Homework Answers
The costs for Job XYZ are determined on following basis
· Direct material is determined based on material requisition slip issued for each job. Job XYZ will have material requisition slips based on which raw materials are issued to production for direct usage in production
· Direct labor is determined based on time sheet maintained for all jobs. The time sheet contains details of direct labor hour and hourly rate paid for labor
· Manufacturing overheads are applied based on pre-determined overhead rate. The pre-determined overhead rate is calculated at the beginning of the year based on estimated manufacturing overheads and estimated cost driver base. The cost driver base can be labor hours, labour cost or machine hours. The pre-determined rate is then multiplied actual usage to get manufacturing overhead applied to each job. For example, if predetermined overhead rate is $5 per labor hour and actual usage of labor hours for Job XYZ is 50, then $5*50 =$250 manufacturing overhead is applied to the job XYZ
Add Answer to:
CHAPTER 15 introduces traditional product costing. As you know, the three product/manufacturing costs are Direct Materials,...
Sherwin Williams uses traditional volume based costing to determine its product costs. This is the method...
Sherwin Williams uses traditional volume based costing to determine its product costs. This is the method we learned in chapter 3 Job Order Costing. Currently, Sherwin Williams allocates overhead based on direct labor hours. The company estimated 10,000 direct labor hours and total overhead of $1,970,000 for the year. They have determined the following activity cost pools for overhead cost. Overhead Activities Machine setup $950,000 Material handling $820,000 Machine operation $200,000 Total $1,970,000 Note: Activity cost pools aren’t necessary for...
Harmony Inc. uses a job-costing system with two direct cost categories (direct materials and direct manufacturing...
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 material costs. Harmony provides the following information: Overhead is allocated at $3/direct material dollar Question: How much overhead is allocated to jobs during 20X1? Budget for 20x1 Actual Results for 20X1 Direct Materials Cost $1,500,000 $1,900,000 Direct Ming Labor Cost $1,500,000 $1,450,000 Ming Overhead Cost $4,500,000 $3,355,000 Direct Ming Labor...
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...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, dir...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and fixed manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and all variable manufacturing overhead D. direct material, direct labor, and manufacturing overhead During production, how are the costs in process costing accumulated? A to cost of goods sold B. to each individual department C. to each individual product D. to manufacturing overhead In...
OD QUESTION 16 Under variable costing, a unit of product includes which costs? A. direct material,...
OD QUESTION 16 Under variable costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs...
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs Basic 1,100 3,800 3,600 $18,000 64,500 Dominator 360 3,200 2,100 $ 5,650 45,500 Total 1,460 7,000 5,700 $ 23,650 110,000 209,370 $343,020 Tiger Furnishings's CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the company's cost accountant to analyze the accounts and assign overhead costs to two pools: overhead related to direct labor cost and overhead related...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to...
Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to all its packaged multigrain products. To meet Food and Drug Administration requirements and to assure its customers of safe, sanitary, and nutritious food, Health 'R Us engages in a high level of quality control. Health R Us assigns its quality control overhead costs to all products at a rate of 17% of direct labor costs. Its direct labor cost for the month of June...
Traditional Product Costing versus Activity-Based Costing Assume that Panasonic Company has determined its estimated total manufacturing...
Traditional Product Costing versus Activity-Based Costing Assume that Panasonic Company has determined its estimated total manufacturing overhead cost for one of its plants to be $1,272,800 consisting of the following activity cost pools for the current month: Activity Centers Activity Costs Cost Drivers Activity Level Assembly setups $ 264,000 Setup hours 2.000 Materials handing 129,600 Number of moves 600 Assembly 720,000 Assembly hours 18,000 Maintenance 159,200 Maintenance hours 1.990 Total $1,272,800 Total direct labor hours used during the month were...
Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to...
Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to all its packaged multigrain products. To meet Food and Drug Administration requirements and to assure its customers of safe, sanitary, and nutritious food, Health 'R Us engages in a high level of quality control. Health 'R Us assigns its quality-control overhead costs to all products at a rate of 17% of direct labor costs. Its direct labor cost for the month of June for...
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 material costs. Harmony provides the following information: Overhead is allocated at $3/direct material dollar Question: How much overhead is allocated to jobs during 20X1? Budget for 20x1 Actual Results for 20X1 Direct Materials Cost $1,500,000 $1,900,000 Direct Ming Labor Cost $1,500,000 $1,450,000 Ming Overhead Cost $4,500,000 $3,355,000 Direct Ming 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...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and fixed manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and all variable manufacturing overhead D. direct material, direct labor, and manufacturing overhead During production, how are the costs in process costing accumulated? A to cost of goods sold B. to each individual department C. to each individual product D. to manufacturing overhead In...
OD QUESTION 16 Under variable costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs Basic 1,100 3,800 3,600 $18,000 64,500 Dominator 360 3,200 2,100 $ 5,650 45,500 Total 1,460 7,000 5,700 $ 23,650 110,000 209,370 $343,020 Tiger Furnishings's CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the company's cost accountant to analyze the accounts and assign overhead costs to two pools: overhead related to direct labor cost and overhead related...
Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to all its packaged multigrain products. To meet Food and Drug Administration requirements and to assure its customers of safe, sanitary, and nutritious food, Health 'R Us engages in a high level of quality control. Health R Us assigns its quality control overhead costs to all products at a rate of 17% of direct labor costs. Its direct labor cost for the month of June...
Traditional Product Costing versus Activity-Based Costing Assume that Panasonic Company has determined its estimated total manufacturing overhead cost for one of its plants to be $1,272,800 consisting of the following activity cost pools for the current month: Activity Centers Activity Costs Cost Drivers Activity Level Assembly setups $ 264,000 Setup hours 2.000 Materials handing 129,600 Number of moves 600 Assembly 720,000 Assembly hours 18,000 Maintenance 159,200 Maintenance hours 1.990 Total $1,272,800 Total direct labor hours used during the month were...
Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to all its packaged multigrain products. To meet Food and Drug Administration requirements and to assure its customers of safe, sanitary, and nutritious food, Health 'R Us engages in a high level of quality control. Health 'R Us assigns its quality-control overhead costs to all products at a rate of 17% of direct labor costs. Its direct labor cost for the month of June for...
Most questions answered within 3 hours.
-
imagine that for the unimolecular reaction A ⟺ B, the value of Δ
G° is -0.89...
asked 1 minute from now -
A solution of sodium thiosulfate,
Na2S2O3, is 0.7707 M. 7.42 mL of
this solution reacts with...
asked 6 minutes ago -
What are the two types of important types of risks in
International Finance which are seldom...
asked 6 minutes ago -
Consider the reaction that occurs when a solution of formic acid
is added to a solution...
asked 13 minutes ago -
How would you illustrate the central dogma of
molecular genetics as it applies to eukaryotes?
asked 22 minutes ago -
4. In a solicitation for the
production of survival rafts, the navy provided detailed design
specifications...
asked 12 minutes ago -
You have created a successful and expanding car was business ,
It is still organized as...
asked 21 minutes ago -
In the traditional Keynesian model, an increase in current
taxes
decreases both disposable income and consumption....
asked 22 minutes ago -
The body temperatures in degrees Fahrenheit of a sample of
adults in one small town are:...
asked 28 minutes ago -
You have just taken a job at a manufacturing company and have
discovered that they do...
asked 25 minutes ago -
The CEO of the company asks you to justify the 10-percent
increase in sales training expenditures...
asked 29 minutes ago -
8. How to share the business development plan with the
stakeholders in outline of business development...
asked 42 minutes ago