Jackson Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Read the potremmarde Requirement 1. Compute Jackson's predetermined manufacturing overhead rate Determine the formula to calculate the predetermined overhead rate, then calculate the rate Predetermined overhead rate

Jackson Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Read the potremmarde Requirement 1. Compute Jackson's predetermined manufacturing overhead rate Determine the formula to calculate the predetermined overhead rate, then calculate the rate Predetermined overhead rate

Name: Jackson Foundry in Columbus, Ohio, uses a predetermined manufacturing
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Description: Jackson Foundry in Columbus, Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year,the company expected to incur the following:(Click the icon

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost. Required: Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. Enter all amounts as positive values. Direct materials used Direct labor Manufacturing overhead applied TEREST Total current manufacturing costs Beginning work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Ending finished goods inventory Cost of goods sold Case 1 13,000 12,000 9,700 4,400 3,600 7,100 Case 2 11,500 25,000 9,500 46,000 10,900 37,000…
Firm | Cash | Sales | Dividend | Value CSG | N/A | $9.2 | $0.4 | $12.2 KO | $3.6 | $20.3 | $2.2 | $110.8 PEP | $1.8 | $25.9 | $1.1 | $81 On July 28, 2023, Hansen Natural had $ 210,000 in cash, $9.22 million in sales, and zero dividends. Which of the following statement about Hansen's value is correct? Group of answer choices The sales - based ratio suggests a value between $12 million, $28.6 million, and $50.7 million. The sales - based ratio suggests a value between $12 million, $48.54 million, and $73 million. The dividend - based ratio suggests a positive value, and can be used as a good estimate of Hansen's value. The cash - based ratio suggests a value between $6.5 million and $20 million.
Bret's RV Manufacturing uses job order costing to account for it's manufacturing costs. The company estimates total manufacturing overhead costs for the coming year to be $282,783. The total direct materials costs are estimated to be $784,555. The total direct labor hours are estimated to be 67,670 hours with direct labor costs estimated at $541,365. What is the Predetermined Overhead rate if the company applies overhead based on direct labor hours? 52.24% 36.04% O417.89% 23.93% O4,18%
Frame 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: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour O $24,000 O $110,400 $86,400 Casting Customizing 19,000 1,000 $ 138,700 $ 1.60 The estimated total manufacturing overhead for the Customizing Department is closest to: $60,379 11,000 8,000 $ 86,400 S 3.00
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 $ 400 $ 270 34 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. 156,000 $ 651,000 4.70 S Required 1 Required 2 If Job 400…
Use the following information to answer the question. Estimated manufacturing overhead $180,000 Actual manufacturing overhead $240,000 Estimated direct labour hours 15,000 Actual direct labour hours worked 16,000 The predetermined overhead rate for applying manufacturing overhead would be:
A company 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 the expected usage of their machine. For this period, the machine has a capacity of 450 MHs, but based on anticipated production, only 375 MHs are expected to be required. The company's MOH is relatively fixed, estimated at $11,250 for both levels of MHs. At the end of the period, actual production used 413 MHs and total actual MOH amounted to $10.500. 1. How much less MOH would be applied during the month using capacity MHs rather than the traditional method?
Jackson Foundry uses a predetermined overhead allocation rate to allocate overhead to individual jobs, based on the machine hours required. (Click the icon to view the costs.) Requirements 1. 2. 3. Compute Jackson's predetermined overhead allocation rate. Prepare the journal entry to allocate manufacturing overhead. Post the manufacturing overhead transactions to the Manufacturing Overhead T-account. Is manufacturing overhead underallocated or overallocated? By how much? 4. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead. Does your entry increase or decrease Cost of Goods Sold? Print Allocated overhead to WIP Done - X Data table At the beginning of 2024, the company expected to incur the following: Manufacturing overhead costs Direct labor costs $880,000 1,540,000 Machine hours 80,000 hours At the end of 2024, the company had actually incurred: Direct labor costs Depreciation on manufacturing plant and equipment Property taxes on plant…
Your Company uses a predetermined overhead rate based on direct labor hours. The POR is $10 per direct labor hour. Use the following information to determine by how much the manufacturing overhead cost for the current year will be over or under applied. Direct labor-hours: Estimated for the year 25,000 Actual hours worked 25,600 Direct labor cost: Estimated for the year $300,000 Actual cost incurred $210,000 Manufacturing overhead: Estimated for the year $250,000 Actual cost incurred $252,000 The manufacturing overhead cost for the current year will be: O $6,000 under applied O $6,000 over applied O $4,000 over applied O $4,000 under applied
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Selected cost data for Aerial Co for the year are as follows: Estimated overhead cost for the year Estimated direct labor cost for the year Actual manufacturing overhead cost for the year Actual direct labor cost for the year Aerial Co uses direct labor to apply overhead to jobs. What is the over or under applied overhead for this year? Do not round the predetermined rate -- only round the last computation. Enter over applied as a positive amount and under applied as a negative amount. Round to the nearest whole number, omit commas and dollar signs. Your Answer: $ 150,000 $ 81,000 $ 164,000 $ 76,000 1 Answer
5) Munist, Corporation 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: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Job T617: Machine-hours Direct labor-hours Direct materials Direct labor cost Forming S Avelin Davi S Forming 18,000 2,000 During the current month the company started and finished Job T617. The following data were recorded for this job: 99,000 www 2.10 Finishing 90 30 940 960 S Finishing The total job cost for Job T617 is closest to: (Round your intermediate calculations…