Homework Answers
Requirements:
1) Total Manufacturing cost for March
Job X:$83600
Job Y:$75800
2) a. Amount of overapplied or Underapplied overhead
Underapplied overhead:$3100
b. Cost of goods sold account will be increased or decreased : Increased
1) Calculation of the Total manufacturing cost for Job X and Job Y for March
| Particulars | Job X | Job Y |
| Material A | 8000 | 16000 |
| Material B | 3000 | 8000 |
| Factory labor | 22000 | 15000 |
| Factory overhead cost | 50600 | 36800 |
| Total manufacturing cost | 83600 | 75800 |
2) Calculation of the amount of overapplied or Underapplied overhead
a. Amount of overheads overapplied or Underapplied
=Actual overheads - applied (factory)overheads
=$90500 - [$50600+$36800]
=$90500-$87400
=$3100
Therefore the Underapplied overheads are $ 3100
Working note
1)Actual overheads
| Particulars | Amount($) |
| Indirect materials | 39000 |
| Indirect labor | 28000 |
| Utilities | 3000 |
| Depreciation | 18000 |
| Insurance | 2500 |
| Total actual overheads | 90500 |
2) Factory overheads for the jobs at predetermined rate
Given,
Predetermined rate:$46
Machine hours:
Job X :1100
Job Y:800
Factory overheads-
Job X
=1100*$46
=$50600
Job Y
=800*$46
=$36800
b.Cost of goods sold account will be increased or decreased :
Due to the existence of Underapplied overhead i.e.,$3100 ,Cost of goods sold will be increased , in order to absorb Underapplied overheads
------------*------------
DO VOTE, ALL THE BEST
Add Answer to:
The following information applies to the O'Donnell Company for March production. There are only two jobs...
The following information applies to the O’Donnell Company for March production. There are only two jobs...
The following information applies to the O’Donnell Company for March production. There are only two jobs (X and Y) in production in March. Purchased direct materials and indirect materials with the following summary of receiving reports: Material A $ 16,000 Material B 12,000 Indirect materials 3,000 Total $ 31,000 Issued direct materials and indirect materials with this summary of requisitions: Job X Job Y Total Material A $ 8,000 $ 16,000 $ 24,000 Material B 3,000 8,000 11,000 Subtotal $...
The following information applies to the O'Donnell Company for March production. There are only two jobs...
The following information applies to the O'Donnell Company for March production. There are only two jobs (X and Y) in production in March a. Purchased direct materials and indirect materials with the following summary of receiving reports: Material A Material B Indirect materials Total $ 22,000 15,000 6,000 $ 43,000 b. Issued direct materials and indirect materials with this summary of requisitions: Material A Material B Subtotal Indirect materials Total Job X $ 9,200 4,200 $ 13,400 Job Y $...
The following information applies to the O'Donnell Company for March production. There are only two jobs...
The following information applies to the O'Donnell Company for March production. There are only two jobs (X and Y) in production in March. a. Purchased direct materials and indirect materials with the following summary of receiving reports Material A Material B Indirect materials Total $24,500 16,250 7,250 $48,000 b. Issued direct materials and indirect materials with this summary of requisitions: Job X ş 9,700 4,700 Material A Material B Subtotal Indirect materials Total 19,400 9,700 $29,100 s29,100 14,400 43,500 43,250...
Weeks: class z. No class 2 02/ 2010 ACC331 - Cost Accounting Chapter 4: Job Order...
Weeks: class z. No class 2 02/ 2010 ACC331 - Cost Accounting Chapter 4: Job Order Costing Homework Class Problem 3 The following information applies to the McDonnell Company for April production. There are only two jobs (A and B) in production in April. 1) Purchased direct materials and indirect materials with the following summary of receiving reports: Material X Material Y Indirect materials Total 12.000 3.000 2) Issued direct materials and indirect materials with this summary of requisitions: Material...
Problem 4-44 Application of Overhead [LO 4-3, 4-4, 4-5] The following information applies to the O’Donnell...
Problem 4-44 Application of Overhead [LO 4-3, 4-4, 4-5] The following information applies to the O’Donnell Company for March production. There are only two jobs (X and Y) in production in March. Purchased direct materials and indirect materials with the following summary of receiving reports: Material A $ 26,000 Material B 17,000 Indirect materials 8,000 Total $ 51,000 Issued direct materials and indirect materials with this summary of requisitions: Job X Job Y Total Material A $ 10,000 $ 20,000...
