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Ex. 312, 313 & 315, Accounting, Basic Statistics
EXERCISE 312 Computing Predetermined Overhead Rates and Job Costs [LO1,LO2, LO3, LO7]
Kody Corporation uses a joborder costing system with a plantwide overhead rate based on machinehours. At the beginning of the year, the company made the following estimates:
Required:
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 machinehours 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 313 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 machinehour; a total of 10,000 machinehours was recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.
Required:
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 315 Departmental Overhead Rates [LO1, LO2, LO3]
Diewold Company has two departments, Milling and Assembly. The company uses a joborder costing system and computes a predetermined overhead rate in each department. The Milling Department bases its rate on machinehours, and the Assembly Department bases its rate on direct laborhours. At the beginning of the year, the company made the following estimates:
Required:
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.
p. 119
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 laborhours instead of using departmental rates? Explain. No computations are necessary.
Posted Date: 2/3/2012 6:12:25 AM  Location : United States
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