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..
Pre tax in Statement of Cash Flows, Advanced Equipment leased equipment to ...
Advanced Equipment leased equipment to Richards Chemical, Inc. on 9/30/11. Advanced purchased the machine from Makers, Inc. at a cost of $6M. The 5-yr lease agreement calls for R
How to create tax tables, Creating tax issue
Creating tax issue
Define the critical value and degrees of freedom, (3) You generate a nul...
(3) You generate a null hypothesis that = 32. You draw a random sample of size n = 28 from the population. You observe the following sample statistics: Y = 35:5 and a
#title.- historigram, #question.differentiate between historigram and histo...
#question.differentiate between historigram and histogram.
Calculate total rate, A psychologist developed a test designed to help pred...
A psychologist developed a test designed to help predict whether production-line workers in a large industry will perform satisfactorily. A test was administered to all new employe
Hedging , how to record a new hedging in your books
how to record a new hedging in your books
Sampling, Advantages of sampling over population
Advantages of sampling over population
Define tension and stress, Tension: When a sequence, place, cable or a man ...
Tension: When a sequence, place, cable or a man is presented tight, the ends of the sequence or place (or wire) pull on whatever systems are connected to them towards the sequence.
Marginal and absorption costing, difference of them for covering the follo...
difference of them for covering the following: 1.purpose of reporting 2.FORMAT OF INCOME STATEMENT
Explain Book value, Explain Book value The net quantity at which an advant...
Explain Book value The net quantity at which an advantage or asset group appears on the books of account, as distinguished from its marketplace or intrinsic value where book value
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
Follow Us |
T & C
Copyright by ExpertsMind IT Educational Pvt. Ltd.