FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Please provide currect answerarrow_forwardThe records at Smith and Jones Company show that Job 110 is charged with $11,000 of direct materials and $12,500 of direct labor. Smith and Jones Company allocate manufacturing overhead at 85% of direct labor cost. What is the total cost of Job No. 110?arrow_forwardThe Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine-hours in Dept. B. At the beginning of the yea the Corporation made the following estimates: Direct labor cost Manufacturing overhead Direct labor-hours Machine-hours Dept. A Dept. B $60,000 $40,000 $90,000 $45,000 6,000 9,000 2,000 15,000 What predetermined overhead rates would be used in Dept. A and Dept. B, respectively?arrow_forward
- Burns Corporation assigns overhead cost to completed jobs on the basis of 120% of direct labor costs. The job cost sheet for Job 413 shows that $12,000 in direct material has been used on the job and that $8,000 in direct labor has been incurred. A total of 200 units were produced in Job 413. What is the total manufacturing cost assigned to Job 413? What is the unit cost per unit for Job 413? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Open Sans,sa... !!! > ✔ V Ix % 0 $1 Qarrow_forwardPol Industries uses a job order cost system and applies manufacturing overhead costs to jobs using a predetermined overhead rate based on direct labour-hours. The following data were extracted from the company's accounting records for Year 6 Estimated Actual Manufacturing overhead costs 50,000 54,000 Direct labour- hours 20,000 24,000Job #232 was completed during the year and the following costs had been incurred on that job:Direct materials 4000 direct labour 1500 ( at $ 5.00 per direct labour hour) Suppose Job #232 contained 100 units. What unit cost would appear on the job cost sheet for job #232? Show ALL calculationsarrow_forwardJob 434 was recently completed. The following data have been recorded on its job costsheet:The company applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $12 per machine-hour. Direct Materials 45,000 Direct Labor Hours 630 Direct Labor Wage Rate 13/labor hour Machine Hours 390 Number of Units Completed 3,000 units Required: Compute the unit product cost that would appear on the job cost sheet for this job.arrow_forward
- Mickley Company's plantwide predetermined overhead rate is $21.00 per direct labor-hour and its direct labor wage rate is $11.00 per hour. The following information pertains to Job A-500: Direct materials Direct labor $280 $165 Required: 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 40 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.) 1. Total manufacturing cost 2. Unit product cost per unitarrow_forwardHilltop Manufacturing uses a predetermined manufacturing overhead rate based on machine hours to allocate manufacturing overhead to jobs. Selected data about the company's operations follows: Actual manufacturing overhead cost $500,000 Estimated manufacturing overhead cost $550,000 Estimated direct labor cost $175,800 Estimated direct labor hours 50,500 Actual direct labor hours 60,700 Estimated machine hours 40,600 Actual machine hours 35,800 By how much was manufacturing overhead overallocated or underallocated for the year? (Round intermediary calculations to the nearest cent.)arrow_forwardNewhard Company assigns overhead cost to jobs on the basis of 118% of direct labor cost. The job cost sheet for Job 313 includes $20,074 in direct materials cost and $10,700 in direct labor cost. A total of 1,550 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? a. Total manufacturing cost b. Unit product costarrow_forward
- Job 593 was recently completed. The following data have been recorded on its job cost sheet: Direct materials Direct labor-hours Direct labor wage rate Machine-hours $2,474 73 labor-hours $19 per labor-hour 134 machine-hours The Corporation applies to manufacture overhead on the basis of machine hours. The predetermined overhead rate is $20 per machine hour. The total cost that would be recorded on the job cost sheet for Job 593 would be: a. $7,381 b. $3,865 c. $6,541 d. $3,861arrow_forwardNonearrow_forwardABC Inc. uses a plantwide predetermined overhead rate of $22.30 per direct labor-hour. The predetermined rate was based on a cost formula that estimated $267,600 of total manufacturing overhead cost for an estimated 12,000 direct labor-hours. The company incurred actual total manufacturing overhead cost of $270,000 and 11,800 direct labor-hours. Determine the amount of manufacturing overhead cost that would have been applied to all jobs during the period.arrow_forward
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