Under normal costing, would you use actual values to calculate direct materials and direct labour? Furthermore,...
Under normal costing, would you use actual values to calculate direct materials and direct labour? Furthermore, would you use the budgeted values to calculate manufacturing overhead?
Homework Answers
Under normal costing actual material quanity purchased and material price rate is used to calculate direct material cost and same way we use actual labour hours consumed and prevailing hourly rates to calculate direct labour cost.
Direct material cost= Actual Material Quantity* Actual Price
Direct labour cost= Actual hours*Actual rate/hour
Manufacturing overhead is calculated based on actual overheads multiplied by budgeted rate. Its not the actual rate but the standard rate for absorbing overheads.
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Under normal costing, would you use actual values to calculate
direct materials and direct labour? Furthermore,...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two...
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two direct-cost categories (direct materials and direct man- ufacturing labour) and one manufacturing overhead cost poll. Destin allocates man- ufacturing overhead costs using direct manufacturing labour costs. Destin provides the following information: Budget for Actuals for Year 2021 Year 2021 Direct manufacturing labour costs Direct manufacturing overhead costs Direct materials costs $1,000,000 $1,750,000 $1,500,000 $980,000 $1,862,000 $1,450,000 REQUIRED 1. Compute the actual and budgeted manufacturing...
Destin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor)...
Destin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Destin allocates manufacturing overhead costs using direct manufacturing labor costs. Destin provides the following information (Click the icon to view the information) Read the requirements Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2020. (Enter your answer as a number (not as a percentage] rounded to two decimal places, X.XX.) Actual manufacturing overhead rate Budgeted...
direct materials and direct manufacturing Donna Corporation manufactures custom cabinets for kitchens. It uses a normal...
direct materials and direct manufacturing Donna Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories labor--and one indirect cost pool, manufacturing overhead costs It provides the following information for 2017 Click the icon to view the information for 2017) Read the requirement Begin by calculating the budgeted Indirect cost rate. Select the formula and then calculate the rate (Assume the cost allocation base is direct labor hours) Budgeted manufacturing overhead costs Budgeted...
ABC Manufacturing Company's costing system has two direct cost categories: direct materials and direct manufacturing labour....
ABC Manufacturing Company's costing system has two direct cost categories: direct materials and direct manufacturing labour. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard DMLH At the beginning of 2018, ABC adopted the following standards for its manufacturing costs: Input Cost per Output Unit S 15 75 3 kg at $5 per kg 5 hours at $15 per hour Direct materials Direct manufacturing labour Manufacturing overhead: Variable Fixed Standard manufacturing cost per output...
A major conceptual difference between throughput costing and variable costing is 1)under variable costing, direct labour...
A major conceptual difference between throughput costing and variable costing is 1)under variable costing, direct labour and variable manufacturing overhead are charged to income as period expenses. 2)under throughput costing, direct labour and variable manufacturing overhead are deferred in inventory rather than charged to income as period expenses. 3)under throughput costing, direct labour and variable manufacturing overhead are charged to income as period expenses. 4) there are no conceptual differences between the two methods.
Destin Products uses a job-costinf system with two direct cost categories (direct materials and direct manufacturing...
Destin Products uses a job-costinf system with two
direct cost categories (direct materials and direct manufacturing
labor) and one manufacturing overhead cost pool Destin allocates
manufacturing overhead costs using direct manufacturing labor
costs. Destin proves the following information in the photo
.
1. Compute the actual and budgeted manufacturing
overhead rates for 2017.
2. During March, the job cost record for Job 626 contained the
following information:
Direct materials
used
$40,000
Direct manufacturing
labor costs $35,000
Compute the...
Janes Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct-cost categories...
Janes Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct-cost categories direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2020: (Click the icon to view the information for 2020.) Read the requirement Begin by calculating the budgeted indirect cost rate. Select the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted manufacturing overhead costs Budgeted labor hours Budgeted...
A firm uses direct labour-hours to apply overhead to products. Overhead was under-applied for the year...
A firm uses direct labour-hours to apply overhead to products. Overhead was under-applied for the year by $36899. The actual manufacturing overhead for the year was $111493. The budgeted manufacturing overhead was $138421 and budgeted labour-hours were 6779. Direct labour is paid at the rate of $21 per hour. What was the total direct labour cost for the year? Select one: a. $76716 b. $114665 c. $152614 d. $142359 Lager Ltd.’s production volume and per unit information for the year...
