MANAGERIAL ACCOUNTING F/MGRS.
6th Edition
ISBN: 9781264100590
Author: Noreen
Publisher: RENT MCG
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Question
Chapter 3, Problem 3.11E
To determine
Concept introduction:
Predetermined overhead allocation:
Predetermined overhead allocation is a method of allocation of overhead costs to the product units. Under this method, the overhead costs are allocated to the product units using the allocation base. The allocation base is identified based on the type of production activities.
Requirement-1:
To calculate: The amount of overhead cost assigned to job W.
To determine
Concept introduction:
Predetermined overhead allocation:
Predetermined overhead allocation is a method of allocation of overhead costs to the product units. Under this method, the overhead costs are allocated to the product units using the allocation base. The allocation base is identified based on the type of production activities.
Requirement-2:
To indicate: The way the cost of job W cost sheet shall be reported in the financial statement at the end of the year.
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Students have asked these similar questions
how much is total cost of goods manufactured? A company uses job order costing, At the beginning of February, two jobs were in process:
Job 769 Job 772
Materials P4.000 P1.400
Direct labor 7000 600
Appled Factory Overhead 3,000 900
There was no inventory of finished goods on February 1 During the month, Jobs 773, 774, 776, 778 and 779 were started Matera's requisitions for February totaled P26.000, direct mobor cost, P20,000 and actual factory overhead. P32.000- Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is 779, with a materials cost of P2,800 and direct labor cost of P1 800 Job 776, the onlY finished rob on hand at tee end of the month, has a total cost of P4,000, how much is total cost of goods manufactured?
Morrow Corporation had only one job in process during May-Job X32Z-
and had no finished goods inventory on May 1. Job X32Z was started in April
and finished during May, Data concerning that job appear below:
Beginning balance
Charged to the job during May
Direct materials
Direct labor
Manufacturing overhead applied
Units completed
Units in process at the end of may
Units sold during May
Job X32Z
$ 17,000
$ 14,000
$ 4,400
$ 32,800
1. Cost of goods sold
2. Ending finished goods inventory
3. Ending work in process inventory
220
0
100
The company's total manufacturing overhead applied always equals its total
actual manufacturing overhead.
Required:
1. What is the cost of goods sold for May?
2. What is the total value of the finished goods inventory at the end of May?
3. What is the total value of the work in process inventory at the end of
May?
Job cost sheets show the following information:
Job
January
February
March
Completed
Sold
AA2
$2,600
$1,400
February
Not sold
AA4
4,840
January
February
AA5
3,230
February
March
ААЗ
3,408
$2,321
April
Not sold
Total
$7,440
$8,038
$2,321
What are the balances in the work in process inventory, finished goods inventory,
and cost of goods sold for January, February, and March?
Work in
Finished
Process
Goods
COGS
January
$
February
$
March
Chapter 3 Solutions
MANAGERIAL ACCOUNTING F/MGRS.
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Prob. 3.3QCh. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Prob. 3.7QCh. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Prob. 3.10Q
Ch. 3 - Prob. 3.11QCh. 3 - Prob. 3.12QCh. 3 - Prob. 3.13QCh. 3 - Prob. 1AECh. 3 - Prob. 1TF15Ch. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - Prob. 3.14ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.16PCh. 3 - Prob. 3.17PCh. 3 - Prob. 3.18PCh. 3 - Prob. 3.19PCh. 3 - Prob. 3.20PCh. 3 - Prob. 3.21PCh. 3 - Prob. 3.22PCh. 3 - Prob. 3.23PCh. 3 - Plantwide versus Multiple Predetermined Overhead...Ch. 3 - Prob. 3.25PCh. 3 - Prob. 3.26C
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