1 | Calculate the predetermined overhead rate | |||
Total Manufacturing Overhead Cost | $247,650 | |||
Total machine hour | 63,500 | |||
Predetermined overhead cost per machine hour (247650/63500) | $3.90 | |||
2 | Compute the total manufacturing overhead applied to the Work in Process Inventory | |||
account during the first month of operations | ||||
Total Machine hours | 5200 | |||
Predetermined overhead rate | $3.90 | |||
Total applied manufacturing overhead | $20,280 | |||
3 | Compute the balance in Work in Process Inventory account at the end of the first month | |||
As the Job 101 and 102 are completed, thus transferred to Finished goods Inventory and | ||||
only Job 103 will be in Work in Process Inventory | ||||
Job 103 | ||||
Amount | ||||
Direct Material Used | $24,000 | |||
Direct labor | $26,900 | |||
Applied Manufacturing Overhead | $5,460 | |||
Total Work In Process Inventory | $56,360 | |||
4 | How much gross profit would the company report during the first month of operations | |||
before making an adjustment for over or under applied manufacturing overhead | ||||
Revenue | $50,600 | |||
Cost of goods sold: | ||||
Direct Material used | $10,700 | |||
Direct labor | $17,200 | |||
Applied manufacturing overheads | $6,240 | $34,140 | ||
Gross Profit | $16,460 | |||
As only Job 101 is sold, cost of goods sold will be for job 101 only | ||||
5-a | Determine the balance in the Manufacturing overhead account at the end of the first month | |||
Actual overhead cost | $18,780 | |||
Total overhead applied | $20,280 | |||
Balance | ($1,500) | |||
5-b | Is it over or under applied | |||
Over applied |
$4,800 Direct $ 17.200 $ 5,100 S 26,900 Job 103 is still in process. overhead rate....
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $202,240 and total machine hours at 63,200. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $10,800...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $228,660 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $214,540 and total machine hours at 63,100. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $217,700 and total machine hours at 62,200. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job Job 101 Job 102 Job 103 $ 5,600 $ 4,700 Total...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $205,920 and total machine hours at 62,400. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $204.930 and total machine hours at 62,100. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $250,400 and total machine hours at 62,600. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $11,800...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $222,840 and total machine hours at 61,900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $233,100 and total machine hours at 63,000. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 101 Job 102...
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $251600 and total machine hours at 62.900. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost. direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 181 Job 102...