CE Company uses a job-costing system at its Marikina plant. The plant has a Machining Department and an Assembly Department. Its job-costing system has two direct-cost catergories direct materials, and direct manufacturing labor) and two manufacturing overhead cost pools (the Machining Department, allocated using actual machine-hours, and the Assembly Department, allocated using actual direct manufacturing labor cost. The 2020 budget for the plant is as follows: Machining Dept. Assembly Dept. Manufacturing Overhead P 1 ,800,000 P 3,600,000 Direct Manufacturing Labor cost 1,400,000 2,000,000 Direct Manufacuring Labor-hours 100,000 200,000 Machine-hours 50,000 200,000 The company uses a budgeted overhead rate for allocating overhead to production orders on a machine-hour basis n Machining and on a direct labor-cost basis in Assembly. During February, the cost for Job 494 contained the following: Machining Dept Assembly Dep Direct materials used P 45,000 P 70,000 Direct Manufacturing labor cost 14,000 15,000 Direct Manufacturing labor-hours 1,000 1,500 Machine-hours 2,000 1,000 Compute the total manufactruring overhead costs at Job 494.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
ACE Company uses a
Machining Dept. Assembly Dept.
Manufacturing Overhead P 1 ,800,000 P 3,600,000
Direct Manufacturing Labor cost 1,400,000 2,000,000
Direct Manufacuring Labor-hours 100,000 200,000
Machine-hours 50,000 200,000
The company uses a budgeted overhead rate for allocating overhead to production orders on a machine-hour basis n Machining and on a direct labor-cost basis in Assembly. During February, the cost for Job 494 contained the following:
Machining Dept Assembly Dep
Direct materials used P 45,000 P 70,000
Direct Manufacturing labor cost 14,000 15,000
Direct Manufacturing labor-hours 1,000 1,500
Machine-hours 2,000 1,000
Compute the total manufactruring overhead costs at Job 494.
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