Company has only Job 844 in process on March I of the current year. The job has been charged with
P2,000 of direct material cost, P2,500 of direct labor cost, and P1,750 of manufacturing overhead cost. The…
Problem 17: Predetermined Factory Overhead rate and Journal Entries
Radiohead Corporation, which uses the job order costing system, had two jobs
in process at the start of the year 2030: Job 101-P570,000 and Job 102-
P237,000. The following information is available:
●
●
Radiohead applies factory overhead on the basis of machine hours.
Budgeted factory overhead and machine activity for the year were
estimated to be P P4,320,000 and 120,000 hours, respectively.
The company worked on three jobs during the first quarter. Direct
materials used, direct labor incurred, and machine hours consumed
were:
Job Number Direct Materials
101
108,000
102
103
222,000
Factory overhead during the first quarter included charges for depreciation
amounting P120,000; indirect labor P300,000; indirect materials used P24,000;
and other factory costs of P252,000. Radiohead completed job nos. 101 and
102. Job no. 101 was sold for cash, producing a gross profit of P147,600.
Direct Labor
270,000
150,000iao
210,000…
Chapter 19 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 19 - Prob. 1DQCh. 19 - Some companies use labor cost to apply factory...Ch. 19 - Prob. 3DQCh. 19 - In a job order costing system, what records serve...Ch. 19 - What journal entry is recorded when a materials...Ch. 19 - Prob. 6DQCh. 19 - Google uses a "time ticket" for some employees....Ch. 19 - What events cause debits to be recorded in the...Ch. 19 - Prob. 9DQCh. 19 - Assume that Apple produces a batch of 1,000...
Ch. 19 - 11. Why must a company use predetermined overhead...Ch. 19 - How would a hospital apply job order costing?...Ch. 19 - Harley-Davidson manufactures 30 custom-made,...Ch. 19 - Prob. 14DQCh. 19 - Jobs and job lots C1 Determine which of the...Ch. 19 - Job cost sheets C2 Clemens Cars's job cost sheet...Ch. 19 - Documents in job order costing P1 P2 P3 The left...Ch. 19 - Raw materials journal entries P1 During the...Ch. 19 - Prob. 5QSCh. 19 - Prob. 6QSCh. 19 - Prob. 7QSCh. 19 - Prob. 8QSCh. 19 - Prob. 9QSCh. 19 - Prob. 10QSCh. 19 - Prob. 11QSCh. 19 - Prob. 12QSCh. 19 - Jab order costing of services A1 An advertising...Ch. 19 - Job order costing of services A1 An advertising...Ch. 19 - Job cost sheet C2 Eco Skate makes skateboards from...Ch. 19 - Exercise 19-1 Job order production C1 Match each...Ch. 19 - Exercise 19-2 Job cost computation C2 The...Ch. 19 - Exercise 19-3 Analysis of cost flows C2 As of the...Ch. 19 - Exercise 19-4 Recording product costs P1 P2 P3...Ch. 19 - Exercise 19-5 Manufacturing cost flows P1 P2 P3...Ch. 19 - Exercise 19-6 Recording events in job order...Ch. 19 - Exercise 19-7 Cost flows in a jab order costing...Ch. 19 - Exercise 19-8 Journal entries for materials P1 Use...Ch. 19 - Exercise 19-9 Journal entries for labor P2 Use...Ch. 19 - Exercise 19-10 Journal entries for overhead P3 Use...Ch. 19 - Exercise 19-11 Overhead rate; costs assigned to...Ch. 19 - Exercise 19-12 Analyzing costs assigned to work in...Ch. 19 - Exercise 19-13 Adjusting factory overhead P4 Refer...Ch. 19 - Exercise 19-14 Adjusting factory overhead P4...Ch. 19 - Prob. 15ECh. 19 - Prob. 16ECh. 19 - Exercise 19-17 Overhead rate calculation,...Ch. 19 - Exercise 19-18 Job order costing for services A1...Ch. 19 - Exercise 19-19 Job order costing of services A1...Ch. 19 - Exercise 19-20 Direct materials journal entries P1...Ch. 19 - Problem 19-1A Production costs computed and...Ch. 19 - Problem 19-2 A Source documents, journal entries,...Ch. 19 - Prob. 3APSACh. 19 - Prob. 4APSACh. 19 - Problem 19-5A Production transactions, subsidiary...Ch. 19 - Problem 19-1B Production costs computed and...Ch. 19 - Prob. 2BPSBCh. 19 - Prob. 3BPSBCh. 19 - Problem 19-4B Overhead allocation and adjustment...Ch. 19 - Problem 19-5B Production transactions, subsidiary...Ch. 19 - The computer workstation furniture manufacturing...Ch. 19 - The General Ledger tool in Connect automates...Ch. 19 - Manufacturers and merchandisers can apply...Ch. 19 - Prob. 2AACh. 19 - Apple and Samsung compete in the global...Ch. 19 - Assume that your company sells portable housing to...Ch. 19 - Assume that you are preparing for a second...Ch. 19 - Prob. 3BTNCh. 19 - Consider the activities undertaken by a medical...Ch. 19 - Refer to the chapter opener regarding Brennan...Ch. 19 - Prob. 6BTN
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