ACCT 241 Week 2 Assignment Help 3 | American University
- american-university / ACCT 241
- 26 Jul 2019
- Price: $15
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ACCT 241 Week 2 Assignment Help 3 | American University
1.
Harris Fabrics computes its plant wide predetermined overhead
rate annually on the basis of direct labor-hours. At the beginning of the year,
it estimated that 20,000 direct labor-hours would be required for the period’s
estimated level of production. The company also estimated $94,000 of fixed
manufacturing overhead cost for the coming period and variable manufacturing
overhead of $2.00 per direct labor-hour. Harris's actual manufacturing overhead
cost for the year was $123,900 and its actual total direct labor was 21,000
hours.
Required:
Compute the company's plant wide predetermined overhead rate
for the year. (Round your answer to 2 decimal places.)
2.
Luthan Company uses a plant wide
predetermined overhead rate of $23.40 per direct labor-hour. This predetermined
rate was based on a cost formula that estimated $257,400 of total manufacturing
overhead cost for an estimated activity level of 11,000 direct labor-hours.
The company incurred actual total
manufacturing overhead cost of $249,000 and 10,800 total direct labor-hours
during the period.
Required:
Determine the amount of manufacturing
overhead cost that would have been applied to all jobs during the period.
3.
Mickley Company’s plantwide
predetermined overhead rate is $14.00 per direct labor-hour and its direct
labor wage rate is $17.00 per hour. The following information pertains to Job
A-500:
|
|
|
|
Direct
materials
|
$
|
231
|
Direct
labor
|
$
|
153
|
|
|
||
Required:
1. What is the total
manufacturing cost assigned to Job A-500?
2. If Job A-500 consists
of 40 units, what is the unit product cost for this job? (Round your
answer to 2 decimal places.)
4.
Tech Solutions is a consulting firm that uses a job-order costing system. Its direct materials consist of hardware and software that it purchases and installs on behalf of its clients. The firm’s direct labor includes salaries of consultants that work at the client’s job site, and its overhead consists of costs such as depreciation, utilities, and insurance related to the office headquarters as well as the office supplies that are consumed serving clients.
Tech Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 80,000 direct labor-hours would be required for the period’s estimated level of client service. The company also estimated $680,000 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm’s actual overhead cost for the year was $692,000 and its actual total direct labor was 83,000 hours.
Required:
1. Compute the predetermined overhead rate.
2. During the year, Tech Solutions started and completed the Xavier Company engagement. The following information was available with respect to this job:
|
Direct materials |
$ |
38,000 |
|
Direct labor cost |
$ |
21,000 |
|
Direct labor
hours worked |
|
280 |
Compute the total job cost for the Xavier Company engagement.
5.
Newhard Company assigns overhead cost to
jobs on the basis of 125% of direct labor cost. The job cost sheet for Job 313
includes $10,000 in direct materials cost and $12,000 in direct labor
cost. A total of 1,000 units were produced in Job 313.
Required:
a. What is the total manufacturing cost
assigned to Job 313?
b. What is the unit product cost for Job
313?
6.
Required information
[The following
information applies to the questions displayed below.]
Delph Company uses a job-order costing
system and has two manufacturing departments—Molding and Fabrication. The
company provided the following estimates at the beginning of the year:
|
|
Molding |
Fabrication |
Total |
||
|
Machine-hours |
|
20,000 |
|
30,000 |
50,000 |
|
Fixed
manufacturing overhead costs |
$ |
700,000 |
$ |
210,000 |
$ 910,000 |
|
Variable
manufacturing overhead cost per machine-hour |
$ |
3.00 |
$ |
1.00 |
|
|
|
|||||
During the year, the company had no
beginning or ending inventories and it started, completed, and sold only two jobs—Job
D-70 and Job C-200. It provided the following information related to those two
jobs:
|
Job
D-70: |
Molding |
Fabrication |
Total |
|||
|
Direct
materials cost |
$ |
375,000 |
$ |
325,000 |
$ |
700,000 |
|
Direct
labor cost |
$ |
200,000 |
$ |
160,000 |
$ |
360,000 |
|
Machine-hours |
|
14,000 |
|
6,000 |
|
20,000 |
|
|
||||||
|
Job
C-200: |
Molding |
Fabrication |
Total |
|||
|
Direct
materials cost |
$ |
300,000 |
$ |
250,000 |
$ |
550,000 |
|
Direct
labor cost |
$ |
175,000 |
$ |
225,000 |
$ |
400,000 |
|
Machine-hours |
|
6,000 |
|
24,000 |
|
30,000 |
|
|
||||||
Delphi had no under applied or over applied
manufacturing overhead during the year.
Required:
1. Assume Delph uses a plant wide
predetermined overhead rate based on machine-hours.
a. Compute the plant wide 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 and Job C-200?
d. What is Delph’s cost of goods sold
for the year?
7.
Required
information
[The following
information applies to the questions displayed below.]
Delph Company uses a job-order costing
system and has two manufacturing departments—Molding and Fabrication. The
company provided the following estimates at the beginning of the year:
|
|
Molding |
Fabrication |
Total |
||
|
Machine-hours |
|
20,000 |
|
30,000 |
50,000 |
|
Fixed
manufacturing overhead costs |
$ |
700,000 |
$ |
210,000 |
$
910,000 |
|
Variable
manufacturing overhead cost per machine-hour |
$ |
3.00 |
$ |
1.00 |
|
|
|
|||||
During the year, the company had no
beginning or ending inventories and it started, completed, and sold only two
jobs—Job D-70 and Job C-200. It provided the following information related to
those two jobs:
|
Job
D-70: |
Molding |
Fabrication |
Total |
|||
|
Direct
materials cost |
$ |
375,000 |
$ |
325,000 |
$ |
700,000 |
|
Direct
labor cost |
$ |
200,000 |
$ |
160,000 |
$ |
360,000 |
|
Machine-hours |
|
14,000 |
|
6,000 |
|
20,000 |
|
|
||||||
|
Job
C-200: |
Molding |
Fabrication |
Total |
|||
|
Direct
materials cost |
$ |
300,000 |
$ |
250,000 |
$ |
550,000 |
|
Direct
labor cost |
$ |
175,000 |
$ |
225,000 |
$ |
400,000 |
|
Machine-hours |
|
6,000 |
|
24,000 |
|
30,000 |
|
|
||||||
Delphi
had no under applied or over applied manufacturing overhead during the year.
2. 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 costs, what bid prices would it have
established for Job D-70 and Job C-200?
d. What is Delph’s cost of goods sold
for the year?
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