Prepare cost sheet, Cost Accounting

Assignment Help:

The Pacific Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $113,100 of manufacturing overhead for an estimated allocation base of $87,000 direct labor dollars. The company has provided the following data:
Inventories Beginning Ending
Raw materials $ 27,000 $ 10,000
Work in process $ 49,000 $ 36,000
Finished goods $ 74,000 $ 55,000
The following actual costs were incurred during the year:
Purchase of raw materials (all direct) $ 131,000
Direct labor cost $ 83,000
Actual manufacturing overhead costs:
Insurance, factory $ 8,700
Depreciation of equipment $ 18,000
Indirect labor $ 27,200
Property taxes $ 8,700
Maintenance $ 15,000
Rent, building $ 34,000
________________________________________
Compute the predetermined overhead rate for the year.
Predetermined overhead rate %
Compute the amount of underapplied or overapplied overhead for the year. (Input the amount as a positive value.)
overhead $
Prepare a schedule of cost of goods manufactured for the year. Assume all raw materials are used in production as direct materials. (Input all amounts as positive values.)
Pacific Manufacturing Company
Schedule of Cost of Goods Manufactured
Direct materials:
$
Total raw materials available
Raw materials used in production $
Total manufacturing cost
Cost of goods manufactured $
Compute the unadjusted cost of goods sold for the year. (Do not include any under applied or over applied overhead in your cost of goods sold figure.
Unadjusted cost of goods sold $
Job 137 was started and completed during the year. What price would have been charged to the customer if the job required $3,600 in materials and $4,000 in direct labor cost, and the company priced its jobs at 50% above the job%u2019s cost according to the accounting system?
Price to customer $


Direct labor made up $8,500 of the $36,000 ending Work in Process inventory balance. Supply the information missing below:
Direct materials $
Direct labor 8,500
Manufacturing overhead
Work in process inventory $ 36,000

**how to compute price to customer?

 


Related Discussions:- Prepare cost sheet

Direct cost as a relevant cost, Direct Cost as a Relevant Cost Direct ...

Direct Cost as a Relevant Cost Direct costs may be directly chargeable to a cost center or a product. They may be fixed costs or variable costs whereas it comes to decision-ma

Help, ) Ialani Corp. uses a job order costing system for the yachts it cons...

) Ialani Corp. uses a job order costing system for the yachts it constructs. On September 1, 2010, the company had the following account balance: Raw material inventory 332400 Wo

Operating cost, 1.Assume that Abel business corporation is purchasing new e...

1.Assume that Abel business corporation is purchasing new equipment, for 350,000$ at the beginning of 2014. Assume that Abel business corporation is in the 30% corporate tax bracke

Prepare a statement of cash flows, 2012                     2011 Cash   ...

2012                     2011 Cash                               12200                 17700 Acct receivable                  25200                  22300 Investments

Marvin''s motors company (mmc) manufactures outboard, Marvin's Motors Compa...

Marvin's Motors Company (MMC) manufactures outboard motors for use on small to medium sized boats. MMC produces three models: the Standard, the Deluxe and the Performance. The comp

Effects of increasing fixed cost, Jones Company operates within a monopolis...

Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q

Find out the cost per unit, Find Out the Cost per Unit Material A is ...

Find Out the Cost per Unit Material A is added at the start of a production process. Overheads and Labor are added continuously throughout the production process. At the endi

Estimate the required rate of return, a)     Company X is expected to maint...

a)     Company X is expected to maintain a constant 7% growth rate in their dividends, indefinitely. If the company has a dividend yield of 4%, what is the required return on their

Adjustment entries, Accounts are prepared according to accounting concepts,...

Accounts are prepared according to accounting concepts, principles and conventions. As final accounts are prepared on accrual basis, this becomes essential to subtract all those ex

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd