The following data have been recorded for recently completed Job 623 on its job cost sheet. Direct materials cost was Rs. 3,340. A total of 45 direct labor-hours and 121 machine-hours were worked on the job. The direct labor wage rate is Rs. 15 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is Rs. 17 per machine-hour. The total cost for the job on its job cost sheet would be: 10 23.5.4.7.8.6.10A Moving to aniother question will save this response.«< Question 5 of 10Question 51 pointsSave AnswerThe following data.have been recorded for recently completed Job 623 on its job cost sheet. Direct materials cost was Rs. 3,340. A total of 45 direct labor-hours and 121 machine-hours were worked on the job. The direct labor wage rate is Rs. 15 per labor-hour. The Corporation applies manufacturing oiverheadon the basis of machine-hours. The predetermined overhead rate is Rs. 17 per machine-hour. The total cost for the job on its job cost sheet would beMoving to another question will save this response.<< Question 5 of 1008:076.

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Description: The following data have been recorded for recently completed Job 623 on its job cost sheet. Direct materials cost was Rs. 3,340. A total of 45 direct labor-hours and 121 machine-hours were worked on the job. The direct labor wage rate is Rs. 15 per l

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The following data have been recorded for recently completed Job 623 on its job cost sheet. Direct materials cost was Rs. 3,340. A total of 45 direct labor-hours and 121 machine-hours were worked on the job. The direct labor wage rate is Rs. 15 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is Rs. 17 per machine-hour. The total cost for the job on its job cost sheet would be

The following data have been recorded for recently completed Job 623 on its job cost sheet. Direct materials cost was Rs. 3,340. A total of 45 direct labor-hours and 121 machine-hours were worked on the job. The direct labor wage rate is Rs. 15 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is Rs. 17 per machine-hour. The total cost for the job on its job cost sheet would be

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 10.4.3C: Factory overhead rate Fabricator Inc., a specialized equipment manufacturer, uses a job order cost...

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Factory overhead rate Fabricator Inc., a specialized equipment manufacturer, uses a job order cost system. The overhead is allocated to jobs on the basis of direct labor hours. The overhead rate is now $3,000 per direct labor hour. The design engineer thinks that this is illogical. The design engineer has stated the following: Our accounting system doesn't make any sense to me. It tells me that every labor hour carries an additional burden of $3,000. This means that while direct labor makes up only 5% of our total product cost, it drives all our costs. In addition, these rates give my design engineers incentives to "design out" direct labor by using machine technology. Yet, over the past years as we have had less and less direct labor, the overhead rate keeps going up and up. I won't be surprised if next year the rate is $4,000 per direct labor hour. I'm also concerned because small errors in our estimates of the direct labor content can have a large impact on our estimated costs. Just a 30~minute error in our estimate of assembly time is worth $ 1,500. Small mistakes in our direct labor time estimates really swing our bids around. I think this puts us at a disadvantage when we are going after business. What did the engineer mean about the large overhead rate being a disadvantage when plating bids and seeking new business?
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
44. SHINING Apparel completed 3, 600 expensive bags during the 1st quarter of the current year. The following costs per unit are presented below: Direct materials P200Direct Labor 180Factory overhead, included P10 allowance for spoilage 180Final inspection revealed that 600 bags were spoiled which were sold as export overrun at 40% of production costs. The good units were delivered and billed the customer at 120% above cost.If the spoilage is common to all jobs, the amount billed to the customer is: a. • P1,680,000 b. • P2,100,000 c. • P2,016,000 d. • P3,696,000
10. Ramona Diaz Ltd. produces two products, P1 and P2, at its two departments: Machining and Assembly, as shown in the table below. The accountant tries to allocate overhead costs to the two products. If the accountant decides to allocate overhead based on labor hours, what is P1’s share of the total overhead costs? $180,000 $200,000 $220,000 $240,000
29. The total cost assigned to job 777C is P24,000 which includes direct materials cost of P6,000. The factory overhead is applied to work in process at 150% of direct labor cost. What is the amount of direct labor cost charged and factory overhead applied to job 777C? a. • 9,600 and P14,400, respectively b. • P6,000 and P12,000, respectively c. • P7,200 and P10,800, respectively d. • P4,800 and P72,200, respectively
28.This is Cost Accounting. Explain briefly and answer. Ryca, a production employee is paid P180 per hour for a regular work of 40 hours. During the week ended March 23, Ryca worked 50 hours and earned time and a half for overtime hours. What is the amount that should be charged to work in process account, if the overtime premium is charged to manufacturing overhead? Group of answer choices 10,800 9,900 900 9,000 10,900
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?
5.Halcyon Company just completed Job #22. See details below. Direct labor cost: $2,040 Direct materials cost: $90 Direct labor hours: 75 Predetermined manufacturing overhead allocation rate: $34.00 per direct labor hour Number of units of finished product: 200 units What was cost per unit of finished product? Select one: a.$23.40 b.$26.40 c.$46.80 d.$25.50
3. As of September 1, 20C, there are two jobs in process with accumulated prime costs as follows: Job 71: No. of units - 6,000, Direct materials - P5,000, Direct labor - P2,000. Job 72: No. of units - 5,000, Direct materials - P4,000, Direct labor - P1,800. Job 72 is special in nature because of its strict specifications. Factory overhead is charged at P.40 per unit and includes a P.03 provision for defective work. The prime costs incurred in September are as follows: Job 71: Direct materials - P3,000, Direct labor - 2,000; Job 72: Direct materials - P5,000, Direct labor 3,000; Job 75: No. of units - 3,000, Direct materials - P4,500, Direct labor - 2,000; Job 76: No of units - 2,000, Direct materials - P2,500, Direct labor - 1,500. Some units are found to have imperfections and the corresponding prime costs incurred in reprocessing are as follows: No. of units found with imperfections: Job 71 - 50, Job 72 - 80, Job 75 - 40. Prime costs in reprocessing: Direct materials = Job 71 -…
Question No.7 Lyon Corporation has identified the following overhead costs and activity drivers for next year: Overhead Items Expected Costs Activity Drivers Expected Qty. Set-up costs Ordering costs Maintenance Power Rs.150,000 40,000 200,000 20,000 Number of set-ups Number of orders Machine hours Kilowatt hours 1,000 10,000 16,000 100,000 The following are two of the jobs completed during the year: Job XX Job YY Direct materials Rs.2,250 Rs.2,500 Direct labor Rs.3,000 Rs.1875 Units complete 375 300 Direct labor hours 90 110 Number of set-ups 6 8 Number of orders 8…
42. Summer Class Corp. operates two producing departments, C and D, and two service departments, E and F. The overhead before allocation of service department costs, together with the usage of services from the service departments, is: Overhead Before Allocation of Service Services Provided by Department Department Costs E F Producing: C...................................................................... P18,000 30% ‑- D...................................................................... 29,000 30% 80% Service:…
19. Darlene, Inc. manufactures item “B500” per the design and specification of its customers, and accordingly uses the job order costing system. In March 2022, it finished 10,000 pieces for a customer at a cost of P50.00 per unit for direct materials and P40.00 per unit for direct labor. Factory overhead is applied at 100% of direct labor cost. The production incurred 500 defective units due to an error in the specifications made by the customer and that had to be reworked at a direct labor cost of P10.00 per unit. If the customer is billed at 25% above cost, how much is the billing price?