Assume a company had no jobs in progress at the beginning of July and no beginning inventories. It started and completa only two jobs during July-Job Y and Job 2. The company uses a plantwide predetermined overhead rate based on direm labor-hours. The following additional information from the month of July is available for the company as a whole and for Y and Z: Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per direct labor-hour Estimated total direct labor hours to be worked Total actual manufacturing overhead costs incurred. Direct materials Direct labor cost Actual direct labor hours worked How much manufacturing overhead was applied to Job Y? Multiple Choice Job Y $ 13,000 $ 21,000 1,620 Job Z $ 8,000 $ 7,500 500 $ 13,000 $ 1.00 2,000 $ 12,800

Assume a company had no jobs in progress at the beginning of July and no beginning inventories. It started and completa only two jobs during July-Job Y and Job 2. The company uses a plantwide predetermined overhead rate based on direm labor-hours. The following additional information from the month of July is available for the company as a whole and for Y and Z: Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per direct labor-hour Estimated total direct labor hours to be worked Total actual manufacturing overhead costs incurred. Direct materials Direct labor cost Actual direct labor hours worked How much manufacturing overhead was applied to Job Y? Multiple Choice Job Y $ 13,000 $ 21,000 1,620 Job Z $ 8,000 $ 7,500 500 $ 13,000 $ 1.00 2,000 $ 12,800

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Description: Subject: 32:44:56Assume a company had no jobs in progress at the beginning of July and no beginning inventories. It started and completedonly two jobs during July-Job Y and Job Z. The company uses a plantwide predetermined overhead rate based on dire

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 60P: (Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of...

