Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption. To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

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Answer 1

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Chapter 3, Problem 3.17P

1.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption.

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

2.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

3.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

The managerial insight revealed in the problem.

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mcqs 1) Beans Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $162,000, variable manufacturing overhead of $2.80 per direct labor-hour, and 60,000 direct labor-hours. Recently, Job K818 was completed with the following characteristics: Number of units in the job 10 Total direct labor-hours 50 Direct materials $ 920 Direct labor cost $ 1,400 The predetermined overhead rate is closest to: A $2.80 per direct labor-hour B $8.30 per direct labor-hour C $2.70 per direct labor-hour D $5.50 per direct labor-hour

Your Company uses a predetermined overhead rate in applying overhead to production orders on a labor cost basis in Department A and on a machine-hours basis in Department B. At the beginning of the most recently completed year, the company made the following estimates: Dept. A Dept. B Direct labor cost $56,000 $33,000 Manufacturing overhead $67,200 $45,000 Direct labor hours 8,000 9,000 Machine hours 4,000 15,000 What predetermined overhead rate would be used in Department A?

1 Assume Delph uses departmental predetermined overhead rates based on machine-hours.a Compute the departmental predetermined overhead rates.b Compute the total manufacturing cost assigned to Job D-70 and Job C-200.c If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 andJob C-200?d What is Delph's cost of goods sold for the year? 2 Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based onmachine hours.a Compute the plantwide predetermined overhead rate.b Compute the total manufacturing cost assigned to Job D-70 and Job C-200.c If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 andJob C-200?d What is Delph's cost of goods sold for the year? 3 What managerial insights are revealed by the computations that you performed in this problem? (Hint: Do the cost of…

Answer 2

Question

Chapter 3, Problem 3.17P

1.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption.

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

2.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

3.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

The managerial insight revealed in the problem.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 3.17P

1.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption.

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

2.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

3.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

The managerial insight revealed in the problem.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 3.17P

1.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption.

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

2.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

3.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

The managerial insight revealed in the problem.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 3.17P

1.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption.

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

2.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

3.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

The managerial insight revealed in the problem.

Answer 6

Chapter 3, Problem 3.17P

1.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption.

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

Answer 7

Chapter 3, Problem 3.17P

1.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption.

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

Answer 8

2.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

Answer 9

2.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

To compute: The predetermined overhead rate, total manufacturing cost established bit price, and cost of goods sold.

Answer 10

3.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

The managerial insight revealed in the problem.

Answer 11

3.

To determine

Introduction: Job costing is a technique of determining the cost of a manufacturing job rather than the process of the job. Manufacturing overhead is applied to product or job order and is determined as predetermined overhead. Absorption costing is used to calculate the cost of a product while taking indirect and direct expenses into account. Activity-based costing assigns the cost of all the activities of the organization according to their actual consumption

The managerial insight revealed in the problem.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 3 - Prob. 3.1Q Ch. 3 - Prob. 3.2Q Ch. 3 - Prob. 3.3Q Ch. 3 - Prob. 3.4Q Ch. 3 - Prob. 3.5Q Ch. 3 - Prob. 3.6Q Ch. 3 - Prob. 3.7Q Ch. 3 - Prob. 3.8Q Ch. 3 - Prob. 3.9Q Ch. 3 - Prob. 3.10Q

Solution Summary: The author explains job costing as determining the cost of a manufacturing job rather than the process of the job.

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