Fontaine Furniture started and finishedscreenshots attached belowthanks for help Requirements1.Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shownon Job 310's job cost record.2.Job 310 consists of twelve recliners. If each recliner sells for $750, what is the gross profit per recliner?More infoLumber: 45 units at $4 per unitPadding: 13 yards at $14 per yardUpholstery fabric: 25 yards at $30 per yardPrintPrintDoneXIndDoneTakalMore infoPenny Rawls: 12 hours at $13 per hourMark Frizzell: 16 hours at $22 per hourPrint- XDone-X Fontaine Furniture started and finished Job 310 during April. The company's records show that thefollowing direct materials were requisitioned for Job 310:i(Click the icon to view the direct materials for Job 310.)Requirement 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record.Job Cost Record for Job 310Direct Materials:LumberPaddingUpholstery fabricTotal Direct MaterialsDirect Labor:Penny RawlsMark Frizzell$units atyards atyards atTotal Direct LaborManufacturing Overhead Allocated:Total Job Costhours athours athours12 Per direct labor hourper unitper yardper yardper hourper hourLabor time records show the following employees (direct labor) worked on Job 310:i (Click the icon to view the labor time records for Job 310.)Fontaine allocates manufacturing overhead at a rate of $12 per direct labor hour.Read the requirements.Total

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Description: Fontaine Furniture started and finishedscreenshots attached belowthanks for help Requirements1.Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shownon Job 310's job cost record.2.Job 310 consists

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Requirement 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record. Job Cost Record for Job 310 Direct Materials: Lumber Padding Upholstery fabric Total Direct Materials Direct Labor: Penny Rawls Mark Frizzell S units at yards at yards at Total Direct Labor Manufacturing Overhead Allocated: Total Job Cost hours at hours at hours 12 Per direct labor hour per unit per yard per yard per hour per hour Total 000

