Please present solution in an excel accompanied with explanations. Thank you so much!PROBLEM: MOC Construction Company started work on three job sites during the currentData relating toyear.Any costs incurred are expected to be recoverable.the three jobs are given below:SiteContractCostEstimated CostsBillings onCollectionson Billings5,000,000900,0001,000,000PriceIncurredto CompleteContract5,000,0007,000,0002,500,0003,750,0001,000,0005,000,000900,000124,000,0001,000,0001,000,0001,500,000If the company records revenueover time, how much must be shown as currentasset in the balance sheet of MOC Construction Company as of December 31?5,500,000500,000С.250,000100,000A.В.D.If the company records revenue at a point in time, how much must be shown ascurrent asset in the balance sheet of MOC Construction Company as of December31?5,100,000500,000250,000100,000А.С.В.D.

Contract Accounting: The accounts receivable under a contract could be determined using the over…

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Business

Accounting

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 2PB: Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500...

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York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?
Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
Event Forms expects $120,000 in overhead during the next year. It doesn't know whether it should apply overhead on the basis of its anticipated direct labor hours of 6,000 or its expected machine hours of 5,000. What would be the product cost under each predetermined allocation rate if the last job incurred $3,500 in direct material cost, 55 direct labor hours, and 55 machine hours? Wages are paid at $17 per hour.
Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?
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Thornton Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows. Expected Costs Home 1 Home 2 Home 3 Direct labor $ 66,000 $ 100,000 $ 178,000 Direct materials 109,000 139,000 181,000 Assume Thornton needs to allocate two major overhead costs ($51,600 of employee fringe benefits and $30,030 of indirect materials costs) among the three jobs.RequiredChoose an appropriate cost driver for each of the overhead costs and determine the total cost of each house. (Round "Allocation rate" to 2 decimal places.)
Rundle Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows. Expected Direct labor Home 1: $63,000 Home 2: $108,000, Home 3: $181,000 Direct materials Home 1: 98,000 Home 2: 143,000 Home 3: 186,000 Assume Rundle needs to allocate two major overhead costs ($ 52,800 of employee fringe benefits and $12,,810 of indirect materials cost) among the three Jobs. required; Choose an appropriate cost driver for each of the overhead costs and determine the cost of each house ( round " allocation rate to 2 decimal places.)
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During 2007, Frank Corp. started a construction job with a total contract price of $2,800,000. It was completed on December 15, 2008. Additional data are as follows: 2007 2008 Actual costs incurred in current year $1,080,000 $1,220,000 Estimated remaining costs 1,080,000 — Billed to customer 960,000 1,840,000 Received from customer 800,000 1,920,000 Under the completed-contract method, what amount should Frank recognize as gross profit for 2008? Group of answer choices 500,000 $250,000 $180,000 $380,000
The allocation base of the company is machine-hours and the estimated amount of theallocation base for the upcoming year is 43,000 machine-hours. In addition, the actual activityfor the year is 42,600 machine-hours. All of the manufacturing overhead is fixed and is P848,820per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for theyear as well as the actual amount of manufacturing overhead for the year. Job F3, which required310 machine-hours, is one of the jobs worked on during the year. 2. Determine how much overhead would be applied to Job F3 if the predetermined overhead rateis based on estimated amount of the allocation base. _______________
The allocation base of the company is machine-hours and the estimated amount of theallocation base for the upcoming year is 43,000 machine-hours. In addition, the actual activityfor the year is 42,600 machine-hours. All of the manufacturing overhead is fixed and is P848,820per year. For simplicity, it is assumed that this is the estimated manufacturing overhead for theyear as well as the actual amount of manufacturing overhead for the year. Job F3, which required310 machine-hours, is one of the jobs worked on during the year. Determine the underapplied or overapplied overhead for the year if the predeterminedoverhead rate is based on the estimated amount of the allocation base. _______________