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(Appendix 4A) Journal Entries, Job Costs The following transactions occurred during the month of April for Nelson Company: a. Purchased materials costing 4,610 on account. b. Requisitioned materials totaling 4,800 for use in production, 3,170 for Job 518 and the remainder for Job 519. c. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of 14 per hour. d. Applied overhead using a plantwide rate of 6.20 per direct labor hour. e. Incurred and paid in cash actual overhead for the month of 973. f. Completed and transferred Job 518 to Finished Goods. g. Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost (2,770) plus 25%. Required: 1. Prepare journal entries for Transactions a through e. 2. Prepare job-order cost sheets for Jobs 518 and 519. Prepare journal entries for Transactions f and g. (Note: Round to the nearest dollar.) 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was 1,025 and that the beginning balance in the work-in-process account was zero.
Assume a company had no jobs in progress at the beginning of July and no beginning inventories. It started and completed only two jobs during July—Job Y and Job Z. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Y and Z: Estimated total fixed manufacturing overhead $ 13,000 Estimated variable manufacturing overhead per direct labor-hour $ 1.00 Estimated total direct labor hours to be worked 2,000 Total actual manufacturing overhead costs incurred $ 12,800 Job Y Job Z Direct materials $ 13,000 $ 8,000 Direct labor cost $ 21,000 $ 7,500 Actual direct labor hours worked 1,400 500 What is the plantwide predetermined overhead rate? Multiple Choice $8.50 $6.50 $7.50 $5.50
Assume a company had no jobs in progress at the beginning of July and no beginning inventories. It started and completed only two jobs during July—Job Y and Job Z. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Y and Z: Estimated total fixed manufacturing overhead $ 13,000 Estimated variable manufacturing overhead per direct labor-hour $ 1.00 Estimated total direct labor hours to be worked 2,000 Total actual manufacturing overhead costs incurred $ 12,800 Job Y Job Z Direct materials $ 13,000 $ 8,000 Direct labor cost $ 21,000 $ 7,500 Actual direct labor hours worked 1,400 500 What is the plantwide predetermined overhead rate?
Assume a company started and completed numerous jobs during July—one of which was Job Z. The company uses two departmental predetermined overhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Z: Machining Assembly Estimated total fixed manufacturing overhead $ 48,000 $ 30,000 Estimated variable manufacturing overhead per machine-hour $ 1.50 Estimated variable manufacturing overhead per direct labor-hour $ 2.00 Estimated total machine-hours to be used 12,000 Estimated total direct labor hours to be worked 10,000 Job Z Machining Assembly Direct materials $ 1,850 $ 1,900 Direct labor $ 1,400 $ 2,100 Machine-hours 40 Direct labor-hours 60 What is the total job cost for Job Z?
Assume a company started and completed numerous jobs during July-one of which was Job Z. The company uses two departmental predetermined overhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Z: Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Estimated variable manufacturing overhead per direct labor-hour Estimated total machine-hours to be used Estimated total direct labor hours to be worked Job Z Direct materials Direct labor Machine-hours Direct labor-hours Machining $ 750 $200 40 Assembly $ 800 $ 900 60 If Job Z contains 40 units, the unit product cost for Job Z is closest to: Machining $ 48,000 $ 1.50 12,000 Assembly $ 30,000 $ 2.00 10,000
Assume a company started and completed numerous jobs during July-one of which was Job Z. The company uses two departmental predetermined overhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor- hours. The following additional information from the month of July is available for the company as a whole and for Jobs Z Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Estimated variable manufacturing overhead per direct labor-hour Estimated total machine-hours to be used Estimated total direct labor hours to be worked Job 2 Direct materials. Direct labor Machine-hours Direct labor-hours What is the total job cost for Job 2? Multiple Choice O $4,090 $4,110 Machining $ 950 $ 500 40 Assembly $1,000 $ 1,200 60 Machining $ 48,000 $ 1.50 12,000 Assembly $30,000 $ 2.00 10,000 Battery Status: I O Ơ O
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…
9 Patterson, Inc. uses job-order costing with manufacturing overhead (MOH) applied on the basis of machine hours (MHS). In the past, the company's pre-determined overhead rate (POHR) has fluctuated from period to period due primarily to differences in expected usage of their machine. For the coming month, the controller would like to investigate using capacity in determining the application of overhead to jobs. For the period, the machine can operate at a capacity of 320 MHs, however, based on expected production, it is estimated that only 290 MHs will be required. MOH is relatively fixed for the company and is estimated to be $11,600 at both of these levels of MHs. At the end of the period, the controller found that production used 292 MHs and actual MOH totaled $11,745. How much less MOH would be applied during the month using capacity MHs rather than the traditional method? A. S 1.241.00 less applied to MOH using capacity. B. S 1,087.50 less applied to MOH using capacity. 4 C. D. E.…
Assume a company started and completed numerous jobs during July—two of which were Job Y and Job Z. The company uses two departmental predetermined overhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Y and Z: Machining Assembly Estimated total fixed manufacturing overhead $ 48,000 $ 30,000 Estimated variable manufacturing overhead per machine-hour $ 1.50 Estimated variable manufacturing overhead per direct labor-hour $ 2.00 Estimated total machine-hours to be used 12,000 Estimated total direct labor hours to be worked 10,000 Machining Assembly Job Y Machine-hours 43 Direct labor-hours 30 Job Z Machine-hours 40 Direct labor-hours 60 How much manufacturing overhead is applied from the Machining Department to Job…
Problem#6 The WATSONS Company estimated Department A's overhead at P255,000 for the period based on an Estimated volume of 100,000 direct labor hours. At the end of the period, the factory overhead control account(actual) for Department A had a balance of P265,500; actual direct labor hours were 105,000. What was the over- or under applied overhead for the period?
Chapter 4 3. Cost flows and overhead application Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow. Job no. 636 was the only job in process on January 1 of the current year. The Work in Process account contained a $24,600 balance on this date. Jobs no. 637, 638, and 639 were started during January. Total direct material requisitions and direct labor incurred during January amounted to $89,200 and $114,500, respectively. The only job that remained in process on January 31 was job no. 638, with costs of $15,000 for direct materials and $20,000 for direct labor. a. Compute the total cost of the work in process inventory on January 31. Chapter 4 7. Overhead application: Working backward The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review:…
10 Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: 00:57:30 Total direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per direct labor-hour Recently, Job P951 was completed with the following characteristics: Number of units in the job Total direct labor-hours Direct materials Direct labor cost Multiple Choice The total job cost for Job P951 is closest to: (Round your intermediate calculations to 2 decimal places.) O O $1,680 $11,580 $12,380 100 100 $ 800 $10,700 $11,500 107,000 $ 406,600 $5.00 Help Save & Exit Subm K E +