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..
Differentiate between sample and population, Ask question #Midifferentiate ...
Ask question #Midifferentiate between sample and populationnimum 100 words accepted#
Estimate the population mean flying time for the pilots, The mean number of...
The mean number of hours of flying time for pilots at Continental Airlines is 49 hours per month (The Wall Street Journal, February 25, 2003). Assume that this mean was based on ac
Standard price, Stock at hand 1000 unit at #0.80 each, received 2000 units ...
Stock at hand 1000 unit at #0.80 each, received 2000 units at #1.10 each,
Scale of measurement , which scale of measurement is used for Class size
which scale of measurement is used for Class size
Probability, The monthly income of a company employee is normally distribut...
The monthly income of a company employee is normally distributed with the mean Rs. 20,000 and standard deviation of Rs. 5000. a) Find the probability that an employee earns more th
Accounting cycle, The Steven Wholesale Co. uses the periodic inventory syst...
The Steven Wholesale Co. uses the periodic inventory system. The following transactions occurred during the month of May, the last month of the fiscal year that runs from June 1 t
What is the cumulative distribution function, The waiting time for an incom...
The waiting time for an incoming call at the front desk of mathematics Department follows an exponential distribution. During business hours, the average of the waiting times is 10
Index, where i found an assignment about index?
where i found an assignment about index?
Characteristics , Mention the characteristics of Statistics. Explain any tw...
Mention the characteristics of Statistics. Explain any two applications of Statistics
Allowance for uncollectible , Allowance for uncollectible A contra-asset a...
Allowance for uncollectible A contra-asset assessment consideration used to indicate the part of a / r that is approximated to be uncollectible.
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.