Cost of Direct Material Incurred in Manufacturing Job 2407 | |||||
Lamp kits requisitioned | 4075 | ||||
Cost per kit $ | 16.75 | ||||
Cost of Direct Material Incurred $ | 68256.25 | ||||
Cost of Direct Labor Incurred in Manufacturing Job 2407 | |||||
Direct labor hours | Rate $ per hour | Total direct labor cost | |||
Jan-17 | 590 | 9.85 | 5811.50 | ||
Jan-30 | 640 | 10.10 | 6464 | ||
Cost of Direct Labor incurred | 12275.50 | ||||
Cost of Manufacturing Overhead Applied to Job 2407 | |||||
Cost of Manufacturing Overhead Applied | 6137.75 | ||||
Cost of manufacturing one lamp | |||||
Direct Materials | 68256.25 | ||||
Direct Labor | 12275.50 | ||||
Manufacturing overheads | 6137.75 | ||||
Total manufacturing cost $ | 86,669.50 | ||||
Number of lamps manufactured | 3990 | ||||
Cost of manufacturing one lamp $ | 21.72 |
Note: If any answer does not match, leave comment below so that doubts can be cleared.
PART 5 Job Order Costing To keep records of the actual cost of a special order...
To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,225 Lamp Kits @...
Job Order Costing To keep records of the actual cost of a special order job, a Job Order Cost System has been developed. Overhead is applied at the rate of 50% of the direct labor cost. Job Order Costing Section On January 1, 20x2, Division S began Job 2407 for the Client, THE BIG CHILDREN STORE. The job called for 4,000 customized lamps. The following set of transactions occurred from January 5 until the job was completed: 5-Jan Purchased 4,200...
Can you please help with the following? PART 4 Process Costing - Weighted Average General Information The I See The Light Company has a related company that produces the figurines. They use process costing in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. The material is added at the beginning of the process. The labor and overhead costs are assumed to be added uniformly throughout. Month of January Selected information for...
PART 6 Standard Job Order Costing Variance Analys is Special order lamps are manufactured in division S. Because of the precise nature of the process a standard cost system has been developed. The following standards are used for the special orders: Standards $16.000000 per lamp 2.400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr.) 10.000000 per lamp S 28.650000 Lamp Kits Direct Labor Variable Overhead *Fixed Overhead Total *Fixed overhead is based on expected production of 4,014 customized each...
F G H Variance Analysis 12 Special order lamps are manufactured in division S. Because of the precise nature of the process a 19 standard cost system has been developed. The following standards are used for the special orders: 20 21 . Standards Lamp Kits Direct Labor Variable Overhead * Fixed Overhead Total $ 16.000000 per lamp 2.400000 per lamp (4 lamps/hr.) 0.250000 per lamp (4 lamps/hr.) 10.000000 per lamp $ 28.650000 33 34 41 42 ** Fixed overhead is...
Note: Show favorable variances as negative numbers What was the variable overhead efficiency variance ? What was the variable OH spending variance ? What is the fixed OH volume (denominator) variance? What is the fixed OH spending variance? F G H Variance Analysis 12 Special order lamps are manufactured in division S. Because of the precise nature of the process a 19 standard cost system has been developed. The following standards are used for the special orders: 20 21 ....
Job order costing accumulates and records costs by job and assists managers in evaluating actual and expected costs related to direct materials, direct labor, and factory overhead costs. Select a company that would employ a job order costing system. Research the company and discuss why a job order costing system is the 'correct' fit for that organization. Discuss a product the company sells and discuss what direct and indirect costs would be included on the job cost sheet.
Job order costing accumulates and records costs by job and assists managers in evaluating actual and expected costs related to direct materials, direct labor, and factory overhead costs. Select a company that would employ a job order costing system. Research the company and discuss why a job order costing system is the 'correct' fit for that organization. Discuss a product the company sells and discuss what direct and indirect costs would be included on the job cost sheet.
Job order costing accumulates and records costs by job and assists managers in evaluating actual and expected costs related to direct materials, direct labor, and factory overhead costs. Select a company that would employ a job order costing system. Research the company and discuss why a job order costing system is the 'correct' fit for that organization. Discuss a product the company sells and discuss what direct and indirect costs would be included on the job cost sheet. Reply in...
Sample Questions Relating to Job-Order Costing Assume that at the beginning of the year a firm estimates its overhead costs at $400,000. The firm plans to use job order costing and will use direct labor hours as its base. Direct labor hours for the year were estimated at 200,000. At the end of the year the firm was under-allocated by $20,000 based on 208,000 actual direct labor hours. What is the actual total overhead cost? Cox Company uses...