Microsoft Office Home6 ch01 Cost Concepts Garrison 212 XM (no subject) - 5127095@student1764895&cmid%3D875183&page%=1SQU ESQU PORTAL ATTENDANCEالوقت المتبقي 2:01:25A Company uses a job order costing system and allocates its manufacturing overhead costs based ondirect labor costs. The Company's production costs for the year were: direct labor, $80,000; direct:materials, $40,000; and factory overhead applied $20,000. The predetermined overhead rate was4%.a O.200% b O50%.C O25% d O%.400.e OAli is currently working as a human resource manager for a company and earns a good salary. He isplanning to pursue a Master of Business Administration (MBA) degree. He recently received an offerfrom University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, hist his calary At the same time if Ali completod bic NMRgreo he wOuld arrison 21O Microsoft Office HomeM (no subject) - s127095@student.O ch01 Cost Concepts Garrison 21Pattempt=1764895&cmid=875183&page=2خدمات التعلم الإلكتروني -SQU ESQU PORTAL ATTENDANCEالوقت المتبقي 4 0:4 2:0XYZ Co. has provided the following data for the month of June, There were no beginning inventories; consequently, the direct.materials, direct labor, and manufacturing overhead applied listed below are all for the current monthWork InCost of Goods SoldFinished GoodsProcess61,880OMR 8,450 OMR3,440 OMRDirect materials119,000OMR 16,250 OMR6,160 OMRDirect laborManufacturingoverhead applied45,000OMR 6.050 OMR3,300 OMRManufacturing overhead for the month was underapplied by OMR 7,000The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost ofgoods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accountsThe cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is (rounded: to nearest OMR)None of the given answer is correct.a OOMR 231,676 b OOMR 232,293 cOOMR 220,084 d OOMR 220,720 e OA Company uses a job-order costing system with a single plantwide predetermined overhead rate based on labor-hours. The companybased its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $120.000 and 6.000

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A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $80,000; direct :materials, $40,000; and factory overhead applied $20,000. The predetermined overhead rate was 4% a O .200% 50% .cO .25% %.400 .e O

A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $80,000; direct :materials, $40,000; and factory overhead applied $20,000. The predetermined overhead rate was 4% a O .200% 50% .cO .25% %.400 .e O

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter19: Job Order Costing

Section: Chapter Questions

Problem 19.4APR: Analyzing manufacturing cost accounts Fire Rock Company manufactures Designer paddle boards in a...

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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)
Ch. 4 Self Study Pg 316 Assign Indirect Cost to Individual Products or Services. Please solve the following based on the material given below. Per Unit Cost Information Floor Safe Business Direct Materials $20 Direct Labor 10 Manufacturing Overhead is Unkown Wall Safe Business Direct Materials $15 Direct Labor 15 Manufacturing Overhead is Unkown **Solve the Unkown Production Information Floor Safe Business Units Produced 35,000 Direct Labor Hours per unit 1 Wall Safe Business Units Produces 10,000 Direct Labor Houers per unit 1.5 ***600.000 is the estimated total manufacturing overhead Please solve these questions and explain 1) Compute the predetermined overhead rate per direct labor hour 2) How much of the total manufacturing overhead would be allocated to each product? 3) Compute the total manufacturing Cost per unit for each product.
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eBookHintReferences Item2 Exercise 2-8 (Algo) Applying Overhead Cost; Computing Unit Product Cost [LO2-2, LO2-3] Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes $9,602 in direct materials cost and $10,700 in direct labor cost. A total of 1,250 units were produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 313? b. What is the unit product cost for Job 313? Brewer 9e Rechecks 2021-09-29
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32 S1: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account is debited.S2: Over-applied overhead that is material in amount is closed to the Cost of Sales account at year-end. Group of answer choices False; False True; True True; False False; True
Subject: Cost management & accounting Q.9) Compute: i) Factory Overhead ii) Conversion CostPrime Cost = Rs. 600,000 which is 75% of Factory CostDirect Labour = 250,000Q.10) Compute: i) Factory Overhead ii) Conversion CostPrime Cost = Rs. 540,000 which is 60% of Factory CostDirect Labour = 240,000
Info in images Question relating to the images: 3. Info in image "ACC PT2" 4. Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or overapplied overhead in your answer. Unadjusted cost of goods sold [ ] 5. Assume that the $38,000 ending balance in Work in Process includes $8,600 of direct materials. Given this assumption, supply the information missing below: Direct materials $8,600 Direct labor [ ] Manufacturing overhead [ ] Work in process inventory $38,000
Q#2 The ASF Corporation manufactures one product and accounts for costs by a job orders cost system You have obtained the following information for the year ended December 31 2010 from the Corporations books and records Total manufacturing cost added during 2010 was 1,000,000 Cost of goods manufactured was 970,000 Factory overhead was applied to work in process inventory at 80% of direct labor (applied factory overhead for the year 27% of the total manufacturing cost) Beginning work in process inventory January 1 was 80% of ending work-in – process inventory December 31 Required 1. Prepare a formal statement of cost good manufactured
The Foundational 15 (Static) [LO3-1, LO3-2, LO3-3, LO3-4] Skip to question [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: Raw materials were purchased on account, $510,000. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $600,000; indirect labor,…
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