FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Cloud, Minnesota, uses a job order costing system for its batch production processes. The St. Cloud plant has two departments through which most jobs pass. Plant-wide overhead, which includes the plant manager's salary, accounting personnel, cafeteria, and human resources, is budgeted at $200,000. During the past year, actual plantwide overhead was $190,000. Each department's overhead consists primarily of depreciation and other machine-related expenses. Selected budgeted and actual data from the St. Cloud plant for the past year are as follows. Budgeted department overhead (excludes plantwide overhead) Actual department overhead Expected total activity: Direct labor hours Machine-hours Actual activity: Direct labor hours Machine-hours Direct materials Direct labor cost: Department A (2,000 hr) Department B (500 hr). Machine-hours projected: Department A Department B Units produced $20,000 30,000 6,000 Department 100 1,200 10,000 $ 100,000 110,000 50,000 10,000 $1,000 10,500 For the coming year, the accountants at the St. Cloud plant are in the process of helping the sales force create bids for several jobs. Projected data pertaining only to job no. 110 are as follows. Department B $ 500,000 520,000 10,000 50,000 9,000 52,000 d. Compute the under- or overapplied overhead for the St. Cloud plant for the year. (Round your intermediate calculations to 2 decimal places.)
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Transcribed Image Text:The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Cloud, Minnesota, uses a job order costing system for its batch production processes. The St. Cloud plant has two departments through which most jobs pass. Plant-wide overhead, which includes the plant manager's salary, accounting personnel, cafeteria, and human resources, is budgeted at $200,000. During the past year, actual plantwide overhead was $190,000. Each department's overhead consists primarily of depreciation and other machine-related expenses. Selected budgeted and actual data from the St. Cloud plant for the past year are as follows. Budgeted department overhead (excludes plantwide overhead) Actual department overhead Expected total activity: Direct labor hours Machine-hours Actual activity: Direct labor hours Machine-hours Direct materials Direct labor cost: Department A (2,000 hr) Department B (500 hr). Machine-hours projected: Department A Department B Units produced $20,000 30,000 6,000 Department 100 1,200 10,000 $ 100,000 110,000 50,000 10,000 $1,000 10,500 For the coming year, the accountants at the St. Cloud plant are in the process of helping the sales force create bids for several jobs. Projected data pertaining only to job no. 110 are as follows. Department B $ 500,000 520,000 10,000 50,000 9,000 52,000 d. Compute the under- or overapplied overhead for the St. Cloud plant for the year. (Round your intermediate calculations to 2 decimal places.)
The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Cloud, Minnesota, uses a job order costing system for its batch production processes. The St. Cloud plant has two departments through which most jobs pass. Plant-wide overhead, which includes the plant manager's salary, accounting personnel, cafeteria, and human resources, is budgeted at $200,000. During the past year, actual plantwide overhead was $190,000. Each department's overhead consists primarily of depreciation and other machine-related expenses. Selected budgeted and actual data from the St. Cloud plant for the past year are as follows. Budgeted department overhead (excludes plantwide overhead) Actual department overhead Expected total activity: Direct labor hours Machine-hours Actual activity: Direct labor hours Machine-hours Direct materials Direct labor costi Department A (2,000 hr) Department (500 hr) Machine-hours projected: Department A Department B Units produced $20,000 30,000 6,000 Department 100 1,200 10,000 $100,000 110,000 50,000 10,000 51,000 10,500 Department B For the coming year, the accountants at the St. Cloud plant are in the process of helping the sales force create bids for several jobs. Projected data pertaining only to job no. 110 are as follows. $500,000 520,000 10,000 50,000 9,000 52,000 f. Would your response to part e change if the St. Cloud plant could use the facilities necessary to produce parts for job no. 110 for another job that could earn an incremental profit of $15,000?
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Transcribed Image Text:The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Cloud, Minnesota, uses a job order costing system for its batch production processes. The St. Cloud plant has two departments through which most jobs pass. Plant-wide overhead, which includes the plant manager's salary, accounting personnel, cafeteria, and human resources, is budgeted at $200,000. During the past year, actual plantwide overhead was $190,000. Each department's overhead consists primarily of depreciation and other machine-related expenses. Selected budgeted and actual data from the St. Cloud plant for the past year are as follows. Budgeted department overhead (excludes plantwide overhead) Actual department overhead Expected total activity: Direct labor hours Machine-hours Actual activity: Direct labor hours Machine-hours Direct materials Direct labor costi Department A (2,000 hr) Department (500 hr) Machine-hours projected: Department A Department B Units produced $20,000 30,000 6,000 Department 100 1,200 10,000 $100,000 110,000 50,000 10,000 51,000 10,500 Department B For the coming year, the accountants at the St. Cloud plant are in the process of helping the sales force create bids for several jobs. Projected data pertaining only to job no. 110 are as follows. $500,000 520,000 10,000 50,000 9,000 52,000 f. Would your response to part e change if the St. Cloud plant could use the facilities necessary to produce parts for job no. 110 for another job that could earn an incremental profit of $15,000?
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