Homework Answers
Budgeted Overhead Rate =
Budgeted Overhead/Expected Consumption of Machine hrs
Budgeted Overhead :-
Indirect Labor $120,000
Indirect Material $ 45,000
Manufacturing Related
Admin. Salaries $180,000
Machine Depreciation $420,000
Total overhead cost $765,000
Expected Machine Hr = 100,000*85%
= 85,000
Budgeted Overhead rate = $765,000/85,000
= $9/Machine hr
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The Meadows Corporation uses a normal job-order costing system for product costing purposes. At the beginning of 2019, it decided to allocate manufacturing overhead during 2019 to the various jobs using machine hours as the allocation base. The company has an annual capacity of 120,000 machine hours but expects the various jobs in 2019 to consume only 75% of the capacity The budgeted amounts for the various manufacturing overhead items for 2019 are given below: Indirect labor $ 220,000 Indirect...
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Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production 60,000 Machine-hours required to support estimated production 30,000 Fixed manufacturing overhead cost $ 180,000 Variable manufacturing overhead cost per direct labor-hour $ 1.00 Variable manufacturing overhead cost per machine-hour $ 2.00 During the year, Job 550 was started and completed. The following information is available with respect to this job: Direct materials $ 213...
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The Meadows Corporation uses a normal job-order costing system for product costing purposes. At the beginning of 2019, it decided to allocate manufacturing overhead during 2019 to the various jobs using machine hours as the allocation base. The company has an annual capacity of 120,000 machine hours but expects the various jobs in 2019 to consume only 75% of the capacity The budgeted amounts for the various manufacturing overhead items for 2019 are given below: Indirect labor $ 220,000 Indirect...
Crompton and Co., uses a normal job-order costing system. It set up a single cost-pool, single overhead allocation rate system using total budgeted manufacturing overhead for 2019 as the numerator and expected consumption of machine hours for 2019 as the denominator. There was no beginning WIP or FG inventory as of January 1, 2019. There was also no WIP as of December 31, 2019. The various jobs that Jindal worked on during 2019 consumed a total of 100,000 machine hours....
The Lowell 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 budget for the plant is as follows: (Click the icon to...
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