13) Under Normal Costing, when would overhead be applied to a job? In Work In Process...
13)
Under Normal Costing, when would overhead be applied to a job?
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In Work In Process Inventory
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In Cost of Goods Sold
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In Finished Goods Inventory
15)
A company using Just In Time philosophies would probably have ___________ differences between variable and absorption costing net operating incomes for a particular year than a company that does not use these philosophies.
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Smaller
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Larger
17)
A company has UNDERAPPLIED overhead for the year. If all other things remain constant, which of the following will give the company the highest net operating income?
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Closing the underapplied overhead totally to Cost of Goods Sold
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Allocating the underapplied overhead to the appropriate accounts
18)
The main difference between a normal cost system and an activity based cost system is the number of
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Number of Overhead rates
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Different products that are being manufactured
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Direct Materials used to manufacture products
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Types of direct labor used in the factory
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13)
Under Normal Costing, when would overhead be applied to a
job?
In Work In Process...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Cadbury Company uses a job order costing system. Manufacturing overhead is applied on the basis of...
Cadbury Company uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $144,020 for the year; direct labor was estimated to total $151,600. (1/1) (12/31) Raw Materials Inventory $ 14,400 $ 9,900 Work in Process Inventory $ 19,300 $ 22,100 Finished Goods Inventory $ 42,400 $ 30,600 The following transactions have occurred during the year. Raw materials purchases $ 110,000 Direct materials used $ 103,100 Direct...
Ecola Company uses a job order costing system. Manufacturing overhead is applied on the basis of...
Ecola Company uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $125,460 for the year; direct labor was estimated to total $153,000. (1/1) (12/31) Raw Materials Inventory $ 13,200 $ 10,200 Work in Process Inventory $ 29,200 $ 22,200 Finished Goods Inventory $ 41,200 $ 32,200 The following transactions have occurred during the year. Raw materials purchases $ 132,000 Direct materials used $ 71,400 Direct...
Absorption and Variable Costing with Over- and Underapplied Overhead Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: Manufa...
Absorption and Variable Costing with Over- and Underapplied Overhead Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: Manufacturing costs (per unit): Direct materials (2 lbs. @ 1.25) $2.50 Direct labor (0.4 hr. @ 15.00) 6.00 Variable overhead (0.4 hr. @ 5.00) 2.00 Fixed overhead (0.4 hr. @ 7.00) 2.80 Total $13.30 Selling and administrative costs: Variable $1.80 per unit Fixed $221,500 During the year, the company had...
Ecola Company uses a job order costing system. Manufacturing overhead is applied on the basis of...
Ecola Company uses a job order costing system. Manufacturing
overhead is applied on the basis of direct labor cost. Total
manufacturing overhead was estimated to be $214,500 for the year;
direct labor was estimated to total $195,000.
(a) Calculate the predetermined overhead rate.
(b) Calculate cost of goods manufactured.
(c) Calculate the over- or underapplied overhead. (Input the
amount as positive value.)
(d) Calculate adjusted cost of goods sold.
Raw Materials Inventory Work in Process Inventory Finished Goods Inventory (1/1)...
Absorption and Variable Costing with Over- and Underapplied Overhead Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: Manufactu...
Absorption and Variable Costing with Over- and Underapplied Overhead Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing basis are as follows: Manufacturing costs (per unit): Direct materials (3 lbs. @ 1.30) $3.90 Direct labor (0.4 hr. @ 17.50) 7.00 Variable overhead (0.4 hr. @ 4.00) 1.60 Fixed overhead (0.4 hr. @ 6.00) 2.40 Total $14.90 Selling and administrative costs: Variable $1.60 per unit Fixed $217,500 During the year, the company had...
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the...
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Koebel Corp estimated total manufacturing overhead cost at $619,200 and total direct labor hours of 51,600. Koebel Corp. started the year with no beginning balances in either Work in Process Inventory or Finished Goods Inventory. During the year actual manufacturing overhead incurred was $610,000 and 48,800 direct labor hours were used. (a) Calculate the predetermined...
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the...
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Koebel Corp estimated total manufacturing overhead cost at $777,000 and total direct labor hours of 51,800. Koebel Corp. started the year with no beginning balances in either Work in Process Inventory or Finished Goods Inventory. During the year actual manufacturing overhead incurred was $747,400 and 48,200 direct labor hours were used. (a) Calculate the predetermined...
Problem 6A-5 Super-Variable Costing, Variable Costing, and Absorption Costing Income Statements [LO6-2, LO6-6) Bracey Company manufactures...
Problem 6A-5 Super-Variable Costing, Variable Costing, and Absorption Costing Income Statements [LO6-2, LO6-6) Bracey Company manufactures and sells one product. The following information pertains to the company's first year of operations: $ 27 Variable cost per unit: Direct materials Fixed costs per year: Direct labor Fixed manufacturing overhead Fixed selling and administrative expenses $ 348,000 $ 379,200 $ 64,000 The company does not incur any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of...
Check my work 3 Gitano Products operates a job-order costing system and applies overhead cost to...
Check my work 3 Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: 5 points $...
Match each costing system characteristic to job order costing, process costing, or both. Used by companies that manufacture identical items through a series of 1. 2 3. uniform production steps or processes Transfers costs from Work-in-Process Inventory to Finished Goods Inventory to Cost of Goods Sold Used by companies that manufacture unique products or provide specialized services Has multiple Work-in-Process Inventory accounts Tracks direct materials, direct labor, and manufacturing overhead costs 4. 5.
Ecola Company uses a job order costing system. Manufacturing
overhead is applied on the basis of direct labor cost. Total
manufacturing overhead was estimated to be $214,500 for the year;
direct labor was estimated to total $195,000.
(a) Calculate the predetermined overhead rate.
(b) Calculate cost of goods manufactured.
(c) Calculate the over- or underapplied overhead. (Input the
amount as positive value.)
(d) Calculate adjusted cost of goods sold.
Raw Materials Inventory Work in Process Inventory Finished Goods Inventory (1/1)...
Koebel Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Koebel Corp estimated total manufacturing overhead cost at $777,000 and total direct labor hours of 51,800. Koebel Corp. started the year with no beginning balances in either Work in Process Inventory or Finished Goods Inventory. During the year actual manufacturing overhead incurred was $747,400 and 48,200 direct labor hours were used. (a) Calculate the predetermined...
Problem 6A-5 Super-Variable Costing, Variable Costing, and Absorption Costing Income Statements [LO6-2, LO6-6) Bracey Company manufactures and sells one product. The following information pertains to the company's first year of operations: $ 27 Variable cost per unit: Direct materials Fixed costs per year: Direct labor Fixed manufacturing overhead Fixed selling and administrative expenses $ 348,000 $ 379,200 $ 64,000 The company does not incur any variable manufacturing overhead costs or variable selling and administrative expenses. During its first year of...
Check my work 3 Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $126,000 of manufacturing overhead for an estimated allocation base of $90,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: 5 points $...
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