Customer Service Chat
Get quote & make Payment
Ex. 3-12, 3-13 & 3-15, Accounting, Basic Statistics
EXERCISE 3-12 Computing Predetermined Overhead Rates and Job Costs [LO1,LO2, LO3, LO7]
Kody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
1. Compute the predetermined overhead rate.
2. During the year Job 500 was started and completed. The following information was available with respect to this job:
Compute the total manufacturing cost assigned to Job 500.
3. During the year the company worked a total of 147,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,325,000. What is the amount of underapplied or overapplied overhead for the year? If this amount were closed out entirely to Cost of Goods Sold, would the journal entry increase or decrease net operating income?
EXERCISE 3-13 Applying Overhead; Cost of Goods Manufactured [LO2, LO6, LO7]
The following cost data relate to the manufacturing activities of Black Company during the just completed year:
The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.
1. Compute the amount of underapplied or overapplied overhead cost for the year.
2. Prepare a schedule of cost of goods manufactured for the year.
EXERCISE 3-15 Departmental Overhead Rates [LO1, LO2, LO3]
Diewold Company has two departments, Milling and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Milling Department bases its rate on machine-hours, and the Assembly Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates:
1. Compute the predetermined overhead rate to be used in each department.
2. Assume that the overhead rates you computed in (1) above are in effect. The job cost sheet for Job 407, which was started and completed during the year, showed the following:
Compute the total manufacturing cost assigned to Job 407.
3. Would you expect substantially different amounts of overhead cost to be charged to some jobs if the company used a plantwide overhead rate based on direct labor-hours instead of using departmental rates? Explain. No computations are necessary.
Posted Date: 2/3/2012 6:12:25 AM | Location : United States
Ask an Expert
Ex. 3-12, 3-13 & 3-15, Accounting, Assignment Help, Ask Question on Ex. 3-12, 3-13 & 3-15, Accounting, Get Answer, Expert's Help, Ex. 3-12, 3-13 & 3-15, Accounting Discussions
Write discussion on Ex. 3-12, 3-13 & 3-15, Accounting
Your posts are moderated
Write your message here..
Calculate the weighted average cost of capital, The Foschini Group has just...
The Foschini Group has just issued a batch of preference shares that will pay a constant dividend of R8, beginning 6 years from now. If the required rate of return is 8%, what does
Do you think the change towards ifrs is a good idea, Do you think the chang...
Do you think the change towards IFRS is a good idea? Manager 1: This change is definitely going to be a very positive change. There are no doubt a lot of advantages that IFRS
Operation research, Meaning and solving example using north-west corner in ...
Meaning and solving example using north-west corner in Transportation problem
Standard costing, Standard costing In contemporary price sales, the idea...
Standard costing In contemporary price sales, the idea of documenting traditional expenditures was taken further, by assigning the organization''s set expenditures over a given
Elementary statistics, a few problems
a few problems
De Broglie hypothesis and Heinsberg’s uncertainty principle, According to d...
According to de Broglie hypothesis and Heinsberg’s uncertainty principle, if and electron is to exist inside the nucleus, it should posses energy ranging from 20 MeV to 200 MeV. B
Average Speed in Various Cases, Define Average Speed in Various Cases (a) ...
Define Average Speed in Various Cases (a) Particles covering different distances in different times say a particle covers s1 distance in time t1 ,s2 in time t2, s3 in time t3 and
Profit margin (return on sales), Hugh Snore Bedding, Inc. has assets of $40...
Hugh Snore Bedding, Inc. has assets of $400,000 and turns over its assets 1.5 times per year. Return on assets is 12%. What is its profit margin (return on sales)?
Study guide, Answers & examples of accounting for the follow on the file be...
Answers & examples of accounting for the follow on the file being sent to you.
Probablity, a fair die is thrown 3 times.let X1,X2,X3 denote results of 3 t...
a fair die is thrown 3 times.let X1,X2,X3 denote results of 3 throws.what is the probablity that p[X1>X2+X3]
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Terms & Conditions
Copyright by ExpertsMind IT Educational Pvt. Ltd.