Question

In: Accounting

DM: 59,400 DLH: 1224 Direct Labor wage hourly rate: 15 # of united completed 3,600 basis...

DM: 59,400 DLH: 1224 Direct Labor wage hourly rate: 15 # of united completed 3,600 basis is direct-labor hours. Predetermined overhead rate is $35 per direct labor hour Q: Compute the unit product cost that would appear on the job cost sheet for this job.

Solutions

Expert Solution

A Direct Labor Hour 1224
B Direct Labor Rate $          15.00
C=A*B Direct Labor Cost $        18,360
D Predetermined Overhead Rate $          35.00 Per Direct labor Hour)
E=A*D Applied Overhead $        42,840
PRODUCT COST ON JOB SHEET
Direct material Cost $        59,400
Direct Labor Cost $        18,360 (1224*15)
Manufacturing Overhead cost $        42,840 (1224*35)
Total Product Cost $     120,600
Units of production              3,600
Unit Product Cost $          33.50 (120600/3600)

Related Solutions

3. Joy Lee’s regular hourly wage rate is $15, and she receives a wage of 2...
3. Joy Lee’s regular hourly wage rate is $15, and she receives a wage of 2 times the regular hourly rate for work in excess of 40 hours. During a June weekly pay period, Joy worked 50 hours. Joy’s federal income tax withholding is $90 and state income tax is $25 and FICA is 8%. Her only voluntary deduction is for retirement savings at $30 per week. Compute the following amounts for Joy’s wages for the current week. 1. Gross...
Zero Company's standard factory overhead rate is $3.75 per direct labor hour (DLH), calculated at 90%...
Zero Company's standard factory overhead rate is $3.75 per direct labor hour (DLH), calculated at 90% capacity = 900 standard DLHs. In December, the company operated at 80% of capacity, or 800 standard DLHs. Budgeted factory overhead at 80% of capacity is $3,150, of which $1,350 is fixed overhead. For December, the actual factory overhead cost incurred was $3,800 for 840 actual DLHs, of which $1,300 was fixed factory overhead. What is the fixed overhead production volume variance, to the...
Mickley Company’s plantwide predetermined overhead rate is $23.00 per direct labor-hour and its direct labor wage...
Mickley Company’s plantwide predetermined overhead rate is $23.00 per direct labor-hour and its direct labor wage rate is $12.00 per hour. The following information pertains to Job A-500: Direct materials $ 280 Direct labor $ 120 Required: 1. What is the total manufacturing cost assigned to Job A-500? 1b. If Job A-500 consists of 30 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.)
Mickley Company’s plantwide predetermined overhead rate is $20.00 per direct labor-hour and its direct labor wage...
Mickley Company’s plantwide predetermined overhead rate is $20.00 per direct labor-hour and its direct labor wage rate is $12.00 per hour. The following information pertains to Job A-500: Direct materials $ 210 Direct labor $ 60 1. What is the total manufacturing cost assigned to Job A-500? 2. If Job A-500 consists of 50 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.)
Margaret Strand’s regular hourly wage rate is $24, and she receives an hourly rate of $36...
Margaret Strand’s regular hourly wage rate is $24, and she receives an hourly rate of $36 for work in excess of 40 hours. During a January pay period, Margaret works 45 hours. Margaret’s federal income tax withholding is $91, and she has no voluntary deductions. Compute Margaret Strand’s gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.) Margaret’s gross earnings $ Margaret’s net pay...
Kimberly Strand’s regular hourly wage rate is $30, and she receives an hourly rate of $45...
Kimberly Strand’s regular hourly wage rate is $30, and she receives an hourly rate of $45 for work in excess of 40 hours. During a January pay period, Kimberly works 48 hours. Kimberly’s federal income tax withholding is $98.00, and she has no voluntary deductions. Assume that the FICA tax rate is 7.65%. Prepare the employer’s journal entries to record (a) Kimberly’s pay for the period and (b) the payment of Kimberly’s wages. Use January 15 for the end of...
MAnufacturing overhead is applied on the basis of direct labor hours. The direct labor hours for...
MAnufacturing overhead is applied on the basis of direct labor hours. The direct labor hours for the period are 500 and the estimated manufacturing overhead is 2000. actual direct labor hours were 160 and actual overhead was 1000. Compute the manufacturing overhead applied during this period.
1. Consider the labor supply and labor demand functions below, where w is the hourly wage...
1. Consider the labor supply and labor demand functions below, where w is the hourly wage and h is the hours worked per day. Labor supply: w=5+2.5´h Labor demand: w=26-0.5´h Compute the daily profit of the firm assuming that other factors of production are all costless. Show all the steps. Also, draw the labor supply and labor demand lines, and identify the economic profit area. (15 points) What if labor demand is less elastic; e.g., labor demand: w=26-h? Would daily...
Suppose that in an industry, workers are hired on an hourly basis. Labor costs are variable...
Suppose that in an industry, workers are hired on an hourly basis. Labor costs are variable costs, in that the firm needs to hire more workers (for more hours) to increase production, and the firm can choose to hire zero workers if it does not want to produce. Suppose that market wages go up, and hiring workers becomes more expensive per hour, while other costs remain the same. Consider how this will affect the cost curves for a firm in...
direct material (DM), direct labor (DL) and manufacturing overhead (MOH) are considered components of product cost...
direct material (DM), direct labor (DL) and manufacturing overhead (MOH) are considered components of product cost that eventually become part of inventory cost. Selling and administrative expenses are typically considered period costs that should be charged to expenses in the period in which those are incurred. Now, what happens if a period cost is incorrectly classified as a product cost, and vice versa? What is affected, and how does that matter? [think about where these costs eventually end up and...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT