Newhard Company assigns overhead costs to jobs on the basis of 112% of direct labor costs. The job cost sheet for Job 313 includes $19,952 in direct materials cost and $10,400 in direct labor cost. A total of 1,500 units were produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313?
Q: Need Answer Please Providr
A: Step 1: Definition of Price-Earnings Ratio:In the context of finance, the price-earnings ratio is…
Q: Financial
A: The purpose of financial statements is to provide a clear and comprehensive picture of a company's…
Q: Need answer with explanation
A: Question 1: XYZ Corporation's Equipment SaleExplanation of Gain or Loss on Sale of Asset:This…
Q: What tax treatment applies to gains and losses on Sec. 1244 stock? OA. Losses on the sale or…
A: This option correctly describes the special tax treatment for Section 1244 stock, where ordinary…
Q: For each of the events listed below, select the category that best describes its effect on a…
A: Issuance of common sharesThis event increases cash inflows as the company raises capital from…
Q: not use ai please
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: hsl
A: Part 2: Explanation: Step 1: Record sales revenue in US dollars The company recognizes $56,880 in…
Q: With explanation. DON'T USE AI.
A: Ozonolysis of alkynes is a reaction where an alkyne undergoes cleavage by ozone (O₃), resulting in…
Q: Required information Problem 8-63 (LO 8-1) (LO 8-3) (Algo) [The following information applies to the…
A: To calculate the total tax liability for the individual with the provided details, we need to break…
Q: 26 Milden Company is a merchandiser that plans to sell 23,000 units during the next quarter at a…
A: First, we need to calculate the total sales for the next quarter. This is done by multiplying the…
Q: Not use ai and chatgpt
A: Step 1: Define Current LiabilitiesLiabilities that will soon become due and require payment are…
Q: General Accounting
A: Explanation of Times-Interest-Earned (TIE) RatioThe Times-Interest-Earned (TIE) ratio, also known as…
Q: vr
A: Step 1. Issuance of the new bonds on September 1:Marin issued $3,000,000 of 10-year, 6% bonds at…
Q: Ralph, an accrual basis taxpayer, owns an office building that he leases tovarious tenants. During…
A: Ralph received a total payment of $16,000, which is made up of three components: rent for November…
Q: Hello tutor provide answer
A: Step 1: Long-term debt can be calculated by subtracting the current liabilities and total equity…
Q: A good understanding of internal controls is essential to auditors. This helps them to understand…
A: (a) Internal Control Objectives for Westfield's Payroll Department:Completeness of Payroll Records:…
Q: Provide solution for this question
A: Given DataMost Recent Free Cash Flow (FCFO): $8.00 millionExpected Growth Rate (g): 6% (0.06)Cost of…
Q: point(s) possible Individual Q donated $40,000 to a Canadian registered charity. Q's taxable income…
A: To determine the federal donation tax credit for a charitable donation in Canada, it's essential to…
Q: Solve this problem
A: To find the required values for shareholders' equity and net working capital, let's go through the…
Q: From inception of operations to December 31, 2025, Kingbird Corporation provided for uncollectible…
A: Part 2: ExplanationStep 1: Beginning Balance- The analysis begins with the beginning balance in the…
Q: P4.6 (LO 3) Horace Culpepper, CA, was retained by Pulsar Cable to prepare financial statements for…
A: Let's analyze each error and prepare the correcting entries:Error 1: Cash received from a customer…
Q: Journal Entry assignment Key Bank: 1.No Journal entry required 2.Accounts payable 3.Accounts…
A: A. To record the notes payableDebit Cash to increase its balance by $2,900,000Credit Short-term note…
Q: I need help trying to find the federal income taxes and the regular tax gain from sale of an asset.
A: 1. Start with taxable income: Taxable income: $1,150,000 2. Subtract federal income taxes:…
Q: The City of Amarillo is authorized to issue $3,000,000, 5 percent regular serial bonds in 2023 for…
A: 1. First, let's calculate the necessary information: Total bond amount: $3,000,000 Interest rate:…
Q: Assume that Crusher Co. has several minor lawsuits outstanding. To determine the amount of liability…
A: Step 1: Calculate the expected cash flow for 2021 using probability-weighted averages:• Multiply…
Q: financial accounting
A: Step 1: Definition of Inventories:In accounting, inventories are considered current assets and are…
Q: The production department of Zan Corporation has submitted the following forecast of units to be…
A: 1. & 2. How Much Raw Material to Buy and How Much It Will CostEach unit produced needs 5 grams…
Q: None
A: First problem: Unfavorable variance = increase in the cost of goods sold to reduce the net…
Q: Hi expart give solution for this question
A: Step 2: Calculate Total AssetsTo calculate Total Assets, we use the formula for Total Asset…
Q: PLEASE ANSWER THE QUESTIONS IN SAME FORMAT AS SHOWN IN STEP #1, STEP #2, AND STEP #3 FOR REVIEW GOOD…
A: Part 2: ExplanationStep 1: Adjust Oakwood's Column of Accounts for Journal Entries1. Investment in…
Q: Total cash receipts Total cash disbursements 1st Quarter $ 180,000 $ 260,000 2nd Quarter $ 330,000 $…
A:
Q: Barkley Company provided the following information: Line Item Description Amount Current assets:…
A: The current ratio is a liquidity ratio that measures a company's ability to pay short-term…
Q: Please give correct answer
A: Step 1: Define Overhead CostsOverhead costs are the collection of indirect material and indirect…
Q: Problem 1.2.1 General Finance
A: Explanation of Present Price:The present price is the current cost of the item, which is $500 in…
Q: Question: The following information is provided for Sheridan Company and Concord Corporation: (in $…
A: Step 1: Introduction to ratio analysisRatio analysis is a method used to analyze financial…
Q: Don't use Ai and chatgpt. Answer in step by step with explanation
A: Disability benefits received from an employer-paid insurance policy are fully includable in income…
Q: bok Problem 8-29 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The…
A: Step 1: Determine Cost of Goods Sold (COGS)In this step, we identify the Cost of Goods Sold (COGS)…
Q: 20.
