Job Costing : Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment. To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

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Answer 1

Question

Chapter 4, Problem 4.22E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

2.

To determine

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

3.

To determine

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

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Direct Labor Variance Karina will make 5,000 jackets with standard quantity of leather per jacket of 120.03 square inches of material @ $0.25/square inch. The actual quantity of leather per jacket for those 5,000 jackets produced was 122.53 square inches of material @ $0.24/square inch. The standard labor to produce each jacket is one hour for each jacket with a cost of $16.50/hour. The actual labor used to produce each jacket was 1.06 hours at $16/hour. Actual Hours (AH) Actual Rate (AR) Actual Cost (AH * AR) Total Direct = Labor Variance Actual Cost Actual Hours @ Actual Rate Labor Rate Variance Actual Hours @Standard Rate Actual Hours (AH) Standard Rate (SP) Actual Hours @ Standard Rate (AH * SP) Labor Efficiency Variance Standard Cost Standard Hours @ Standard Rate Standard Hours (SQ) Standard Rate (SP) Standard Cost (SQ * SP)

Answer 2

Question

Chapter 4, Problem 4.22E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

2.

To determine

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

3.

To determine

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.22E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

2.

To determine

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

3.

To determine

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.22E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

2.

To determine

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

3.

To determine

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.22E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

2.

To determine

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

3.

To determine

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

Answer 6

Chapter 4, Problem 4.22E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

Answer 7

Chapter 4, Problem 4.22E

1.

To determine

Job Costing:

Job costing is a process of recording the cost on the basis of manufacturing job instead of the process. In job costing, the project manager records separate cost for each job project. The cost accountant of the company also makes the separate cost sheet for each job assignment.

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on budgeted manufacturing overhead rate.

Answer 8

2.

To determine

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

Answer 9

2.

To determine

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

Answer 10

3.

To determine

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

Answer 11

3.

To determine

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 4 - Define cost pool, cost tracing, cost allocation,...Ch. 4 - How does a job-costing system differ from a...Ch. 4 - Why might an advertising agency use job costing...Ch. 4 - Describe the seven steps in job costing.Ch. 4 - Give examples of two cost objects in companies...Ch. 4 - Describe three major source documents used in...Ch. 4 - What is the advantage of using computerized source...Ch. 4 - Give two reasons why most organizations use an...Ch. 4 - Distinguish between actual costing and normal...Ch. 4 - Describe two ways in which a house-construction...

To compute: The total manufacturing cost per unit for second and third quarter, company allocates manufacturing overhead cost based on annual budgeted manufacturing overhead rate.

To identify: The fluctuation in the prices of board and which method as part 1 or part to should opt by the company to compute total manufacturing cost.

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Chapter 4 Solutions