Homework Answers
A)Manufacturing overhead applied = 125%of direct labor cost
= 125% * 1600
= 2000
Material cost applied on jobs in process =Ending WIP - Labor cost -overhead applied
= 6000 - 1600 -2000
= 2400
b)
| Date | Account title | Debit | credit |
| 1 | work in process | 45000 | |
| Raw material inventory | 18000 | ||
| Factory labor | 12000 | ||
| manufacturing overhead | 15000 | ||
| 2 | Finished goods inventory | 44000 | |
| Work in process | 44000 | ||
| 3a | cash | 50000 | |
| sales revenue | 50000 | ||
| b | cost of goods sold | 35200 | |
| merchandise inventory (44000*80%) | 35200 | ||
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Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use...
Jensen Fences overhead rate based on direct la the month of June. uses job order costing....
Jensen Fences overhead rate based on direct la the month of June. uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined bor costs. The following information appears in the company's Work in Process Inventory account for Debits to account: Balance, June 1 Direct materials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) 5,eee 18,800 12,300 15,375 Total debits to account $50,675 Credits to account: Transferred to Finished...
a connect Problem Set A is charged to individual hor costs. The following in wooth of...
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Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis...
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predetermined overhead rate of $2.80 per machine-hour was based on
a cost formula that estimates $249,200 of total manufacturing
overhead for an estimated activity level of 89,000
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Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances...
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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 $252,400 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: Job 101 Job 102 Job 103 Total Direct
materials used $...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.30 per machine-hour was based on a cost formula that estimates $225,400 of total manufacturing overhead for an estimated activity level of 98,000 machine-hours. Required: 1. Assume that during the year the company works only 93,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead...
Harwood Company uses a job-order costing system that applies
overhead cost to jobs on the basis of machine-hours. The company's
predetermined overhead rate of $2.80 per machine-hour was based on
a cost formula that estimates $249,200 of total manufacturing
overhead for an estimated activity level of 89,000
machine-hours.
Required:
1. Assume that during the year the company works only 84,000
machine-hours and incurs the following costs in the Manufacturing
Overhead and Work in Process accounts: Compute the amount of
overhead...
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.60 per machine-hour was based on a cost formula that estimates $228,800 of total manufacturing overhead for an estimated activity level of 88,000 machine-hours. Required: 1. Assume that during the year the company works only 83,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead...
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