Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predeterminedoverhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates:Machine-hoursDirect labor-hoursTotal fixed manufacturing overhead costJob A319:Machine-hoursVariable manufacturing overhead per machine-hourVariable manufacturing overhead per direct labor-hourDuring the current month the company started and finished Job A319. The following data were recorded for this job:Milling60Customizing102060$ 655$ 400Direct labor-hoursDirect materialsDirect labor cost.Multiple ChoiceOOO O$234.00The amount of overhead applied in the Customizing Department to Job A319 is closest to: (Round your intermediate calculations to 2 decimal places.)$786.00$552.00Milling18,0004,000$ 113,400$ 1.60$ 305$ 1,200$91,700.00Customizing13,0007,000$ 64,400$ 3.90

Overhead applied is the amount of estimated overhead. It can be determined using the predetermined…

Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A319. The following data were recorded for this job: Job A319: Machine-hours Multiple Choice 0 0 $234.00 $786.00 Direct labor-hours Direct materials Direct labor cost. The amount of overhead applied in the Customizing Department to Job A319 is closest to: (Round your intermediate calculations to 2 decimal places.) $552.00 Milling 60 20 $ 655 $ 400 $91,700.00 Milling 18,000 4,000 $ 113,400 $ 1.60 Customizing 10 60 $ 305 $ 1,200 Customizing 13,000 7,000 $ 64,400 $ 3.90

Comans Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A319. The following data were recorded for this job: Job A319: Machine-hours Multiple Choice 0 0 $234.00 $786.00 Direct labor-hours Direct materials Direct labor cost. The amount of overhead applied in the Customizing Department to Job A319 is closest to: (Round your intermediate calculations to 2 decimal places.) $552.00 Milling 60 20 $ 655 $ 400 $91,700.00 Milling 18,000 4,000 $ 113,400 $ 1.60 Customizing 10 60 $ 305 $ 1,200 Customizing 13,000 7,000 $ 64,400 $ 3.90

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning of the year, the company provided the following estimates: Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Department Molding 30,500 82,000 Painting 55,400 37,000 $ 164,000 $ 2.80 $ 493,060 0 0 $ 4.80 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job: Molding Department Painting Direct labor-hours Machine-hours 78 350 130 70 Direct materials $ 930 $ 1,240 Direct labor cost $…
I Risser Woodworking Corporation produces fine cabinets. The company uses a job-order costing system in which its predetermined overhead rate is based on capacity. The capacity of the factory is determined by the capacity of its constraint, which is an automated jointer. Additional information is provided below for the most recent month: Estimates at the beginning of the month: Estimated total fixed manufacturing overhead Capacity of the jointer Actual results: Sales Direct materials Direct labor Actual total fixed manufacturing overhead Selling and administrative expense Actual hours of jointer use Multiple Choice O $24,700 O $36,600 The gross margin that would be reported on the income statement prepared for internal management purposes would be closest to: O $48,500 $ 15,900 $76,800 300 hours $ 76,800 $ 14,300 $ 12,650 $ 15,900 $ 11,900 250 hours
Collini Corporation has two production departments, Machining and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Machining Department’s predetermined overhead rate is based on machine-hours and the Customizing Department’s predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machining Customizing Machine-hours 17,000 15,000 Direct labor-hours 3,000 6,000 Total fixed manufacturing overhead cost $ 102,000 $ 61,200 Variable manufacturing overhead per machine-hour $ 1.70 Variable manufacturing overhead per direct labor-hour $ 4.10 During the current month the company started and finished Job T268. The following data were recorded for this job: Job T268: Machining Customizing Machine-hours 80 30 Direct labor-hours 30 50 Direct materials $ 720 $ 380 Direct labor cost $ 900…
Gitano Products uses job-order costing and applies overhead cost to jobs based on direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate is based on a cost formula that estimated $129,000 of manufacturing overhead for an estimated allocation base of $86,000 direct material dollars to be used in production. The company provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building Raw Materials Work in Process Finished Goods Required: Beginning $ 28,000 $ 45,000 $ 71,000 $ 131,000 $82,000 $ 140,000 $ 8,400 $ 16,000 $ 11,000 $ 10,000 $ 38,000 Ending $ 13,000 $ 35,000 $ 58,000 1. Compute the predetermined overhead rate. 2. Compute the amount of underapplied or overapplied overhead. 3. Prepare a schedule of cost of goods manufactured. Assume all raw materials are used in…
Kostelnik Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $237,000, variable manufacturing overhead of $3.90 per machine-hour, and 30,000 machine-hours. The company has provided the following data concerning Job A496 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost 20 80 $ 500 $ 2,160 If the company marks up its unit product costs by 40% then the selling price for a unit in Job A496 is closest to: Note: Round your intermediate calculations to 2 decimal places.
Hanshaben
Garza Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department’s predetermined overhead rate is based on machine-hours and the Customizing Department’s predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Casting Customizing Machine-hours 23,000 15,000 Direct labor-hours 7,000 7,000 Total fixed manufacturing overhead cost $ 82,800 $ 30,100 Variable manufacturing overhead per machine-hour $ 1.40 Variable manufacturing overhead per direct labor-hour $ 4.70 The estimated total manufacturing overhead for the Customizing Department is closest to:
s
Hilltop Manufacturing uses a predetermined manufacturing overhead rate based on machine hours to allocate manufacturing overhead to jobs. Selected data about the company's operations follows: Actual manufacturing overhead cost $500,000 Estimated manufacturing overhead cost $550,000 Estimated direct labor cost $175,800 Estimated direct labor hours 50,500 Actual direct labor hours 60,700 Estimated machine hours 40,600 Actual machine hours 35,800 By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent.)
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used 151,000 $ 656,000 $ 4.90 $ 320 $ 250 36 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
Parker Company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, manufacturing overhead and direct labor-hours for the year were estimated at RM50,000 and 20,000 hours, respectively. In June, Job #461 was completed. Materials costs on the job totaled RM4,000 and labor costs totaled RM1,500 at RM5 per hour. At the end of the year it was determined that the company worked 24,000 direct labor-hours for the year and incurred RM54,000 in actual manufacturing overhead costs. REQUIRED: If Job #461 contained 100 units, compute the unit cost on the completed job cost sheet. Determine whether manufacturing overhead costs was under/over-applied for the year.
XYZ has two production departments, Forming and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Forming Finishing Machine-hours 18,000 14,000 Direct labor-hours 2,000 8,000 Total fixed manufacturing overhead cost OMR 99,000 OMR 70,400 Variable manufacturing overhead per machine-hour OMR 2.10 Variable manufacturing overhead per direct labor-hour OMR 3.90 During the current month the company started and finished Job PS5. The following data were recorded for this job: Job PS5: Forming Finishing Machine-hours 90 20 Direct labor-hours 30 60 Direct materials OMR 940 OMR 350 Direct labor cost OMR 960 OMR 1920 The total job cost for Job PS5 is closest to: a. None…