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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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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
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Total fixed
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Variable
manufacturing overhead per machine-hour
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Total
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Direct
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Direct labor
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Total fixed manufacturing overhead cost
$
460,200
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plantwide predetermined overhead rate based on machine-hours. The
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32,000
Total fixed manufacturing overhead cost
$
352,000
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10
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40
Direct materials
$
675
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Total fixed
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Variable
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Total fixed manufacturing overhead cost
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