John at Tim's Toys was working on a custom-made miniature car for a customer. The job, BCB101, w started in March. At the end of March, the job cost sheet for BCB101 showed direct materials of $6,000, direct labor of 200 hours at $75 per hour, and overhead of 80% of direct labor cost. During April, direct materials of $1,700 were added, and John's time ticket showed 50 hours on Job BCB10: 25 hours on Job BCB102, and 40 hours on a new job, BCB103. Job BCB101 was completed on April 29. What is the total cost of Job BCB101 as of April 29? $26,450 $33,000 $41,450

John at Tim's Toys was working on a custom-made miniature car for a customer. The job, BCB101, w started in March. At the end of March, the job cost sheet for BCB101 showed direct materials of $6,000, direct labor of 200 hours at $75 per hour, and overhead of 80% of direct labor cost. During April, direct materials of $1,700 were added, and John's time ticket showed 50 hours on Job BCB10: 25 hours on Job BCB102, and 40 hours on a new job, BCB103. Job BCB101 was completed on April 29. What is the total cost of Job BCB101 as of April 29? $26,450 $33,000 $41,450

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Description: John at Tim's Toys was working on a custom-made miniature car for a customer. The job, BCB101, wasstarted in March. At the end of March, the job cost sheet for BCB101 showed direct materials of$6,000, direct labor of 200 hours at $75 per hour, and o

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 10E: Compute the total job cost for each of the following scenarios: a. If the direct labor cost method...