A: The investment doubles in value over 8 years. This means the final amount (A) is 2 times the initial…
Q: E6-12A. Net Income Planning Nolden Company has charged a selling price of $24 per unit, incurred…
A: Part A:Calculate the contribution margin per unit: $24 - $15 = $9Use the CVP formula to find the…
Q: Addleman Corporation has an activity-based costing system with three activity cost…
A: The first step in activity-based costing is to identify the overhead costs. In this case, the…
Q: Question 5 Not complete Marked out of 7.14 Flag question Journal entries for Debt Service Fund…
A: Part 2: Explanation: Step 1: Record the transfer from the General Fund to the Debt Service Fund The…
Q: Solve correct otherwise i give distlike
A: Question 36: Elisabeth Company's Adjusted COGSElisabeth Company's unadjusted COGS for 20X1 was…
Q: General accounting
A: What is FIFO?FIFO assumes that the first units purchased are the first ones sold. This means that…
Q: Answer in step by step with explanation. Don't use Ai and chatgpt
A: Estimated warranty cost at 3% of sales for 2025Warranty Cost=Sales for 2025 × Estimated…
Q: Consider the Classified Balance Sheet... The following categories are reflected on the classified…
A: The classified balance sheet organizes assets and liabilities into specific categories to present…
Q: Johnny's Meat Market, a cash basis taxpayer, receives a check for $150,000 from Mel's Diner for an…
A: Johnny's must report the $150,000 on their 2023 income tax return. As a cash basis taxpayer,…
Q: What is the labor rate variance for the month?
A: The labor rate variance is calculated using the formula: Labor Rate Variance = (Actual Rate -…
Q: None
A: Step 1: Introduction to the Work in processIn cost accounting, the work in process refers to the…
Q: Lob Corporation purchased a new delivery truck on March 1, 2024, for $60,000. The company paid…
A: Lob Corporation1. March 1, 2024 - Purchase of the Delivery TruckTruck Cost: $60,000Cash Paid:…
Q: Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced…
A: Part 2: Explanation: Step 1: Recording the transfer from the General Fund The General Fund…
Solve this accounting question
Step by step
Solved in 2 steps
- 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 five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?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.Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.
- Geneva, Inc., makes two products, X and Y, that require allocation of indirect manufacturing costs. The following data were compiled by the accountants before making any allocations: The total cost of purchasing and receiving parts used in manufacturing is 60,000. The company uses a job-costing system with a single indirect cost rate. Under this system, allocated costs were 48,000 and 12,000 for X and Y, respectively. If an activity-based system is used, what would be the allocated costs for each product?The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?A company has the following information relating to its production costs: Compute the actual and applied overhead using the companys predetermined overhead rate of $23.92 per machine hour. Was the overhead over applied or under applied, and by how much?
- A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600Job order cost sheets show the following costs assigned to each job: The company assigns overhead at $1.25 for each direct labor dollar spent. What is the total cost for each of the jobs?Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
- Chester Company provided information on overhead for its three producing departments as follows: Overhead is applied on the basis of machine hours in Fabricating and direct labor hours in Assembly and in Finishing. Job #13-198 had total prime cost of 6,700. The job took 40 machine hours in Fabricating, 100 direct labor hours in Assembly, and 20 direct labor hours in Finishing. What is the total cost of Job# 13-198? a. 6,700.00 b. 1,523.20 c. 8,223.20 d. 7,383.20Lansing. Inc., provided the following data for its two producing departments: Machine hours are used to assign the overhead of the Molding Department, and direct labor hours are used to assign the overhead of the Polishing Department. There are 30,000 units of Form A produced and sold and 50,000 of Form B. Required: 1. Calculate the overhead rates for each department. 2. Using departmental rates, assign overhead to live two products and calculate the overhead cost per unit. How does this compare with the plantwide rate unit cost, using direct labor hours? 3. What if the machine hours in Molding were 1,200 for Form A and 3,800 for Form B and the direct labor hours used in Polishing were 5,000 and 15,000, respectively? Calculate the overhead cost per unit for each product using departmental rates, and compare with the plantwide rate unit costs calculated in Requirement 2. What can you conclude from this outcome?The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?