Homework Answers
| 1Ans: | Sheridan Company | ||
| Given Estimated annual manufacturing OH cost is | 902000 | ||
| Est. Annual Operating activity bases are as follows | |||
| Direct Labor Cost | 400000 | ||
| Direct Labor Hours | 40000 | ||
| Machine Hours | 100000 | ||
| Required | |||
| 1. Overhead rate per Direct Labor Cost : | Direct Labour Cost/ Total OH Cost | ||
|
|
400000/902000 | ||
| 44.35% | |||
| 2. Overhead rate per Direct Labor Hour | Direct Labour Cost/ Direct Labor Hrs | ||
| $400000/40000hrs | |||
| $10 per Hr | |||
| 3. Overhead rate per Direct Machine Hour | Direct Machine Cost/ Direct Mch Hrs | ||
| $902000-400000/100000 mch hrs | |||
| $ 5.02 per Hr | |||
Note: It is assumed that there only Direct Material and Labor cost forms part of Annual Mnf. OH Cost given.
| 1Ans: | Coronado Company | ||||||
| Given that | |||||||
| Job No. | Dir. Material | Dir. Labor | |||||
| 50 | $12,000 | $6,000 | |||||
| 51 | 46800 | 30000 | |||||
| 52 | 36000 | 24000 | |||||
| Total | $94,800 | $60,000 | |||||
| Allocation of other Costs | |||||||
| Particulars | Amt(in $) | Basis of Allocation | Job 50 | Job 51 | Job 52 | Total | |
| Opening Balance of RM | 18,000 | Dir. Material | 2,278 | 8,886 | 6,835 | 18,000 | |
| Purchases | 1,08,000 | Dir. Material | 13,671 | 53,316 | 41,013 | 1,08,000 | |
| Factory Labor Costs | 84,000 | Dir. Labor | 8,400 | 42,000 | 33,600 | 84,000 | |
| Mnf OH | |||||||
| Indirect Materials | 20,400 | 20,400 | |||||
| Indirect Labor | 24,000 | 24,000 | |||||
| Depreciation | 14,400 | 14,400 | |||||
| Orhers | 19,200 | 19,200 | |||||
| Total | 2,88,000 | 24,349 | 1,04,203 | 81,448 | 2,88,000 | ||
| Given that | |||||||
| Est. Total Mnf OH Cost | 10,08,000 | ||||||
| Direct Labor Cost | 8,40,000 | ||||||
| Direct Labor Hrs | 24,000 | ||||||
| Prior Cost for Job 50 | |||||||
| Dr. Material | 24,000 | ||||||
| Dr. Labor | 14,400 | ||||||
| Other Costs | 19,200 | ||||||
| Total | 57,600 | ||||||
| Current cost | 24,349 | ||||||
| Total cost for Job 50 | 81,949 | ||||||
| Summary | |||||||
| Total Material cost for 3jobs | 2,44,800 | ||||||
| Total Labor cost for 3jobs | 1,58,400 | ||||||
| Total other mnf OH Costs | 97,200 | ||||||
| Grand Total | 5,00,400 | ||||||
| Predetermined Rate | 50% | ||||||
Add Answer to:
Sheridan Company estimates that annual manufacturing overhead costs will be $902,000. Estimated annual operating activity bases...
Coronado Company uses a job order cost system and applies overhead to production on the basis...
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On Janu 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24.000, direct labor $14,400, and manufacturing overhead $19,200. As of January 1, Job 49 had been completed at a cost of $108,000 and was part of finished goods inventory. There was a $18,000...
r cost system and applies overhead to production on the basis of direct labor costs. On...
r cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of finished goods inventory. There was a $ 18,000...
Coronado Company uses a job order cost system and applies overhead to production on the basis...
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of finished goods inventory....
Coronado Company uses a job order cost system and applies overhead to production on the basis...
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,000, direct labor $14,400, and manufacturing overhead $19,200. As of January 1, Job 49 had been completed at a cost of $108,000 and was part of finished goods inventory. There was a $18,000...
part C) c-f Coronado Company uses a job order cost system and applies overhead to production...
part C)
c-f
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of...
C-F Coronado Company uses a job order cost system and applies overhead to production on the...
C-F
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of finished goods...
Coronado Company estimates that annual manufacturing overhead costs will be $828,000. Estimated annual operating activity bases...
Coronado Company estimates that annual manufacturing overhead
costs will be $828,000. Estimated annual operating activity bases
are direct labor cost $450,000, direct labor hours 45,000, and
machine hours 90,000. Compute the predetermined overhead rate for
each activity base.
Brief Exercise 15-06 Coronado Company estimates that annual manufacturing overhead costs will be $828,000. Estimated annual operating activity bases are direct labor cost $450,000, direct labor hours 45,000, and machine hours 90,000. Compute the predetermined overhead rate for each activity base. (Round...
Sheridan Company uses a job order cost system and applies overhead to production on the basis...
Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. Un January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,600 direct labor $ 14.160 and manufacturing overhead $ 18,880. As of January 1, Job 49 had been completed at a cost of $ 106,200 and was part of finished goods inventory....
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On Janu 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24.000, direct labor $14,400, and manufacturing overhead $19,200. As of January 1, Job 49 had been completed at a cost of $108,000 and was part of finished goods inventory. There was a $18,000...
r cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of finished goods inventory. There was a $ 18,000...
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of finished goods inventory....
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24,000, direct labor $14,400, and manufacturing overhead $19,200. As of January 1, Job 49 had been completed at a cost of $108,000 and was part of finished goods inventory. There was a $18,000...
part C)
c-f
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of...
C-F
Coronado Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 24,000, direct labor $ 14,400, and manufacturing overhead $ 19,200. As of January 1, Job 49 had been completed at a cost of $ 108,000 and was part of finished goods...
Coronado Company estimates that annual manufacturing overhead
costs will be $828,000. Estimated annual operating activity bases
are direct labor cost $450,000, direct labor hours 45,000, and
machine hours 90,000. Compute the predetermined overhead rate for
each activity base.
Brief Exercise 15-06 Coronado Company estimates that annual manufacturing overhead costs will be $828,000. Estimated annual operating activity bases are direct labor cost $450,000, direct labor hours 45,000, and machine hours 90,000. Compute the predetermined overhead rate for each activity base. (Round...
Sheridan Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. Un January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $ 23,600 direct labor $ 14.160 and manufacturing overhead $ 18,880. As of January 1, Job 49 had been completed at a cost of $ 106,200 and was part of finished goods inventory....
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,600, direct labor $12,960, and manufacturing overhead $17,280. As of January 1, Job 49 had been completed at a cost of $97,200 and was part of finished goods inventory. There was a $16,200...
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