Please help me with all answers thanku E2-5 (Static) Calculating Predetermined Overhead Rate and Applied Overhead [LO 2-3]Wheeler's Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost ofeach bike. Estimated costs and expenses for the coming year follow:Bike partsFactory machinery depreciation.Factory supervisor salariesFactory direct laborFactory suppliesFactory property taxAdvertising costAdministrative salaries .Administrative-related depreciationTotal expected costs$ 350,00055,000140,000300,0007,50037,50014,50080,00016,000$1,000,500Required:1. Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $15 per hour.2. Determine the amount of applied overhead if 18.500 actual hours are worked in the upcoming year.RequiredComplete this question by entering your answers in the tabs below.Required 1 Required 2Calculate the predetermined overhead rate per direct labor hour if the average direct labor rate is $15 per hour.Predetermined Overhead Rateper DL HourRequired 2 >

Pre determined overhead rate is calculated by dividing the estimated manufacturing overhead with…

RS machinery depreciation supervisor salaries direct labor supplies property tax ing cost rative salaries crative-related depreciation expected costs $ 350,000 55,000 140,000 300,000 7,500 37,500 14,500 80,000 16,000 $ 1,000,500

RS machinery depreciation supervisor salaries direct labor supplies property tax ing cost rative salaries crative-related depreciation expected costs $ 350,000 55,000 140,000 300,000 7,500 37,500 14,500 80,000 16,000 $ 1,000,500

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.10E: Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses...

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E2-6 (Algo) Finding Unknown Values in the Cost of Goods Manufactured Report [LO 2-3, 2-6] Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost. Required:Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. Enter all amounts as positive values.) Case 1 Case 2 Case 3 Direct material used 15,000 9,900 Direct labor 20,000 Manufacturing overhead applied 11,500 Total current manufacturing costs 27,000 31,200 Beginning work in process inventory 9,700 8,400 Ending work in process inventory 4,200…
E4-1 Classifying fixed and variable costs Classify each of the following items of factory overhead as either a fixed or a variable cost. (Include any costs that you consider to be semivariable within the variable category. Remember that variable costs change in total as the volume of production changes.) a. Indirect labor b. Indirect materials c. Insurance on building d. Overtime premium pay e. Depreciation of building (straight-line method) f. Polishing compounds g. Depreciation of machinery (units-of-production method) h. Employer’s payroll taxes i. Property taxes j. Machine lubricants k. Employees’ hospital insurance (paid by employer) l. Labor for machine repairs m. Vacation pay n. Janitor’s wages o. Rent p. Small tools q. Plant manager’s salary r. Factory electricity s. Product inspector’s wages
E2-9 (Algo) Calculating Cost of Jobs [LO 2-4, 2-6] Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 $ 25,200 Beginning Raw Materials, 1/1/18 36,600 Beginning Work in Process, 1/1/18 111,400 Direct Labor for 2018 276,400 Ending Finished Goods, 12/31/18 23,500 Ending Raw Materials, 12/31/18 40,800 Ending Work in Process, 12/31/18 121,700 Material Purchases for 2018 305,300 (including $20,500 of indirect material) Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.86 (86%) of direct labor cost. 3. Compute total manufacturing cost. 4. Compute cost of goods manufactured. 5. Compute cost of goods sold.
The following data relates to departments A, B, and C of a company; machine hours: department A-1000hours, B-1500hours, C-1200hours; floor space: department A- 20sqm, B- 15sqm, C- 25sqm. The total production overhead cost of ghc1200000 is made up of rent- ghc800000 and depreciation- ghc400000. The company uses the ABC system to apportion overhead cost. The total overhead cost for department A will be A. Ghc362162.1622 B. Ghc463063.0631 C. Ghc374774.7748 D. Ghc324144.1441
The following information is derived from the cost sheet of Al Hood Manufacturing & Trading LLC: Manufacturing overhead RO 5,000 Selling & Distribution overhead RO 2,000 Direct material RO 10,000 Direct expenses RO 4,000 Administration overheads RO 1,000 Direct labor RO 3,000 Use the above information and answer 29, 30 and 31 MCQs Calculate the amount of work cost incurred by Al Hood Manufacturing & Trading LLC. a. RO 23,000 b. RO 25,000 c. RO 8,000 d. RO 22,000
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced increases. a. Direct material cost per unit. b. Fees for using a patent of $500,000 plus $0.25 for each unit produced. c. Salary of quality control supervisor. d. Straight-line depreciation per unit on factory equipment. e. Total direct materials cost.
H4. At Vol Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 20X1 follows: Material costs placed into production Fab department $ 40,100.00 Finishing department 5,100.00 Direct labor costs Fab department 112,000.00 Finishing department 18,000.00 Taxes withheld from employees’ earnings Social security tax withheld 8,060.00 Medicare tax withheld 1,885.00 Federal income tax withheld 19,500.00 Overhead costs Fab department 44,800.00 Finishing department 7,200.00 During the month, products costing $167,000 were transferred from the fab department to the finishing department; goods costing $193,000 were transferred from the finishing department to finished goods inventory; and goods that cost $154,400 were sold on account for $201,000. Required: Give the journal entries on September 30 to summarize…
LO.2 (Underapplied or overapplied overhead) At the end of 2013, Jackson Tank Company's accounts showed a S66,000 credit balance in Manufacturing Overhead Control. In addition, the company had the following account balances: Work in process inventory $384,000 Finished goods inventory 96,000 Cost of goods sold 720,000 a. Prepare the necessary journal entry to close the overhead account if the balance is considered immaterial.b. Prepare the necessary journal entry to close the overhead account if the balance is considered material.c. Which method do you believe is more appropriate for the company, and why?
Please Help Solve Section Required D & E O’Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications). O’Leary uses a normal job costing system. Direct labor at O’Leary is paid $31 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the basis of direct labor-hours. The company incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows. Year 1 Year 2 Direct labor-hours worked 69,800 56,800 Manufacturing overhead costs incurred Indirect labor $ 2,872,000 $ 2,272,000 Employee benefits 1,047,000 852,000 Supplies 698,000 568,000 Power 655,000 550,000 Heat and light 143,600 143,600 Supervision 784,370…
C15Q5 Need help Using the step-down method, allocate support-department costs. Develop overhead rates per direct manufacturing labor-hour for machining and assembly. Allocate the costs of the support departments in the order given in this problem. Use the allocation base for each support department you think is most appropriate. 2. Using the direct method, rework requirement 1. 3. Based on the following information about two jobs, determine the total overhead costs for each job by using rates developed in (a) requirement 1 and (b) requirement 2. Direct Manufacturing Labor–Hours Machining Assembly Job 88 23 2 Job 89 5 22 4. The company evaluates the performance of the operating department managers on the basis of how well they managed their total costs, including allocated costs. As the manager of the Machining Department, which allocation method would you prefer from the results obtained in requirements…
4. Which of the following should be classified as part of factory overhead for Caterpillar Inc, a maker of heavy machinery and equipment? I. Steel plateII. Plant manager’s salaryIII. Interest expense on debtIV. Factory supplies used in the plantV. Vice President of Finance’s salaryVI. Amortization of patents on the new assembly process A. I, II and V are correct.B. I, II and III are correct.C. II, IV and VI are correct.D. IV, V and VI are correct.