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Compute the total job cost for each of the following scenarios: a. If the direct labor cost method is used in applying factory overhead and the predetermined rate is 100%, what amount should be charged to Job 2010 for factory overhead? Assume that direct materials used totaled 5,000 and that the direct labor cost totaled 3,200. b. If the direct labor hour method is used in applying factory overhead and the predetermined rate is 10 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, and the number of direct labor hours totaled 250. c. If the machine hour method is used in applying factory overhead and the predetermined rate is 12.50 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, the direct labor hours were 250 hours, and the machine hours were 295 hours.
Luna Manufacturing Inc. completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the following data, based on an estimate of 5,000 direct labor hours: The factory has one production department and uses the direct labor hour method to apply factory overhead. Three jobs are started during the month, and postings are made daily to the job cost sheets from the materials requisitions and labor-time records. The following schedule shows the jobs and amounts posted to the job cost sheets: The factory overhead control account was debited during the month for actual factory overhead expenses of 27,000. On June 11, Job 2526 was completed and delivered to the customer using a mark-on percentage of 50% on manufacturing cost. On June 24, Job 2527 was completed and transferred to Finished Goods. On June 30, Job 2528 was still in process. Required: 1. Prepare job cost sheets for Jobs 2526, 2527, and 2528, including factory overhead applied when the job was completed or at the end of the month for partially completed jobs. 2. Prepare journal entries as of June 30 for the following: a. Applying factory overhead to production. b. Closing the applied factory overhead account. c. Closing the factory overhead account. d. Transferring the cost of the completed jobs to finished goods. e. Recording the cost of the sale and the sale of Job 2526.
York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and fivemachine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 utilities, and $350 in depreciation expense.A. What is the predetermined overhead rate if machine hours are considered the cost driver?B. What is the cost of Job 416?C. What is the overhead incurred during the month?
The Cavy Company estimates that the factory overhead for the following year will be $1,558,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 38,000 hours. The machine hours for the month of April for all of the jobs was 4,900. Prepare the journal entry to apply factory overhead.
Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Direct materials are assigned to each job according to actual cost. Jobs are marked up 20% above total manufacturing cost to determine the selling price. If Job M-47 used $335 of direct materials and took 20 direct hours of labor to complete, what is the selling price of the job?
Yarra Fabrication estimates that its manufacturing overhead will be $2,348,000 in year 1. It further estimates that direct material costs will amount to $1,468,000. During July, Yarra worked on four jobs with actual direct materials costs of $77,000 for Job 0701, $108,000 for Job 0702, $140,000 for Job 703, and $1,635,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. Required: How much overhead was applied to each of the four jobs, 0701,0702,0703, and 0704? Job 0701 _____________ Job 0702______________ Job 0703 ____________ Job 0704____________ What was the over- or underapplied manufacturing overhead for year 1? (overapplied or underapplied)________________ manufacturing overhead _________________
Garrett Toy Company incurred the following costs in April to produce job number TB78, which consisted of 1,000 teddy bears that can walk, talk, and play cards. Direct Material:4/1/20x0 Requisition number 101: 400 yards of fabric at $.80 per yard4/5/20x0 Requisition number 108: 500 cubic feet of stuffing at $.30 per cubic footDirect Labor:From employee time cards for 4/1/20x0 through 4/8/20x0: 500 hours at $12 per hourManufacturing Overhead:Applied on the basis of direct-labor hours at $2.00 per hour.On April 30, 700 of the bears were shipped to a local toy store.Required: Prepare a job-cost record using the information given above. (Use Exhibit 3–3 as a guide.)
At the beginning of the year, a company predicts total overhead costs of $560,000. The company applies overhead using machine hours and estimates it will use 1,400 machine hours during the year. What amount of overhead should be applied to Job 65A if that job uses 13 machine hours during January?
I do not want the answer i just need help figuring out how to get the answer. can you please explain to me what I need to do to get to my answer for each one? the question is below At the end of August, Rothchild Company had completed Jobs 40 and 42. Job 40 is for 10,000 units, and Job 42 is for 11,000 units. The following data relate to these two jobs: On August 4, Rothchild Company purchased on account 12,000 units of raw materials at $14 per unit. During August, raw materials were requisitioned for production as follows: 5,000 units for Job 40 at $8 per unit and 6,200 units for Job 42 at $14 per unit. During August, Rothchild Company accumulated 3,500 hours of direct labor costs on Job 40 and 4,200 hours on Job 42. The total direct labor was incurred at a rate of $25.00 per direct labor hour for Job 40 and $23.50 per direct labor hour for Job 42. Rothchild Company estimates that total factory overhead costs will be $810,000 for the year. Direct labor hours are estimated to be…
Dillon Products manufactures various machined parts to customer specifications. The company uses a joborder costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning ofthe year, it was estimated that the company would work 240,000 machine-hours and incur $4,800,000 inmanufacturing overhead costs.The company spent the entire month of January working on a large order for 16,000 custom mademachined parts. The company had no work in process at the beginning of January. Cost data relating toJanuary follow:a. Raw materials purchased on account, $325,000.b. Raw materials requisitioned for production, $290,000 (80% direct materials and 20% indirect materials).c. Labor cost incurred in the factory, $180,000 (one-third direct labor and two-thirds indirect labor).d. Depreciation recorded on factory equipment, $75,000.e. Other manufacturing overhead costs incurred, $62,000 (credit Accounts Payable).f. Manufacturing overhead cost was applied to production on…
Leo, Inc. expects to assemble 20,000 units of laptop computers this coming month.The amount ofmanufacturing overhead incurred this coming month is estimated to be $1,100,000.The number of directlabor hours is estimated to be 4,000 hours.Leo, Inc. is currently using direct labor hours as the singleallocation base to apply manufacturing overhead to the jobs.Leo, Inc. receives a job order whichrequires labor work of 200 hours.Answer the following questions. 1.Calculate the predetermined overhead rate used to apply manufacturing overhead. 2.Based on your answer in (1), calculate how much of manufactured overhead should be applied tothis specific order. 3.The amount ofactualmanufacturing overhead incurred equals $1,200,000 at the end of thismonth.The amount ofappliedmanufacturing overhead during this month is $1,050,000.Calculate the overapplied or underapplied manufacturing overhead.