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..
Observe value of the appropriate test statistic, As part of a study of corp...
As part of a study of corporate employees, the Director of Human Resources for PNC wants to compare the distance travelled to work by employees at their office in downtown Edmonton
Newton''s second law, i need to know newton''s second law. my science book ...
i need to know newton''s second law. my science book is glencoe mcgraw 6th grade.
Royalty accounts, Ritu acquired a mine on lease from Richa for a period of ...
Ritu acquired a mine on lease from Richa for a period of 8 years at a royalty of ` 60 per tonne of coal produced subject to minimum rent of ` 1,00,000 for the first year, increasin
Permutation and combination, How many different starting lineups of 5 baske...
How many different starting lineups of 5 basketball players can be chosen from a squad of 13 players?
Automatic interaction detector (aid), Automatic interaction detector (AID) ...
Automatic interaction detector (AID) A method or the technique which uses a set of categorical explanatory variables to divide data into the groups which are relatively homoge
Linear power supply, LINEAR POWER SUPPLY (JPG) The Goodwill GPC3030D pow...
LINEAR POWER SUPPLY (JPG) The Goodwill GPC3030D power supply is an example of a linear power supply. Discoveries that were made in researching this power supply are things such
Generally accepted accounting principles, Can the Depreciation on Assets be...
Can the Depreciation on Assets be recorded in Single Entry system? No, it cannot be possible. What do you mean by Computer Hardware? The computer is made with different co
Operation research, meaning,definition,scope,origin,advantages and limitati...
meaning,definition,scope,origin,advantages and limitation of operation research ?
Wave optics, how does wave act as in interfrence?
how does wave act as in interfrence?
Why do jovian planets have rings, Why do Jovian planets have rings? - Ring...
Why do Jovian planets have rings? - Ring particles cannot have lasted for billions of years so the particles we see today must have been created recently. - New ring particles
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.