Requirement 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record. Job Cost Record for Job 310 Direct Materials: Lumber Padding Upholstery fabric Total Direct Materials Direct Labor: Penny Rawls Mark Frizzell S units at yards at yards at Total Direct Labor Manufacturing Overhead Allocated: Total Job Cost hours at hours at hours 12 Per direct labor hour per unit per yard per yard per hour per hour Total 000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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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?
HH Electric reports the following information. Direct labor rate Non-materials-related overhead Materials-related overhead Target profit margin (on both conversion and direct materials) a. Compute the time charge per hour of direct labor. b. Compute the materials markup percentage. c. What price should the company quote for a job requiring four direct labor hours and $600 in materials? a. Time charge per hour of direct labor b. Materials markup c. Time and materials price $ 45 per DLH $ 25 per DLH 5% of direct materials cost 20% %
Required: 1. Calculate the per-unit cost of Jobs 78 and 79. Round your answers to the nearest cent. Job 78 per unit Job 79 per unit 2. Compute the ending balance in the work-in-process inventory account. Round your answer to the nearest cent. 3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost. Round your answers to the nearest cent. Completion of Jobs 78 & 79 Sale of Job 79 (cost) Sale of Job 79 (sale)
Characteristics of Production Process, Cost Measurement Vince Melders, of EcoScape Company, designs and installs custom lawn and garden irrigation systems for homes and businesses throughout the state. Each job is different, requiring different materials and labor for installing the systems. EcoScape estimated the following for the year: Number of direct labor hours 6,720 Direct labor cost $67,200 Overhead cost $50,400 During the year, the following actual amounts were experienced: Number of direct labor hours 6,045 Direct labor incurred $66,495 Overhead incurred $50,500 Required: 1. Should EcoScape use process costing or job-order costing? 2. If EcoScape uses a normal costing system and overhead is applied on the basis of direct labor hours, What is the overhead rate? Round your answer to the nearest cent. per direct labor hour
The following cost data relates to job 855D: Direct materials: $27,400 Direct labor cost: $9,600 Manufacturing overhead cost - applied: $4,000 (160 machine hours @ $25/machine hour) Selling and shipping cost: $14,000 The job 855D consists of 2,000 units and has been completed. What is the cost of goods sold per unit of job 855D? Select one: a. $26 b. $25.5 c. S20.5 d. $27.5 22°C uai
Q: Determining job cost, using direct labor cost, direct labor hour,and machine hour methods?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 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 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…
ion list Requirements 2. 3. 1. Compute Pelican Design's direct labor rate and its predetermined overhead allocation rate for 2024. K- Compute the total cost of each job. If Jackson wants to earn profits equal to 20% of service revenue, what fee should she charge each of these two clients? 4. Why does Pelican Design assign costs to jobs? estion 6 estion 7 Pelican Design, Inc. is a Web site design and consulting firm. The firm uses a job order costing system in which each client is a different job. Pelican Design assigns direct labor, licensing costs, and travel costs directly to each job. It allocates indirect costs to jobs based on a predetermined overhead allocation rate, computed as a percentage of direct labor costs. Print Done First, enter the direct costs for each job. Then Pelican Desig Estimated Cost of Delicious Treats a Data table Direct labor hours (professionals) Direct labor costs (professionals) Support staff salaries Computer leases. Office supplies Office rent Print At…
to the balance in Finished Goods? What would happen to the balance of Cost of Goods pay he Job by JU 30? What would happen Sold? Cornerstone Exercise 5.3 Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling Engineering Other overhead $ 72,000 165,000 280,000 Number of moves 3,000 10,000 Number of change orders Direct labor hours 50,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 $ 2,300 $12,700 $32,000 %24 $9,800 $2,400 (continued) $ Beginning balance Direct materials $20,300 $ 6,500 $19,800 $ 8,900 $20,000 $18,000 Direct labor cost
Compute Manufacturinh Overhead costs: Electricity for Factory- 15,800 Labor- 31,000 Rent for factory- 23,000 Insurance on factory- 1,400 glass for bulbs- 55,200 cardboard for packaging- 7,000 Is my cost driver Labor 31,000? Wha tare my units? Estimated total Manufacturing overhead?Estimated total hours?
Job Alpha requires $4,000 of direct material, $3,600 of direct labour and 120 direct labour hours. Manufacturing overhead is applied at $60 per direct labour hour. What is the cost of Job Alpha? O $4,000 O $7,600 O $14,800 O $16,500
You Answered Correct Answers Harmony Inc. uses a job-costing system with two direct cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Harmony allocates manufacturing overhead costs using direct labor costs. Harmony provides the following information: Overhead is allocated at $3/direct labor dollar. Question: How much overhead is allocated to jobs during 20X1? Budget for 20X1 Direct Materials Cost Direct Mfng Labor Cost Mfng Overhead Cost $3,120,000 2,900,000 $1,500,000 $4,500,000 Direct Mfng Labor Hours 40,000 4,350,000 (with margin: 0) Actual Results for 20X1 $1,900,000 $1,450,000 $3,355,000 50,000
Calculating Departmental Overhead Rates Using Post-Allocation Costs Valron Company has two support departments, Human Resources and General Factory, and two producing departments, Fabricating and Assembly. Support Producing Departments Departments Human General Resources Factory Fabricating Assembly Direct costs $160,000 $300,000 $114,400 $96,000 Normal activity: Number of 70 87.5 162.5 employees Square footage 1,100 4,000 12,000 The costs of the Human Resources Department are allocated on the basis of number of employees, and the costs of General Factory are allocated on the basis of square footage. Valron Company uses the direct method of support department cost allocation. Solve for the allocated costs to Fabricating and Assembly using the direct method of support department cost allocation. The Fabricating Department overhead rate is based on normal activity of 80,000 machine hours. The Assembly Department overhead rate is based on normal activity of 160,000 direct labor hours. 316…