Question
In: Accounting
Tyler Tooling Company uses a job order cost system with overhead applied to products on the...
Tyler Tooling Company uses a job order cost system with overhead
applied to products on the basis of machine hours. For the upcoming
year, the company estimated its total manufacturing overhead cost
at $209,220 and total machine hours at 63,400. During the first
month of operations, the company worked on three jobs and recorded
the following actual direct materials cost, direct labor cost, and
machine hours for each job:
| Job 101 | Job 102 | Job 103 | Total | |||||||||
| Direct materials used | $ | 11,500 | $ | 8,900 | $ | 4,200 | $ | 24,600 | ||||
| Direct labor | $ | 17,500 | $ | 6,300 | $ | 4,100 | $ | 27,900 | ||||
| Machine hours | 1,700 | hours | 2,700 | hours | 800 | hours | 5,200 | hours | ||||
Job 101 was completed and sold for $50,300.
Job 102 was completed but not sold.
Job 103 is still in process.
Actual overhead costs recorded during the first month of operations
totaled $16,660.
Required:
1. Calculate the predetermined overhead rate.
(Round your answer to 2 decimal places.)
|
2. Compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations. (Round your intermediate calculations to 2 decimal places.)
|
3. Compute the balance in the Work in Process
Inventory account at the end of the first month. (Round
your intermediate calculations to 2 decimal places.)
|
4. How much gross profit would the company report
during the first month of operations before making an adjustment
for over- or underapplied manufacturing overhead? (Round
your intermediate calculations to 2 decimal places.)
|
5-a. Determine the balance in the Manufacturing
Overhead account at the end of the first month. (Round your
intermediate calculations to 2 decimal places.)
|
5-b. Is it over- or underapplied?
| Overapplied | |
| Underapplied |
Solutions
Expert Solution
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.
ekkarill92 answered 2 years agoRelated Solutions
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Tyler Tooling Company uses a job order cost system with overhead
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the following actual direct materials cost, direct labor cost, and
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Tyler Tooling Company uses a job order cost system with overhead applied to products on the...
Tyler Tooling Company uses a job order cost system with overhead
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Tyler Tooling Company uses a job order cost system with overhead applied to products on the...
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ABC Company uses a job order cost system with overhead applied
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ABC Company uses a job order cost system with overhead applied
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Verizox Company uses a job order cost system with manufacturing overhead applied to products based on...
Verizox Company uses a job order cost system with manufacturing
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Item Description
Total Cost
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(1,870 hours)
$
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costs
Indirect
labor
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Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on...
Dobson Manufacturing Company uses a job order cost system with
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Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on...
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Item Description
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3,270
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