2nl phary sutclnI0.19AceoutivgTotalProblem 6A factory uses a job costing system. The following data ar vailable fromthe books pertaining to job No. A-5:Materials (direct): 14.60 Kg@ Tk. 2.50 Kg.Wages (direct):Department X 18 hours @ Tk.. 3.50 per hourDepartment Y 32 hours aTk. 3.00 per hourBudget overhead for the year based on normal capacity is as followsVariable overhead:Department X Tk. 5.400 for 9.000 direct labor hoursDepartment Y Tk. 8.000 for 10.000 direct labor hoursFixed overhead:Total budget direct labor hours for whole factory 22,000Total budget expenditure Tk. 16.500Required:(i) Compute the factory overhead rate.(ii) Calculate the total cost of job No. A-5(iii) Estimate the percentage of profit obtained if the price quoted to theeustomer is Tk. 350(iv) Suppose the actual fixed overhead costs and direct labor hours used in thefactory are Tk. 19.000 and 24.000 hours respectively. then what would bethe amount of under applied or over applied?

a. Factory overhead rate- attached table for calculationTherefore, factory overhead rate are…

Answered: 2nl phary sutcln I0.19 Aceoutivg Total…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3.AA Co. has a job order costing system and an overhead application rate of 120% of direct labor cost. Job #33 is charged with direct material of P12,000 and overhead of P7,200. Job #34 has direct material of P2,000 and direct labor of P9,000. What amount of direct labor cost has been charged to Job #33?
17. This is Cost Accounting. Explain briefly and answer. The following direct labor information pertains to the manufacture of Part J35:Number of hours required to make a part 2.5 DLHNumber of Direct workers 75Number of total productive hours per week 3000Weekly wages per worker P1,000 Laborers’ fringe benefits treated as direct labor costs 25% of wagesWhat is the standard direct labor cost per unit of Part J35? 62,500 78,125 41,670 84,125 74,350
ParticularsAmountDirect materialR12Direct laborR50Variable manufacturing overheadR6.50Fixed manufacturing overhead (R81,000/2,550 units)R31.76Unit product cost for the month under absorption costingR100.26 Prepare an income statement for the month using the Marginal costing method
4.2C Company uses job-order costing. It applies overhead cost to jobs on the basis of direct laborhours.Thefollowingtransactionstookplaceduringtheyear: a) $300,000 of raw materials were purchased on account b) Raw materials were issued into production: $90,000 direct materials and $40,000 indirect materials c) Labor costs incurred: $40,000 direct, $130,000 indirect, sales commissions $50,000, administrative salaries $100,000 d) Utility costs for the factory were $60,000 e) Depreciation recorded was $300,000 (70% related to factory; 30% related to administrative offices) f) Manufacturing overhead of $715,000 was applied to production. Actual direct labor-hours incurred were 22,000. g) Jobs costing $300,000 were completed and transferred into the finished goods inventory. h) Jobs with a cost of $150,000 were sold on account for $200,000.i) Closed the under/over applied overhead for the year. Required: Prepare the necessary journal entries and summarize their balance using T-Account
Question 1 You have been asked to calculate a selling price for two jobs: Job TT5 and Job KK2. The details for Job TT5 are as follows: Direct materials: 10 units at N$12.40. Direct labour: 20 hours for department A, 10 hours for department B 12 hours for department C The labour rates are as follows: N$3.80 (A); N$3.30 (B) and N$3.50 (C). The overhead rates per labour hour, to be used for each department are: N$1.86 (A), N$2.03 (B) and N$0.40 (C). The firm expects a profit of 55% on the total cost. The details for Job KK2 are as follows: Direct materials: 10 units at N$10.80. Direct labour: 16 hours for department A 10 hours for department B 14 hours for department C The labour rates are as follows: N$3.80 (A); N$3.30 (B) and N$3.50 (C). The overhead rates per labour hour, to be used for each departments are: N$1.86 (A), N$1.03 (B) and N$0.50 (C). The firm…
(4-17) Sturdy Manufacturing Co. assembled the following cost data for job order #23:Direct manufacturing labor $80,000Indirect manufacturing labor 12,000Equipment depreciation 1,000Other indirect manufacturing costs 1,500Direct materials 95,000Indirect materials 4,000Manufacturing overhead overapplied 2,000What are the total manufacturing costs for job order #23 if the company uses normal job-order costing?a. $191,500 b. $193,500c. $194,500 d. $195,500 (4-18) For which of the following industries would job-order costing most likely not be appropriate?a. Small business printing. b. Cereal production.c. Home construction. d. Aircraft assembly. (4-19) ABC Company uses job-order costing and has assembled the following cost data for the productionand assembly of item X:Direct manufacturing labor wages $35,000Direct material used 70,000Indirect manufacturing labor 4,000Utilities 400Fire insurance 500Manufacturing overhead applied 11,000Indirect materials 6,000Depreciation on…
Subject: Cost management & accounting PQ – 3The following information has been taken from the job order cost system, used by SALEEM CORPORATION:Job No. Balance March 1 Production Cost in March15 Rs. 160,000 ---16 180,000 ---17 45,000 Rs. 130,00018 70,000 120,00019 ---- 220,00020 ---- 135,00021 ---- 90,000During March Job No. 17, 18 & 19 were completed, and job No. 15, 16 and 17 were sold on account at 40% above cost. REQUIRED i) Cost of finished gods inventory – beginningii) Cost of goods in process inventory – beginningiii) Cost of finished goods inventory…
Subject: Cost management & accounting PQ – 3The following information has been taken from the job order cost system, used by SALEEM CORPORATION:Job No. Balance March 1 Production Cost in March15 Rs. 160,000 ---16 180,000 ---17 45,000 Rs. 130,00018 70,000 120,00019 ---- 220,00020 ---- 135,00021 ---- 90,000During March Job No. 17, 18 & 19 were completed, and job No. 15, 16 and 17 were sold on account at 40% above cost. REQUIRED (remaining parts) vii) Salesv) Cost of goods manufactured vi) Cost of Goods sold b) General Journal entries for (v), (vi) and (vii)
Total manufacturing costs assigned to job XYZ is OMR950; the job included 10 units If the company uses a markup percentage of 90% of its total manufacturing costs, then what selling price per unit would it have established for job XYZ? Select one: a OMR85,50 b. MR180.50 C OMR95.00 d. OMR185.25 e None of the answers given
Cavy Company estimates that total factory overhead costs will be $1,011,028 for the year. Direct labor hours are estimated to be 100,700. a. Determine the predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank 8b99eb02a009f9f_1 b. Determine the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,200 and Job 999 if the amount of direct labor hours is 2,800. Job 567 $fill in the blank 8b99eb02a009f9f_2 Job 999 $fill in the blank 8b99eb02a009f9f_3 c. Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. fill in the blank aa9138f9703b038_2 fill in the blank aa9138f9703b038_4
21. Ethel Corp. Has the following data for the year 2021:Estimated FOHP40.000 + (P 2X Mhr)Estimated machine hours5.000Assume that Ethel Corp. Has work on three jobs: 01; 02; and 03 last year. 1,500machine hours were spent for job 01; 2,000 machine hours for job 02; and 1,700machine hours for job 03. The actual factory overhead is P56,000 using 5,200machine hours.What is the total under or over applied Factory Overhead?
PROBLEM 1 FIGHTING Manufacturing Corporation has a traditional costing system in which it applies manufacturing overhead to its products using a predetermined overhead rate based on direct labor hours (DLHs). The company has two products, H16Z and P25P, about which it has provided the following data: H16Z P25P Direct materials per unit P10.20 P50.50 Direct labor per unit P8.40 P25.20 Direct labor-hours per unit 0.40 1.20 Annual production 30,000 10,000 The company’s estimated total manufacturing overhead for the year is P1,464,480 and the company’s estimated total direct labor-hours for the year is 24,000. The company is considering using a variation of activity-based costing to determine its unit product costs for external reports. Data for this proposed activity-based costing system appear below: Activities and Activity Measures Estimated Overhead Cost Supporting direct labor (DLHs) P 552,000 Setting…

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