Janes Corporation manufacturos custom cabinets for kitchens. It uses a normal-costing system with two direct-cost categories...
Janes Corporation manufacturos custom cabinets for kitchens. It uses a normal-costing system with two direct-cost categories direct materials and direct manufacturing laborand one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2020: (Click the icon to view the information for 2020.) Read the requirement. Begin by calculating allocation base is a je the cost X Data Table indirect cost rate $ Now calculate the Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours Actual manufacturing overhead costs Actual...
A company uses normal costing. It allocates manufacturing overhead using a predetermined rate based on the number...
A company uses normal costing. It allocates manufacturing overhead using a predetermined rate based on the number of direct labor hours incurred. The following data is available for 2019: Budgeted manufacturing overhead costs = $2,000,000 Budgeted direct labor hours = 200,000 Actual manufacturing overhead costs = $2,100,000 Actual direct labor hours = 190,000 Based on this information, would manufacturing overhead be over- or under-allocated?
CW 1 Actual costing, normal costing, manufacturing overhead. Destin Products uses a -job-costing system with two direct-cost categories (direct materials and direct man- ufacturing labour) and one manufacturing overhead cost poll. Destin allocates man- ufacturing overhead costs using direct manufacturing labour costs. Destin provides the following information: Budget for Actuals for Year 2021 Year 2021 Direct manufacturing labour costs Direct manufacturing overhead costs Direct materials costs $1,000,000 $1,750,000 $1,500,000 $980,000 $1,862,000 $1,450,000 REQUIRED 1. Compute the actual and budgeted manufacturing...
Destin Products uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor) and one manufacturing overhead cost pool. Destin allocates manufacturing overhead costs using direct manufacturing labor costs. Destin provides the following information (Click the icon to view the information) Read the requirements Requirement 1. Compute the actual and budgeted manufacturing overhead rates for 2020. (Enter your answer as a number (not as a percentage] rounded to two decimal places, X.XX.) Actual manufacturing overhead rate Budgeted...
direct materials and direct manufacturing Donna Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct cost categories labor--and one indirect cost pool, manufacturing overhead costs It provides the following information for 2017 Click the icon to view the information for 2017) Read the requirement Begin by calculating the budgeted Indirect cost rate. Select the formula and then calculate the rate (Assume the cost allocation base is direct labor hours) Budgeted manufacturing overhead costs Budgeted...
ABC Manufacturing Company's costing system has two direct cost categories: direct materials and direct manufacturing labour. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard DMLH At the beginning of 2018, ABC adopted the following standards for its manufacturing costs: Input Cost per Output Unit S 15 75 3 kg at $5 per kg 5 hours at $15 per hour Direct materials Direct manufacturing labour Manufacturing overhead: Variable Fixed Standard manufacturing cost per output...
Destin Products uses a job-costinf system with two
direct cost categories (direct materials and direct manufacturing
labor) and one manufacturing overhead cost pool Destin allocates
manufacturing overhead costs using direct manufacturing labor
costs. Destin proves the following information in the photo
.
1. Compute the actual and budgeted manufacturing
overhead rates for 2017.
2. During March, the job cost record for Job 626 contained the
following information:
Direct materials
used
$40,000
Direct manufacturing
labor costs $35,000
Compute the...
Janes Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct-cost categories direct materials and direct manufacturing labor-and one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2020: (Click the icon to view the information for 2020.) Read the requirement Begin by calculating the budgeted indirect cost rate. Select the formula and then calculate the rate. (Assume the cost allocation base is direct labor hours.) Budgeted manufacturing overhead costs Budgeted labor hours Budgeted...
Janes Corporation manufacturos custom cabinets for kitchens. It uses a normal-costing system with two direct-cost categories direct materials and direct manufacturing laborand one indirect-cost pool, manufacturing overhead costs. It provides the following information for 2020: (Click the icon to view the information for 2020.) Read the requirement. Begin by calculating allocation base is a je the cost X Data Table indirect cost rate $ Now calculate the Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours Actual manufacturing overhead costs Actual...
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