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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systems and Process cost systems. Both have very distinct differences that help each specialize in a certain type of manufacturing company. The job order cost system in particular is used to "provide product costs for each quantity of a product that is manufactured." When a product is called to be manufactured‚ then it is called a job. Once the job is ordered‚ the manufacturing company must go through a flow of steps to complete the job. The flow of a job order cost system is as followed: materials
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scatter diagram provide above‚ that the overhead cost function for the machine is Y = 36557+ 26.96X‚ X representing the machine hours. The variable overhead for Island Wheels Ltd for an additional machine hour will be $26.96 and the fixed cost is $36557. The R square being 0.902783345 shows the variation in overhead cost in machine hours is 90.28%. the average distance of the data points from the fit line is 2603.23 indicating that average difference of overhead costs from the linear is $2603.23. 2
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Question 2. Question : The salaries of a manufacturing plant’s management are an example of a: Student Answer: facility-level activity.
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incurred 60‚000 Applied overhead 48‚000 Cost of goods manufactured 185‚000 Bobcat Company applies overhead on the basis of direct labor cost. There was only one job left in Work in Process at the end of April which contained $5‚600 of overhead. What amount of direct material was included in this job? a. $4‚400 b. $4‚480 c. $6‚920 d. $8‚000 Answer: (a) Total Costs Incurred 202‚000 Less: Cost of Goods Manufactured 185‚000 Costs remaining in WIP 17‚000 Overhead 5‚600 Direct Labor
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CHAPTER 4 JOB COSTING 4-1 Cost pool––a grouping of individual indirect cost items. Cost tracing––the assigning of direct costs to the chosen cost object. Cost allocation––the assigning of indirect costs to the chosen cost object. Cost-allocation base––a factor that links in a systematic way an indirect cost or group of indirect costs to cost objects. 4-2 In a job-costing system‚ costs are assigned to a distinct unit‚ batch‚ or lot of a product or service. In a process-costing system
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September 30. Compute the total manufacturing overhead. What’s the amount of total manufacturing cost in September? Compute the balance in work-in-process inventory at September 30. Compute the balance in wood at September 30. 1 Problem Two Job-Order Costing (12 points) Anthony’s Furniture Inc. (Anthony’s) manufactures furniture in Mississauga. Anthony’s uses job-order costing system and uses machine hours to allocate overhead costs. Estimated overhead for the year was $800‚000 and estimated
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1 Product costs are costs that are associated with manufactured goods until the time period during which products are sold. It involved all costs in acquiring or making a product. These costs consist of direct materials‚ direct labour and manufacturing overhead. Product costs are initially assigned to an inventory account on the balance sheet. When the goods are sold‚ the costs are released from inventory as expenses and matched against sales revenue. Since product costs are initially assigned
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Choice C. Choice D. Instructor Explanation: Chapter 3 Points Received: 0 of 5 Comments: Question 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. Instructor Explanation: Chapter 4 Points Received: 5 of 5 Comments: Question 3. Question : (TCO F) Unizat Corporation uses the weighted-average method in its process costing
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Solutions to Exercises Ex. 17–1 a. Process costing or activity-based costing b. Cost of finished goods manufactured c. Equivalent units d. None (this statement describes underapplied overhead) e. Job order costing or activity-based costing f. Activity-based costing Ex. 17–2 a. (1) Materials Inventory XXX Accounts Payable XXX To record the purchase of direct materials. (2) Work in Process Inventory XXX Materials Inventory
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