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In: Accounting
Problem #4 Predetermined Overhead Rate Broadway Corporation uses job order costing with a predetermined overhead rate...
Problem #4 Predetermined Overhead Rate
Broadway Corporation uses job order costing with a predetermined overhead rate based on machine hours to apply overhead. The following costs were provided after Job 500 & 510 were complete.
Given Estimated Annual Data:
Machine Hours 55,000 DL rate/hour $8
Unit Overhead 345,000 Support labor (4,000 hours) 17,000
Facility Overhead 150,000 Supervisor Salaries 36,000
Total Overhead 495,000
Beginning Inventory
Raw Materials and Supplies $10,500
Work in Process (Job 500 only) 54,000
Finished Goods 112,500
Purchases
Raw Materials 135,000
Supplies 15,000
Materials Requisitioned into production
Job 500 45,000
Job 510 37,500
Job 520 25,500
Supplies 6,000
Direct Labor Hours
Job 500 2,000
Job 510 3,000
Job 520 3,500
Machine Hours
Job 500 3,500
Job 510 3,000
Job 520 2,000
Factory
Utilities 6,500
Equipment 8,000
REQUIRED:
Compute the Total Job Costs and total overhead applied to all three jobs.
Beginning Balance.........Job 50.............Job 51.......... Job 52 ..........Totals
DM
DL
MOH (applied)
Total job costs
Determine the actual overhead incurred
Indirect materials (supplies)
Support labor wages
Supervisor Salaries
Factory utility costs
factory equipment costs
Total
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Total fixed manufacturing overhead cost
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Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on...
Lupo Corporation uses
a job-order costing system with a single plantwide predetermined
overhead rate based on machine-hours. The company based its
predetermined overhead rate for the current year on the following
data:
Total
machine-hours
32,300
Total fixed
manufacturing overhead cost
$
581,400
Variable
manufacturing overhead per machine-hour
$
2.00
Recently, Job T687 was
completed with the following characteristics:
Number
of units in the job
10
Total
machine-hours
40
Direct
materials
$
630
Direct labor
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The company based its predetermined overhead rate for the current
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Total direct labor-hours
78,000
Total fixed manufacturing overhead cost
$
460,200
Variable manufacturing overhead per direct labor-hour
$
5.00
Recently, Job P951 was completed with the following
characteristics:
Number of units in the job
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Total direct labor-hours
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710
Direct labor cost
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Harootunian Corporation uses a job-order costing system with a
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Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on...
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plantwide predetermined overhead rate based on machine-hours. The
company based its predetermined overhead rate for the current year
on the following data:
Total machine-hours
32,000
Total fixed manufacturing overhead cost
$
352,000
Variable manufacturing overhead per machine-hour
$
3.00
Recently, Job T687 was completed with the following
characteristics:
Number of units in the job
10
Total machine-hours
40
Direct materials
$
675
Direct labor cost
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1,350
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overhead rate based on machine-hours. The company based its
predetermined overhead rate for the current year on the following
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Total
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Total fixed
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164,000
Variable
manufacturing overhead per machine-hour
$
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Number
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Total
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Direct
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745
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Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on...
Lupo Corporation uses a job-order costing system with a single
plantwide predetermined overhead rate based on machine-hours. The
company based its predetermined overhead rate for the current year
on the following data:
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Total fixed manufacturing overhead cost
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Variable manufacturing overhead per machine-hour
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Total machine-hours
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