Homework Answers
Question 18
Cost/Managerial Accounting has the least number of formal rules/regulations to follow. Because, this branch deals with the needs of the management rather than strict compliance with generally accepted accounting principles.
Question 15
Over-allocated manufacturing overhead means there were fewer actual overhead costs than we applied (or allocated) to jobs.
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Question 18 3 pts Which of the following types of accounting has the least number of...
Question 5 6 pts Harmony Inc. uses a job-costing system with two direct cost categories (direct...
Question 5 6 pts Harmony Inc. uses a job-costing system with two direct cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Harmony allocates manufacturing overhead costs using direct labor costs. Harmony provides the following information: Overhead is allocated at $3/direct labor dollar. Question: How much overhead is allocated to jobs during 20X1? Budget for 20x1 Actual Results for 20X1 Direct Materials Cost $3,120,000 $1,900,000 Direct Ming Labor Cost $1,500,000 $1,450,000 Ming Overhead Cost $4,500,000...
Question 2(lob casting accounting for Marks) anufacturing overhead) 125 The Matthew Company uses a normal job-costing...
Question 2(lob casting accounting for Marks) anufacturing overhead) 125 The Matthew Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job- costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory...
21. Hen Hao Lao Shi Mullen, Inc developed the following data: Beginning work in process inventory (WIP) Direct materials used (DM) Actual overhead (OH) Overhead applied (est OH) Cost of goods manufactured (CGM) Ending work in process (WIP) Hen Hao Lao Shi Mullen, Inc's total manufacturing costs (TMC) for the period is A) $570,000. B) $540,000. C) $390,000. D) cannot be determined from the data provided. Page 5 $270,000 210,000 330,000 240,000 360,000 450,000 22. Hen Hao Professor Mullen, Inc...
Question 2 (Job costing, accounting for manufacturing overhead rates) 25 Marks) The Matthew Company uses a...
Question 2 (Job costing, accounting for manufacturing overhead rates) 25 Marks) The Matthew Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job- costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
skip 23,24,26 22. Hen Hao Professor Mullen, Inc applies overhead on the basis of machine hours....
skip 23,24,26
22. Hen Hao Professor Mullen, Inc applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated SS annual overhead cost $1,200,000 Actual SS annual overhead cost $1,155,000 Estimated machine hours 400,000 Actual machine hours 380,000 A) $1,140,000 applied and $15,000 overapplied B) $1,200,000 applied and $15,000 overapplied C) $1,140,000 applied and $15,000 underapplied D) $1,145,000 applied and neither under- nor overapplied 23. If...
ER SS 11. All of the following are examples of managerial accounting information excepr: a budget...
ER SS 11. All of the following are examples of managerial accounting information excepr: a budget versus actual reports. b. monthly income statement for each store, c. monthly analysis of product profitability. d. annual balance sheet prepared in accordance with U.S. GAAP. e. None of the above. NOT A 12. When comparing the characteristics of financial and managerial accounting, which of the following is a focus of managerial accounting? a. Making future projections for geographic segments of a company. b....
3. General Electric employs a job order cost accounting system and keeps perpetual inventory records. The...
3. General Electric employs a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: (20 pts) 1. Direct materials requisitioned during the month: Job 101 $20,000 Job 102 16,000 Job 103 24,000 $60,000 2. Direct labor incurred and charged to jobs during the month was: Job 101 $32,000 Job 102 28,000 Job 103 20,000 $80,000 3. Manufacturing overhead was applied to...
In financial and managerial accounting (14th edition) chapter 17, problem 12E I'm trying to understand how...
In financial and managerial accounting (14th edition) chapter 17, problem 12E I'm trying to understand how the overhead costs were calculated. The answer is $285,000 but I'm not sure how that was calculated. Below are the details. Thanks! Fenwick Corporation's manufacturing and finished goods warehouse facilities burned to the ground on January 31. The loss was fully covered by insurance. The insurance company wanted to know the cost of the inventories destroyed in the fire. The company's accountants gathered the...
On page 135 of the book there is a discussion about the use of predetermined overhead...
On page 135 of the book there is a discussion about the use of
predetermined overhead rates for allocating manufacturing overhead
costs to individual jobs. A two part question:
1. explain as the shop operations manager responsible for the
actual production of products, what factors from your specific
floor manager position can or did you influence through the month
that may have affected actual costs versus planned/budgeted costs
to be different.
2. What is one example of cost that you...
Question 5 6 pts Harmony Inc. uses a job-costing system with two direct cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Harmony allocates manufacturing overhead costs using direct labor costs. Harmony provides the following information: Overhead is allocated at $3/direct labor dollar. Question: How much overhead is allocated to jobs during 20X1? Budget for 20x1 Actual Results for 20X1 Direct Materials Cost $3,120,000 $1,900,000 Direct Ming Labor Cost $1,500,000 $1,450,000 Ming Overhead Cost $4,500,000...
Question 2(lob casting accounting for Marks) anufacturing overhead) 125 The Matthew Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job- costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017...
Question 2 (Job costing, accounting for manufacturing overhead rates) 25 Marks) The Matthew Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job- costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The...
Question 21 5 pts In a job order costing system manufacturing overhead is applied to jobs using actual and not estimated costs. True O False Question 22 5 pts Which of the following statements about using a plantwide overhead rate based on direct laboris correct? Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs. The labor theory of value ensures that using a plantwide overhead rate based...
skip 23,24,26
22. Hen Hao Professor Mullen, Inc applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under-or overapplication of overhead for the period: Estimated SS annual overhead cost $1,200,000 Actual SS annual overhead cost $1,155,000 Estimated machine hours 400,000 Actual machine hours 380,000 A) $1,140,000 applied and $15,000 overapplied B) $1,200,000 applied and $15,000 overapplied C) $1,140,000 applied and $15,000 underapplied D) $1,145,000 applied and neither under- nor overapplied 23. If...
ER SS 11. All of the following are examples of managerial accounting information excepr: a budget versus actual reports. b. monthly income statement for each store, c. monthly analysis of product profitability. d. annual balance sheet prepared in accordance with U.S. GAAP. e. None of the above. NOT A 12. When comparing the characteristics of financial and managerial accounting, which of the following is a focus of managerial accounting? a. Making future projections for geographic segments of a company. b....
On page 135 of the book there is a discussion about the use of
predetermined overhead rates for allocating manufacturing overhead
costs to individual jobs. A two part question:
1. explain as the shop operations manager responsible for the
actual production of products, what factors from your specific
floor manager position can or did you influence through the month
that may have affected actual costs versus planned/budgeted costs
to be different.
2. What is one example of cost that you...
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