Homework Answers
Compute manufacturing overhead rate = Total Estimated
cost 
Direct material cost per year
= $1,880,000
$1,000,000
= $1.88 per cost
_________________________________________________________________
Req. 1
Compute Total cost and cost per unit as follows:
| Job 324 | Job 325 | |
| Direct Material | $25,000 | $31,000 |
| Direct Labor [(150 hours × $11.5), (250 hours × $13)] | $1,725 | $3,250 |
| Manufacturing overhead [(25000 × $1.88), (31,000 × $1.88)] | $47,000 | $58,280 |
| Total cost | $73,725 | $92,530 |
| Units | 1200 | 1500 |
| Cost per unit | $61.44 | $61.69 |
____________________________________________________________
Req. 2
Compute Total cost and cost per unit using ABC as follows:
Working as follows:
| Activity | Estimated Cost (A) | Cost Driver (B) | Total Cost Driver Usage [C] | Rate [A/C] |
| Setup | 500,000 | Number of setups | 10,000 | 5 per setup |
| Ordering | 280,000 | Number of orders | 20,000 | 14 per order |
| Machinning | 900,000 | Machine hours | 60,000 | 15 per hour |
| Receiving | 200,000 | Number of parts | 100,000 | 2 per part |
___________________________________________________________
| Job 324 | Job 325 | |
| Direct Material | $25,000 | $31,000 |
| Direct Labor | $1,725 | $3,250 |
| Setup Cost @ 50 | $1,750 | $2,750 |
| Ordering Cost @14 | $420 | $840 |
| Machinning Cost @15 | $3,750 | $5,700 |
| Receiving Cost @2 | $3,400 | $5,000 |
| Total Cost | $36,045 | $48,540 |
| Units | 1200 | 1500 |
| Cost per unit | $30.04 | $32.36 |
________________________________________________________________
c)
ABC costing system is more accurate for charging manufacturing overhead.
Add Answer to:
9:46 + VOLTE Q 77 58% A + 1582598664663_H... MANAGERIAL ACCOUNTING HANDOUT PROBLEM 7 Score Name...
Managerial Accounting help
Reyes Manufacturing Company uses a job order cost system. At the beginning of January, the company had one job in process (Job 201) and one job completed but not yet sold (Job 200). Job 202 was started during January. Other select account balances follow (ignore any accounts that are not listed). During January, the company had the following transactions:(a) Purchased $63,000 worth of materials on account.(b) Recorded materials issued to production as follows: Job NumberTotal Cost201$11,50020220,400Indirect materials5,900$37,800 (c) Recorded factory payroll costs from...
MANAGERIAL ACCOUNTING HANDOUT PROBLEM 6 Score Name Section Problem (10 points). Britten Company manufactures room air...
MANAGERIAL ACCOUNTING HANDOUT PROBLEM 6 Score Name Section Problem (10 points). Britten Company manufactures room air conditioners. The company uses a process cost system to accumulate production costs and allocate them to finished goods and work in process inventory. For the month of May of the current year, the company started with 1,500 units in work in process inventory and started on 3,500 additional units during the month. At the end of May, there were 600 units that remained uncompleted....
Sheridan Company estimates that annual manufacturing overhead costs will be $902,000. Estimated annual operating activity bases...
Sheridan Company estimates that annual manufacturing overhead costs will be $902,000. Estimated annual operating activity bases are direct labor cost $400,000, direct labor hours 40,000, and machine hours 100,000. Compute the predetermined overhead rate for each activity base. (Round answers to 2 decimal places, eg. 10.50) Overhead rate per direct labor cost Overhead rate per direct labor hour $ Overhead rate per machine hour Coronado Company uses a job order cost system and applies overhead to production on the basis...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system...
Dillon Products manufactures various machined parts to customer
specifications. The company uses a job-order costing system and
applies overhead costs to jobs on the basis of machine-hours. At
the beginning of the year, the company used a cost formula to
estimate that it would incur $4,170,000 in manufacturing overhead
cost at an activity level of 556,000 machine-hours. The company
spent the entire month of January working on a large order for
8,900 custom made machined parts. The company had no...
Activity-Based Costing Slack Corporation has the following predicted indirect costs and cost drivers for 2016 for...
Activity-Based Costing Slack Corporation has the following predicted indirect costs and cost drivers for 2016 for the given activity cost pools Fabrication Department Finishing Department Cost Driver Maintenance Materials handling Machine setups Inspections $65,000 30,000 70,000 $55,000 Machine hours 15,000 Material moves 5,000 Machine setups 25,000 Inspection hours 165,000 $100,000 The following activity predictions were also made for the year Machine hours Material moves Machine setups Inspection hours Fabrication Department Finishing Department 5,000 1,500 50 1,000 10,000 3,000 700 It...
