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Calculator On November 2, Newsprint Manufacturing purchases 5 rolls of paper on account at $125 per...
Calculator Chart of Accounts General Journal H1 Instructions On November 2, Newsprint Manufacturing purchases 5 rolls...
Calculator Chart of Accounts General Journal H1 Instructions On November 2, Newsprint Manufacturing purchases 5 rolls of paper on account of $125 per rol for use within the production process. On November 5, 4 rols of this paper are issued to Job 157A in the Printing Department. The Printing Department applies $675 in direct labor and $1,150 of factory overhead to Job 157A. On November 8, Printing transfers Job 157A to the Folding Department. The Folding Department applies 5450 in...
On November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix. Materials:...
On November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix. Materials: Standard Cost Oats Wheat Barley Standard Qty. 525 pounds 450 pounds 85 pounds 65 pounds 25 quarts 25 gallons $1.25 per pound $1.15 per pound $1.45 per pound $2.15 per pound $1.20 per quart $0.45 per gallon Malt Honey Water Time: Miller 4 1/2 hours 1 1/2 hours $22.75 per hour $11.50 per hour Loader Overhead is applied at $5.75 per pound completed. The...
55 rolls 560 rolls UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during November Completed...
55 rolls 560 rolls UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during November Completed during November Ending Work-in-Process (80% complete for conversion work) 490 rolls 125 rolls $ 10,670 COSTS Beginning Work-in-Process Inventory (transferred in costs, $3,500; materials cost, $1,750; conversion costs, $5,420) Transferred in from Spinning Department Materials cost added during November Conversion costs added during November (manufacturing wages, $8,120; manufacturing overhead allocated, $45,460) 18,025 13,010 53,580 Units accounted for: Beginning work-in-process Completed and transferred out Total...
Lucas Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has...
Lucas Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $60 per machine hour, while the Sanding Department uses a departmental overhead rate of $30 per direct labor hour. Job 542 used the following direct labor hours and machine hours in the two departments Assembly Department 9 Sanding Department Actual results Direct labor hours used Machine hours used The cost...
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...
P15.5A (LO 1, 2, 3, 4, 5), AN Phillips Corporation's fiscal year ends on November 30....
P15.5A (LO 1, 2, 3, 4, 5), AN Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Dec. 1 Raw Materials Inventory (a) Dec. 31 Requisitions 17,225 16,850 Beginning balance Purchases Ending balance 31 Dec. 31 7,975 ER 15 Job Order Costing Work in Process Inventory Dec 31 Jobs completed e) 1 Beginning balance Direct materials Direct labor Overhead Ending...
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...
manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 1. Calculate the budgeted manufacturing overhead rate. 2 Calculate...
manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 1. Calculate the budgeted manufacturing overhead rate. 2 Calculate the manufacturing overhead allocated during 2017 3. Calculate the amount of under-or overallocated manufacturing overhead. Why do Taylor's managers need to calculate this amount? 4-25 Job costing, accounting for manufacturing overhead, budgeted rates. The Matthew Company uses Seormal job-costing system at its Minneapolis plant. The plant has a machining department and an assem- bly department. Its job-costing system has two direct-cost categories (direct materials...
Saved 1 Help Save & Ein A manufacturing uses a predetermined overhead rate of $19.50 per...
Saved 1 Help Save & Ein A manufacturing uses a predetermined overhead rate of $19.50 per direct labor-hour. This predetermined rate was based on a cout formula that estimates $259,350 of total manufacturing overhead for an estimated activity level of 3,300 direct labor hours The company actually incurred $253,000 of manufacturing overhead and 12,800 direct labor hours during the period 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period 2. Assume that the company's underapplied or...
Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding...
Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication Total 2,500 1,500 4,000 $13,250 $16,95€ $30, 200 $ 2.70 $ 3.50 Job P $26,000 $31,400 Job O $14,500 $12,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 3,000 1,900 4,900 2,100 2,200 4,300 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead...
Calculator Chart of Accounts General Journal H1 Instructions On November 2, Newsprint Manufacturing purchases 5 rolls of paper on account of $125 per rol for use within the production process. On November 5, 4 rols of this paper are issued to Job 157A in the Printing Department. The Printing Department applies $675 in direct labor and $1,150 of factory overhead to Job 157A. On November 8, Printing transfers Job 157A to the Folding Department. The Folding Department applies 5450 in...
On November 14, the Milling Department accepted Job 111407A for 1,000 pounds of cereal mix. Materials: Standard Cost Oats Wheat Barley Standard Qty. 525 pounds 450 pounds 85 pounds 65 pounds 25 quarts 25 gallons $1.25 per pound $1.15 per pound $1.45 per pound $2.15 per pound $1.20 per quart $0.45 per gallon Malt Honey Water Time: Miller 4 1/2 hours 1 1/2 hours $22.75 per hour $11.50 per hour Loader Overhead is applied at $5.75 per pound completed. The...
55 rolls 560 rolls UNITS Beginning Work-in-Process Inventory Transferred in from Spinning Department during November Completed during November Ending Work-in-Process (80% complete for conversion work) 490 rolls 125 rolls $ 10,670 COSTS Beginning Work-in-Process Inventory (transferred in costs, $3,500; materials cost, $1,750; conversion costs, $5,420) Transferred in from Spinning Department Materials cost added during November Conversion costs added during November (manufacturing wages, $8,120; manufacturing overhead allocated, $45,460) 18,025 13,010 53,580 Units accounted for: Beginning work-in-process Completed and transferred out Total...
Lucas Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $60 per machine hour, while the Sanding Department uses a departmental overhead rate of $30 per direct labor hour. Job 542 used the following direct labor hours and machine hours in the two departments Assembly Department 9 Sanding Department Actual results Direct labor hours used Machine hours used The cost...
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...
P15.5A (LO 1, 2, 3, 4, 5), AN Phillips Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Dec. 1 Raw Materials Inventory (a) Dec. 31 Requisitions 17,225 16,850 Beginning balance Purchases Ending balance 31 Dec. 31 7,975 ER 15 Job Order Costing Work in Process Inventory Dec 31 Jobs completed e) 1 Beginning balance Direct materials Direct labor Overhead Ending...
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...
manufacturing overhead costs $3,660,000 Actual machine-hours 196,000 1. Calculate the budgeted manufacturing overhead rate. 2 Calculate the manufacturing overhead allocated during 2017 3. Calculate the amount of under-or overallocated manufacturing overhead. Why do Taylor's managers need to calculate this amount? 4-25 Job costing, accounting for manufacturing overhead, budgeted rates. The Matthew Company uses Seormal job-costing system at its Minneapolis plant. The plant has a machining department and an assem- bly department. Its job-costing system has two direct-cost categories (direct materials...
Saved 1 Help Save & Ein A manufacturing uses a predetermined overhead rate of $19.50 per direct labor-hour. This predetermined rate was based on a cout formula that estimates $259,350 of total manufacturing overhead for an estimated activity level of 3,300 direct labor hours The company actually incurred $253,000 of manufacturing overhead and 12,800 direct labor hours during the period 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period 2. Assume that the company's underapplied or...
Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication Total 2,500 1,500 4,000 $13,250 $16,95€ $30, 200 $ 2.70 $ 3.50 Job P $26,000 $31,400 Job O $14,500 $12,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 3,000 1,900 4,900 2,100 2,200 4,300 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead...
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