Question

i Requirements The Luke Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining depan labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based costs). The 2017 budget for the plant is as follows: (Click the icon to view the budget data. Read the requirements, 1 J } J Direct Costs K Direct Materials L L Direct Manufacturing Labor 1. Identify the components of the overview diagram of Luke's job-costing system. Compute the budgeted manufacturing overhead rate for each department. 2. During February, the job-cost record for Job 494 contained the following: Machining Department Assembly Department Direct material used $ 49,000 S 78,000 Direct manufacturing labor costs S 14,000 S 18,000 Direct manufacturing labor-hours 1,000 1,500 Machine-hours 2.000 1,500 Compute the total manufacturing overhead costs allocated to Job 494. 3. At the end of 2017, the actual manufacturing overhead costs were $2,300,000 in machining and $4,300,000 in assembly. Assume that 55,000 actual machine-hours were used in machining and that actual direct manufacturing labor costs in assembly were $2,100,000. Compute the over- or underallocated manufacturing overtiead for each department Enter the formula, then enter the budgeted manufacturing overhead and cost allocation bases to solve for the b manuf. = manufacturing, DM = direct manufacturing.) Budgeted manut. overhead | Budgeted cost allocation base = Budgeted manufacturing og Machining $ 2,000,000 /S 50,000 = S 40 per Assembly $ 4,000,000 1S 2,000,000 200 % of = Requirement 2. Review the February job-cost record for Job 494. Compute the total manufacturing overhead Print Done Enter the formula to calculate the manufacturing overhead to allocate to a job. Budgeted overhead rate x Actual cost allocation base MOH allocated to job i Data Table Compute the total manufacturing overhead costs allocated to Job 494. (do not round Intermediary calculations.) MOH allocated to job Machining overhead Assembly overhead Manufacturing overhead Direct manufacturing labor costs Direct manufacturing labor-hours Machine-hours Machining Department Assembly Department $ 2,000,000 S 4,000,000 $ 1,300,000 S 2,000,000 150,000 230,000 50,000 230,000 Total manufacturing costs allocated to job 494 Enter any number in the edit fields and then click Check Answer. Print Done 1 part remaining Clear All

Answer 1

Luke Company

2.

Job 494
Machining Overhead	$           80,000	=2000*40
Assembly Overhead	$           36,000	=18000*200%
Total MOH	$        116,000

3.

Overhead applied
Machining Overhead	$     2,200,000
Assembly Overhead	$     4,200,000
Total Overhead applied	$     6,400,000
Actual Overhead	$     6,600,000
Under allocated overhead	$        200,000

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