(2) Calculate the overhead cost per unit for Job 1004. (3) Determine the cost per unit...
(2) Calculate the overhead cost per unit for Job 1004.
(3) Determine the cost per unit for Jobs 1001 and 1004.
(4) Calculate the ending balance of work-in-process for
January.
(5) Determine the cost of goods manufactured.
(6) Calculate the cost of goods sold
Please do not answer just the first part of the question
1. Highland Co. is a job order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for...
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....
Activity-Based Costing Slack Corporation has the following predicted indirect costs and cost drivers for 2016 for...
Activity-Based Costing Slack Corporation has the following predicted indirect costs and cost drivers for 2016 for the given activity cost pools: Maintenance Materials handling Machine setups Inspections Fabrication Department Finishing Department Cost Driver $35,000 $25,000 Machine hours 30,000 15,000 Material moves 70,000 5,000 Machine setups 25,000 Inspection hours $135,000 $70,000 The following activity predictions were also made for the year: Machine hours Material moves Machine setups Inspection hours Fabrication Department Finishing Department 10,000 5,000 3,000 1,500 700 1,000 50 It...
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....
Concord Company uses a job order cost system and applies overhead to production on the basis...
Concord 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 $ 23,400, direct labor $ 14,040, and manufacturing overhead $ 18,720. As of January 1, Job 49 had been completed at a cost of $ 105,300 and was part of finished goods inventory....
MANAGERIAL ACCOUNTING HANDOUT PROBLEM 6 Score Name Section Problem (10 points). Britten Company manufactures room air conditioners. The company uses a process cost system to accumulate production costs and allocate them to finished goods and work in process inventory. For the month of May of the current year, the company started with 1,500 units in work in process inventory and started on 3,500 additional units during the month. At the end of May, there were 600 units that remained uncompleted....
Sheridan Company estimates that annual manufacturing overhead costs will be $902,000. Estimated annual operating activity bases are direct labor cost $400,000, direct labor hours 40,000, and machine hours 100,000. Compute the predetermined overhead rate for each activity base. (Round answers to 2 decimal places, eg. 10.50) Overhead rate per direct labor cost Overhead rate per direct labor hour $ Overhead rate per machine hour Coronado Company uses a job order cost system and applies overhead to production on the basis...
Dillon Products manufactures various machined parts to customer
specifications. The company uses a job-order costing system and
applies overhead costs to jobs on the basis of machine-hours. At
the beginning of the year, the company used a cost formula to
estimate that it would incur $4,170,000 in manufacturing overhead
cost at an activity level of 556,000 machine-hours. The company
spent the entire month of January working on a large order for
8,900 custom made machined parts. The company had no...
Activity-Based Costing Slack Corporation has the following predicted indirect costs and cost drivers for 2016 for the given activity cost pools Fabrication Department Finishing Department Cost Driver Maintenance Materials handling Machine setups Inspections $65,000 30,000 70,000 $55,000 Machine hours 15,000 Material moves 5,000 Machine setups 25,000 Inspection hours 165,000 $100,000 The following activity predictions were also made for the year Machine hours Material moves Machine setups Inspection hours Fabrication Department Finishing Department 5,000 1,500 50 1,000 10,000 3,000 700 It...
(2) Calculate the overhead cost per unit for Job 1004.
(3) Determine the cost per unit for Jobs 1001 and 1004.
(4) Calculate the ending balance of work-in-process for
January.
(5) Determine the cost of goods manufactured.
(6) Calculate the cost of goods sold
Please do not answer just the first part of the question
1. Highland Co. is a job order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for...
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....
Activity-Based Costing Slack Corporation has the following predicted indirect costs and cost drivers for 2016 for the given activity cost pools: Maintenance Materials handling Machine setups Inspections Fabrication Department Finishing Department Cost Driver $35,000 $25,000 Machine hours 30,000 15,000 Material moves 70,000 5,000 Machine setups 25,000 Inspection hours $135,000 $70,000 The following activity predictions were also made for the year: Machine hours Material moves Machine setups Inspection hours Fabrication Department Finishing Department 10,000 5,000 3,000 1,500 700 1,000 50 It...
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....
Concord 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 $ 23,400, direct labor $ 14,040, and manufacturing overhead $ 18,720. As of January 1, Job 49 had been completed at a cost of $ 105,300 and was part of finished goods inventory....
Most questions answered within 3 hours.
-
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 2 hours ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 3 hours ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 4 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 5 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 5 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 5 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 5 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 6 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 9 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 10 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 10 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 10 hours ago