8 Problem 4-44 Application of Overhead [LO 4-3, 4-4, 4-5] 0.62 points The following information applies...
8 Problem 4-44 Application of Overhead [LO 4-3, 4-4, 4-5] 0.62 points The following information applies to the O'Donnell Company for March production. There are only two jobs (X and Y) in production in March. Skipped a. Purchased direct materials and indirect materials with the following summary of receiving reports: eBook Material A Material B Indirect materials Total $18,500 13,250 4,250 $36,000 Print References b. Issued direct materials and indirect materials with this summary of requisitions: Job x $ 8,500...
Watkins Machinery Company uses a normal job costing system. The company has the following partial trial...
Watkins Machinery Company uses a normal job costing system. The company has the following partial trial balance information for March, the last month of its fiscal year: Materials inventory (x, $9,750; Y, $6,500; Indirect materials, $16, 250) Work-in-process inventory (this is Job 101) Finished goods inventory (this is Job 100) $ 32,500 16,800 28,000 These transactions relate to the month of March: a. Purchased direct materials and indirect materials with the following summary of receiving reports: Material x Material y...
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory...
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $28,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of...
The following information applies to the O'Donnell Company for March production. There are only two jobs (X and Y) in production in March a. Purchased direct materials and indirect materials with the following summary of receiving reports: Material A Material B Indirect materials Total $ 22,000 15,000 6,000 $ 43,000 b. Issued direct materials and indirect materials with this summary of requisitions: Material A Material B Subtotal Indirect materials Total Job X $ 9,200 4,200 $ 13,400 Job Y $...
The following information applies to the O'Donnell Company for March production. There are only two jobs (X and Y) in production in March. a. Purchased direct materials and indirect materials with the following summary of receiving reports Material A Material B Indirect materials Total $24,500 16,250 7,250 $48,000 b. Issued direct materials and indirect materials with this summary of requisitions: Job X ş 9,700 4,700 Material A Material B Subtotal Indirect materials Total 19,400 9,700 $29,100 s29,100 14,400 43,500 43,250...
Weeks: class z. No class 2 02/ 2010 ACC331 - Cost Accounting Chapter 4: Job Order Costing Homework Class Problem 3 The following information applies to the McDonnell Company for April production. There are only two jobs (A and B) in production in April. 1) Purchased direct materials and indirect materials with the following summary of receiving reports: Material X Material Y Indirect materials Total 12.000 3.000 2) Issued direct materials and indirect materials with this summary of requisitions: Material...
8 Problem 4-44 Application of Overhead [LO 4-3, 4-4, 4-5] 0.62 points The following information applies to the O'Donnell Company for March production. There are only two jobs (X and Y) in production in March. Skipped a. Purchased direct materials and indirect materials with the following summary of receiving reports: eBook Material A Material B Indirect materials Total $18,500 13,250 4,250 $36,000 Print References b. Issued direct materials and indirect materials with this summary of requisitions: Job x $ 8,500...
Watkins Machinery Company uses a normal job costing system. The company has the following partial trial balance information for March, the last month of its fiscal year: Materials inventory (x, $9,750; Y, $6,500; Indirect materials, $16, 250) Work-in-process inventory (this is Job 101) Finished goods inventory (this is Job 100) $ 32,500 16,800 28,000 These transactions relate to the month of March: a. Purchased direct materials and indirect materials with the following summary of receiving reports: Material x Material y...
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of...
Most questions answered within 3 hours.
-
You have just been hired by the EPA to help with the new gas
mileage standards...
asked 39 minutes ago -
4) A firm is hit by increases in its wage rate, w.
a) How does this...
asked 54 minutes ago -
A square current loop 5.4 cm on each side carries a 510 mA
current. The loop...
asked 3 hours ago -
What are five tips in conducting knowledge assessment/literature
review research? Each of these tips needs to...
asked 3 hours ago -
Antigen presenting cells link innate and adaptive immune
responses. In the theoretical scenario where phagosomes cannot...
asked 3 hours ago -
Dealing with conflict, in my opinion, is a skill and an art. I
believe that those...
asked 4 hours ago -
6. A long straight wire with circular cross section and radius
1.5 cm carries a 1.2...
asked 4 hours ago -
Deacon Corporation has provided the following financial data
from its balance sheet and income statement:
Year...
asked 5 hours ago -
List and discuss at least three variables from everyday life for
which you expect the variable ...
asked 5 hours ago -
A high-pass filter consists of a 1.60 μF capacitor in series
with a 125 Ω resistor....
asked 5 hours ago -
A newly developed artificial intelligence has trouble
distinguishing hand-written numbers from hand-written alphabets.
There are pictures...
asked 5 hours ago -
The carbonate ion CO3 2- has multiple resonance structures.
a. Draw them and assign the hybridization...
asked 5 hours ago