CHAPTER 17 JOB ORDER COST SYSTEMS AND OVERHEAD ALLOCATIONS OVERVIEW OF BRIEF EXERCISES‚ EXERCISES‚ PROBLEMS‚ AND CRITICAL THINKING CASES Brief Exercises B. Ex. 17.1 B. Ex. 17.2 B. Ex. 17.3 B. Ex. 17.4 B. Ex. 17.5 B. Ex. 17.6 B. Ex. 17.7 B. Ex. 17.8 B. Ex. 17.9 B. Ex. 17.10 Topic Accounting for overhead Transferring costs Overhead application rates Actual and applied overhead Selecting a cost system Applying direct labor Applying direct materials Recording manufacturing costs Selecting activity bases Activity-based
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May 9‚ 2013 by Bill Horst‚ CPA‚ CMA‚ CGMA Costing For Profitability http://costingblog.wvco.com/2013/05/09/what-happened-to-direct-labor/ One of the topics that come up frequently at our cost forums is related to the best method of allocating overhead to production. In years gone by‚ direct labor was frequently the best choice for doing such allocations. But more recently‚ direct labor is less and less likely to be the best choice. What’s happened to direct labor? The explanation is really quite
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Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department D‚ direct labor hours in Department E‚ and machine hours in Department K.In establishing the predetermined overhead rates for 2014‚ the following estimates were made for the year. Department D E K Manufacturing overhead $1‚200‚000 $1‚500‚000 $900‚000 Direct labor costs
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Company builds equipment to customer’s specifications. On March 1‚ two jobs were in process with the following costs and information: | Job 43 | Job 44 | Direct materials | $10‚200 | $34‚400 | Direct labor | 21‚000 | 10‚400 | Applied overhead* | 4‚950 | 7‚370 | Total cost | $36‚150 | $52‚170 | | | | Machine hours | 45 | 67 | *Applied on the basis of machine hours During March‚ Job 45 was started and Job 44 was completed and delivered to the customer. Job 43 was
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licorice a costume maker that makes specialty costumes for figure skaters all of these Comments: 2. Question : (TCO F) Process costing would be appropriate for each of the following except: Student Answer: custom furniture manufacturing. oil refining. grain milling. newsprint production. Comments: 3. Question : (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in
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materials $5‚033‚600 $228.80 $2‚569‚600 $642.40 Direct manufacturing labour a 435‚600 19.80 184‚800 46.20 Machine costs b 3‚484‚800 158.40 316‚800 79.20 Total direct costs $8‚954‚000 $407.00 $3‚071‚200 $767.80 Manufacturing overhead costs c $4‚840‚000 $220.00 $440‚000 $110.00 Total cost of goods sold $13‚794‚000 $627.00 $3‚511‚200 $877.80 a Mammoth requires 1.5 hours per unit and Maximum requires 3.5 hours per unit. The direct manufacturing labour cost is $13.20 per hour. b Machine costs include
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Page: | 1 2 | 1. | Question : | (TCO F) Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is: | | | Student Answer: | | the same as the number of units put into production. | | | | less than the number of units put into production. | | | | the same as the number of units completed
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three questions below. Please note that Question #3 has add more rows or columns to the box if needed. 1. Biltz Company uses a predetermined overhead rate based on direct labor hours to allocate manufacturing overh $582‚000 and 135‚000 direct labor hours were worked. The company estimated that it would incur $525‚000 of ma By how much was manufacturing overhead overallocated or underallocated for the year? 582‚000 - 582‚000= $57‚000.00 2. The following account balances at the beginning of January
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Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: 1/16/2015 Time Spent: 1 h ‚ 45 min ‚ 15 secs Points Received: 73 / 90 (81.1%) Question Type: # Of Questions: # Correct: Multiple Choice 6 3 Essay 4 N/A Grade Details - All Questions Page: 1 2 Question 1. Question : (TCO F) Computing unit product costs involves averaging in Job-Order Costing
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goods manufactured 343‚000 Finished goods available for sale $ 428‚000 Less finished goods‚ July 31 93‚000 Cost of goods sold $ 335‚000 E1-5 Selling & Direct Direct Factory Admin. Items Materials Labor Overhead Expense a. Steel used in an overhead door plant Ö b. Cloth used in a shirt factory Ö c. Fiberglass used by a sailboat builder Ö d. Cleaning solvent for the factory floor Ö e. Wages of a binder employed in a printing plant Ö f. Insurance
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