Time left T: A Company uses job order costing and has chosen machine hours to allocate its manufacturing overhead. The company estimates that total machine hours to be operated next year are 400,000 hours. The estima variable overhead is $20 per machine hour and the estimated fixed overhead costs are $800,000. The predetermined overhead rate is: O a. $40 O b. $11 O c. $2 d. None of the answers given O e. $22

Time left T: A Company uses job order costing and has chosen machine hours to allocate its manufacturing overhead. The company estimates that total machine hours to be operated next year are 400,000 hours. The estima variable overhead is $20 per machine hour and the estimated fixed overhead costs are $800,000. The predetermined overhead rate is: O a. $40 O b. $11 O c. $2 d. None of the answers given O e. $22

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Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter17: Job Order Costing (job)

Section: Chapter Questions

Problem 3R: Now that your worksheet has been saved as JOB2, fill in the appropriate data for Job 8961. Save the...

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Show the solution in good accounting form. Thank you! MLB Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to MLB Inc. for the year ended December 31, 2020: Job No. 101 Job No. 102 Job No. 103 Job in Process, January 1, 2020 Direct Materials 40 000 30 000 0 Labor 60 000 40 000 0 Factory Overhead 30 000 20 000 0 Cost added during 2020 Materials 20 000 10 000 100 000 Labor 100 000 200 000 400 000 Factory Overhead ? ? ? Additional information: 1) Actual overhead for the year 2020 amounted to P350,000. 2) Jobs No. 101 and 102 were completed and transferred to finished goods during the year 2020. 3) Job No. 101 was sold during the year 2020. 4) The gross profit rate is 20% based on cost. 1. What is the total manufacturing cost for 2020? a. 1,400,000 b. 1,180,000 c. 480,000 d. 1,200,000 2. What is the cost of goods manufactured for 2020? a.…
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siness AccountingQ&A LibraryThe Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November 1 Bal. b/f Direct Materials Used $51,250 256,400 Other transactions incurred: ▪ Indirect material issued to production was $40,360 ▪ Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. ▪ Other manufacturing overhead costs incurred for November amounted to $340,490. ▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They were sold on account at a margin of 33⅓% on sales. Required: i) Compute Harriott’s predetermined manufacturing overhead rate for 2020. ii) State the journal entries…
All applicable Mini-Exercises are available with McGraw-Hill’s Connect™Accounting. Total manufacturing costs Acme, Inc., incurs the following costs during May: accounting Mini-Exercise 13.1LO 3, 4 Sales expense. . . . . . . . . . . . . . . . $11,500Direct labor . . . . . . . . . . . . . . . . . . 26,000Factory supplies . . . . . . . . . . . . . . 2,500Advertising . . . . . . . . . . . . . . . . . . 2,800Raw material used . . . . . . . . . . . . 18,000Administrative expense . . . . . . . $ 21,500Plant depreciation . . . . . . . . . . . 6,200Indirect labor. . . . . . . . . . . . . . . 8,000Utilities . . . . . . . . . . . . . . . . . . . . 10,000 **75% of this amount relates to the factory.Required:Calculate Acme’s total manufacturing costs for May.
Check my workCheck My Work button is now enabled Item 5 Brighton Services repairs locomotive engines. It employs 100 full-time workers at $20 per hour. Despite operating at capacity, last year's performance was a great disappointment to the managers. In total, 10 jobs were accepted and completed, incurring the following total costs. Direct materials $ 1,048,400 Direct labor 4,400,000 Manufacturing overhead 1,100,000 Of the $1,100,000 manufacturing overhead, 30 percent was variable overhead and 70 percent was fixed. This year, Brighton Services expects to operate at the same activity level as last year, and overhead costs and the wage rate are not expected to change. For the first quarter of this year, Brighton Services completed two jobs and was beginning the third (Job 103). The costs incurred follow. Job Direct Materials Direct Labor 101 $ 138,500 $ 503,000 102 106,000 313,700 103 95,300 195,400 Total…
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