FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Topic Video
Question
Helland Corporation uses a
Total direct labor-hours 30,000
Total fixed
Variable manufacturing overhead per direct labor-hour $ 2.50
The predetermined overhead rate is closest to:
$2.50 per direct labor-hour
$11.30 per direct labor-hour
$6.30 per direct labor-hour
$8.80 per direct labor-hour
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- 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 $380 $ 270 39 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 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 152,000 $ 657,000…arrow_forwardMuscat Sayarati Co. Uses a job - order costing system with a single plantwide predetermined overhead rate based on labor - hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $ 525,000, variable manufacturing overhead of $ 6.00 per labor hour, and 35,000 labor - hours. The job sheet of Job G828 shows that the number of units in this job order is 45 units which incurred total of 90 labor - hours. This job consumed $ 14 / unit of direct materials cost and $ 64 / unit of direct labor costs. What would be the total cost for Job G828 approximately? a. $ 4,860 b. $ 4,455 C. $ 5,400 d. $ 4.185arrow_forwardCull 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 $231,200, variable manufacturing overhead of $2.40 per machine-hour, and 34,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost $ 20 80 $ 990 1,980 If the company marks up its unit product costs by 25% then the selling price for a unit in Job X455 is closest to: Note: Round your intermediate calculations to 2 decimal places.arrow_forward
- Lupo 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 the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour $ 6 Recently, Job T687 was completed with the following characteristics: Number of units in the job Total machine-hours Direct materials Direct labor cost 31,700 $ 253,600 10 30 $ 690 S 1,380 The amount of overhead applied to Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $420.00 $253.60 $519.60 $84.00arrow_forwardHarwood Company uses a Job-order costing system that applies overhead cost to Jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.60 per machine-hour was based on a cost formula that estimates $260,000 of total manufacturing overhead for an estimated activity level of 100.000 machine-hours. Required: 1. Assume that durling the year the company works only 95,000 machine-hours and incurs the following costs In the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work In Process for the year and make the entry In your T-accounts. 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance In your Manufacturing Overhead T-account. 28. Prepare a Journal entry to close the company's underapplied or overappled overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs belovw. Req 1 Req 2A Req 28 Compute the amount of overhead…arrow_forwardHancock 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 the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per The estimated total manufacturing overhead is closest to: O $273,000 $630,000 O $357,004 O $357,000 machine-hour 70,000 $ 357,000 S 3.90arrow_forward
- Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour During the year, Job 550 was started and completed. The following information is available with respect to this job: Direct materials Direct labor cost Direct labor-hours Machine-hours $ 216 $ 327 15 5 Required: 1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? 2. Assume…arrow_forwardMcewan 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 46,000 direct labor-hours, total fixed manufacturing overhead cost of $322,000, and a variable manufacturing overhead rate of $4.80 per direct labor-hour. Job X941, which was for 50 units of a custom product, was recently completed. The job cost sheet for the job contained the following data: Total direct labor-hours Direct materials Direct labor cost 400 $ 800 $ 6,300 Required: Calculate the selling price for Job X941 if the company marks up its unit product costs by 20%. (Round intermediate calculations and final answer to 2 decimal places.) Selling price per unitarrow_forwardDehner 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: 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.) $10,780 20 100 $ 880 $ 9,900 $11,530 99,000 $ 544,500 $ 2.00arrow_forward
- Lupo 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 the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour 32,300 $581,400 $. 2.00 Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 40 Direct materials $4 630 Direct labor cost $1,260 The amount of overhead applied to Job T687 is closest to: Multiple Cholce $800.00 $581.40 6:08 PM = to search 92 F AQI 61 9/8/2021 22 DELL F11 F12 PrtScr Insert Delete PgUp Home End F4 F5 F6 F7 F8 F9 F10arrow_forwardMoody 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 $ 400 $ 210 32 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 60 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 152,000 $…arrow_forwardInfo in imagesarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education