Overhead Cost: The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs. The amount of direct material issued to production.

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Answer 1

Question

Chapter 4, Problem 4.37P

1.

To determine

Overhead Cost:

The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs.

The amount of direct material issued to production.

2.

To determine

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

3.

To determine

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

4.

To determine

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

5.

To determine

The cost of goods sold before proration of under or over allocated overhead.

6.

To determine

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.

7.a

To determine

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

8.

To determine

To compute: The net operating income for 2017.

9.

To determine

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

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The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6 Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of 25%) purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise with a list price of $236,000 to customers who used VISA and who redeemed $8,000 of pointof- sale coupons. The cost…

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Answer 2

Question

Chapter 4, Problem 4.37P

1.

To determine

Overhead Cost:

The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs.

The amount of direct material issued to production.

2.

To determine

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

3.

To determine

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

4.

To determine

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

5.

To determine

The cost of goods sold before proration of under or over allocated overhead.

6.

To determine

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.

7.a

To determine

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

8.

To determine

To compute: The net operating income for 2017.

9.

To determine

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

Expert Solution & Answer

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Answer 3

Question

Chapter 4, Problem 4.37P

1.

To determine

Overhead Cost:

The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs.

The amount of direct material issued to production.

2.

To determine

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

3.

To determine

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

4.

To determine

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

5.

To determine

The cost of goods sold before proration of under or over allocated overhead.

6.

To determine

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.

7.a

To determine

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

8.

To determine

To compute: The net operating income for 2017.

9.

To determine

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 4.37P

1.

To determine

Overhead Cost:

The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs.

The amount of direct material issued to production.

2.

To determine

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

3.

To determine

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

4.

To determine

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

5.

To determine

The cost of goods sold before proration of under or over allocated overhead.

6.

To determine

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.

7.a

To determine

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

8.

To determine

To compute: The net operating income for 2017.

9.

To determine

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 4.37P

1.

To determine

Overhead Cost:

The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs.

The amount of direct material issued to production.

2.

To determine

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

3.

To determine

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

4.

To determine

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

5.

To determine

The cost of goods sold before proration of under or over allocated overhead.

6.

To determine

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.

7.a

To determine

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

8.

To determine

To compute: The net operating income for 2017.

9.

To determine

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

Answer 6

Chapter 4, Problem 4.37P

1.

To determine

Overhead Cost:

The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs.

The amount of direct material issued to production.

Answer 7

Chapter 4, Problem 4.37P

1.

To determine

Overhead Cost:

The cost of indirect material, labor and other expenses is the overhead cost. This cost is overhead cost as it is not related to the cost of production directly. The example of overhead cost is administration cost, selling and distribution cost and other costs.

The amount of direct material issued to production.

Answer 8

2.

To determine

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

Answer 9

2.

To determine

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

Answer 10

3.

To determine

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

Answer 11

3.

To determine

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

Answer 12

4.

To determine

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

Answer 13

4.

To determine

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

Answer 14

5.

To determine

The cost of goods sold before proration of under or over allocated overhead.

Answer 15

5.

To determine

The cost of goods sold before proration of under or over allocated overhead.

Answer 16

6.

To determine

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.

Answer 17

6.

To determine

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.

Answer 18

7.a

To determine

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

Answer 19

7.a

To determine

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

Answer 20

8.

To determine

To compute: The net operating income for 2017.

Answer 21

8.

To determine

To compute: The net operating income for 2017.

Answer 22

9.

To determine

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

Answer 23

9.

To determine

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

Answer 24

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Answer 25

Expert Solution & Answer

Answer 26

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Answer 27

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The amount of manufacturing overhead allocated to jobs. Given information: Direct manufacturing labor cost is $348,000. Overhead rate is $16. Labor wage rate is $12.

To compute: The total cost of completed jobs. Given information: The direct material cost is $234,000. The direct labor cost is $348,000. The manufacturing overhead cost is $464,000.

The balance of work in process inventory on December 31, 2014. Given information: Opening work in process (WIP) inventory is $44,000. Total cost of job is $1,046,000. Finished goods are $925,000.

The cost of goods sold before proration of under or over allocated overhead.

To compute: The amount of under or over allocated manufacturing overhead. Given information: The actual manufacturing overhead is $514,000. The manufacturing overhead allocated is $464,000.

Dispose off under allocated manufacturing overhead by (a) write off cost of goods sold (b) proration based on ending balance.

To compute: The net operating income for 2017.

To explain: The method applied by company to dispose the under allocated manufacturing overhead among the above two options.

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Chapter 4 Solutions

The amount of manufacturing overhead allocated to jobs.

Given information:

Direct manufacturing labor cost is $348,000.

Overhead rate is $16.

Labor wage rate is $12.

To compute: The total cost of completed jobs.

Given information:

The direct material cost is $234,000.

The direct labor cost is $348,000.

The manufacturing overhead cost is $464,000.

The balance of work in process inventory on December 31, 2014.

Given information:

Opening work in process (WIP) inventory is $44,000.

Total cost of job is $1,046,000.

Finished goods are $925,000.

To compute: The amount of under or over allocated manufacturing overhead.

Given information:

The actual manufacturing overhead is $514,000.

The manufacturing overhead allocated is $464,000.