What do the following credit terms mean? 1. n/30 2. 2/10, n/30 3. n/10 EOM 4. n/20 5. 1/10, n/20 6. 3/5, n/30 7. n/15 EOM Have you seen any of these in your work place?
In: Accounting
Exercise 2-13 Departmental Predetermined Overhead Rates [LO2-1, LO2-2, LO2-4] White Company has two departments, Cutting and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on machine-hours, and the Finishing Department bases its rate on direct labor-hours. At the beginning of the year, the company made the following estimates: Department Cutting Finishing Direct labor-hours 8,700 62,000 Machine-hours 64,600 3,400 Total fixed manufacturing overhead cost $ 390,000 $ 455,000 Variable manufacturing overhead per machine-hour $ 2.00 — Variable manufacturing overhead per direct labor-hour — $ 3.75 Required: 1. Compute the predetermined overhead rate for each department. 2. The job cost sheet for Job 203, which was started and completed during the year, showed the following: Department Cutting Finishing Direct labor-hours 3 19 Machine-hours 87 6 Direct materials $ 790 $ 370 Direct labor cost $ 57 $ 361 Using the predetermined overhead rates that you computed in requirement (1), compute the total manufacturing cost assigned to Job 203. 3. Would you expect substantially different amounts of overhead cost to be assigned to some jobs if the company used a plantwide predetermined overhead rate based on direct labor-hours, rather than using departmental rates?
In: Accounting
Problem 2-19 Multiple Predetermined Overhead Rates; Applying Overhead [LO2-1, LO2-2, LO2-4]
High Desert Potteryworks makes a variety of pottery products that it sells to retailers. The company uses a job-order costing system in which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor-hours. At the beginning of the year, the company provided the following estimates:
| Department | |||||||
| Molding | Painting | ||||||
| Direct labor-hours | 34,500 | 52,600 | |||||
| Machine-hours | 80,000 | 38,000 | |||||
| Fixed manufacturing overhead cost | $ | 152,000 | $ | 473,400 | |||
| Variable manufacturing overhead per machine-hour | $ | 3.00 | - | ||||
| Variable manufacturing overhead per direct labor-hour | - | $ | 5.00 | ||||
Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job:
| Department | |||||||
| Molding | Painting | ||||||
| Direct labor-hours | 89 | 127 | |||||
| Machine-hours | 310 | 73 | |||||
| Direct materials | $ | 948 | $ | 1,160 | |||
| Direct labor cost | $ | 740 | $ | 970 | |||
Required:
1. Compute the predetermined overhead rates used in the Molding Department and the Painting Department.
2. Compute the total overhead cost applied to Job 205.
3-a. What would be the total manufacturing cost recorded for Job 205?
3-b. If the job contained 31 units, what would be the unit product cost?
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In: Accounting
HEPES, 2-[4-(2-hydroxyethyl)piperazin-1-yl]ethanesulfonic acid, is a diprotic acid often used to
create buffers compatible with biological samples. A 10.0 mL sample of HEPES was titrated with
0.100 M NaOH.
a. To 2 places past the decimal point, determine the values of pKa1 and pKa2 for HEPES
b. Calculate the initial molarity of the HEPES solution to 4 sig figs.
c. A 20.0 mL portion of 0.20 M HEPES is titrated with 0.100 M NaOH. Calculate the pH at the first
and second equivalence points of the titration.
In: Chemistry
Exercise 2-15 Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO2-2, LO2-3, LO2-4]
[The following
information applies to the questions displayed
below.]
Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year:
| Molding | Fabrication | Total | |||||
| Machine-hours | 31,000 | 41,000 | 72,000 | ||||
| Fixed manufacturing overhead costs | $ | 740,000 | $ | 210,000 | $ | 950,000 | |
| Variable manufacturing overhead cost per machine-hour | $ | 5.50 | $ | 5.50 | |||
During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs:
| Job D-70: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 378,000 | $ | 322,000 | $ | 700,000 |
| Direct labor cost | $ | 230,000 | $ | 160,000 | $ | 390,000 |
| Machine-hours | 24,000 | 7,000 | 31,000 | |||
| Job C-200: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 290,000 | $ | 230,000 | $ | 520,000 |
| Direct labor cost | $ | 160,000 | $ | 270,000 | $ | 430,000 |
| Machine-hours | 7,000 | 34,000 | 41,000 | |||
Delph had no underapplied or overapplied manufacturing overhead during the year.
Exercise 2-15 Part 1
Required:
1. Assume Delph uses a plantwide predetermined overhead rate based on machine-hours.
a. Compute the plantwide predetermined overhead rate.
b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200.
In: Accounting
Exercise 2-15 Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO2-2, LO2-3, LO2-4]
[The following
information applies to the questions displayed
below.]
Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year:
| Molding | Fabrication | Total | |||||
| Machine-hours | 31,000 | 41,000 | 72,000 | ||||
| Fixed manufacturing overhead costs | $ | 740,000 | $ | 210,000 | $ | 950,000 | |
| Variable manufacturing overhead cost per machine-hour | $ | 5.50 | $ | 5.50 | |||
During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs:
| Job D-70: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 378,000 | $ | 322,000 | $ | 700,000 |
| Direct labor cost | $ | 230,000 | $ | 160,000 | $ | 390,000 |
| Machine-hours | 24,000 | 7,000 | 31,000 | |||
| Job C-200: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 290,000 | $ | 230,000 | $ | 520,000 |
| Direct labor cost | $ | 160,000 | $ | 270,000 | $ | 430,000 |
| Machine-hours | 7,000 | 34,000 | 41,000 | |||
Delph had no underapplied or overapplied manufacturing overhead during the year.
Exercise 2-15 Part 2
2. Assume Delph uses departmental predetermined overhead rates based on machine-hours.
c. If Delph establishes bid prices that are 140% of total manufacturing costs, what bid prices would it have established for Job D-70 and Job C-200?
d. What is Delph’s cost of goods sold for the year?
In: Accounting
Exercise 2-15 Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO2-2, LO2-3, LO2-4]
[The following
information applies to the questions displayed
below.]
Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year:
| Molding | Fabrication | Total | |||||
| Machine-hours | 31,000 | 41,000 | 72,000 | ||||
| Fixed manufacturing overhead costs | $ | 740,000 | $ | 210,000 | $ | 950,000 | |
| Variable manufacturing overhead cost per machine-hour | $ | 5.50 | $ | 5.50 | |||
During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs:
| Job D-70: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 378,000 | $ | 322,000 | $ | 700,000 |
| Direct labor cost | $ | 230,000 | $ | 160,000 | $ | 390,000 |
| Machine-hours | 24,000 | 7,000 | 31,000 | |||
| Job C-200: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 290,000 | $ | 230,000 | $ | 520,000 |
| Direct labor cost | $ | 160,000 | $ | 270,000 | $ | 430,000 |
| Machine-hours | 7,000 | 34,000 | 41,000 | |||
Delph had no underapplied or overapplied manufacturing overhead during the year.
Exercise 2-15 Part 1
Required:
1. Assume Delph uses a plantwide predetermined overhead rate based on machine-hours.
c. If Delph establishes bid prices that are 140% of total manufacturing cost, what bid prices would it have established for Job D-70 and Job C-200?
d. What is Delph’s cost of goods sold for the year?
In: Accounting
Exercise 2-15 Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO2-2, LO2-3, LO2-4]
[The following
information applies to the questions displayed
below.]
Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year:
| Molding | Fabrication | Total | |||||
| Machine-hours | 31,000 | 41,000 | 72,000 | ||||
| Fixed manufacturing overhead costs | $ | 740,000 | $ | 210,000 | $ | 950,000 | |
| Variable manufacturing overhead cost per machine-hour | $ | 5.50 | $ | 5.50 | |||
During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs:
| Job D-70: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 378,000 | $ | 322,000 | $ | 700,000 |
| Direct labor cost | $ | 230,000 | $ | 160,000 | $ | 390,000 |
| Machine-hours | 24,000 | 7,000 | 31,000 | |||
| Job C-200: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 290,000 | $ | 230,000 | $ | 520,000 |
| Direct labor cost | $ | 160,000 | $ | 270,000 | $ | 430,000 |
| Machine-hours | 7,000 | 34,000 | 41,000 | |||
Delph had no underapplied or overapplied manufacturing overhead during the year.
Exercise 2-15 Part 1
Required:
1. Assume Delph uses a plantwide predetermined overhead rate based on machine-hours.
c. If Delph establishes bid prices that are 140% of total manufacturing cost, what bid prices would it have established for Job D-70 and Job C-200?
d. What is Delph’s cost of goods sold for the year?
In: Accounting
Exercise 2-15 Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO2-2, LO2-3, LO2-4]
[The following
information applies to the questions displayed
below.]
Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year:
| Molding | Fabrication | Total | |||||
| Machine-hours | 31,000 | 41,000 | 72,000 | ||||
| Fixed manufacturing overhead costs | $ | 740,000 | $ | 210,000 | $ | 950,000 | |
| Variable manufacturing overhead cost per machine-hour | $ | 5.50 | $ | 5.50 | |||
During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs:
| Job D-70: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 378,000 | $ | 322,000 | $ | 700,000 |
| Direct labor cost | $ | 230,000 | $ | 160,000 | $ | 390,000 |
| Machine-hours | 24,000 | 7,000 | 31,000 | |||
| Job C-200: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 290,000 | $ | 230,000 | $ | 520,000 |
| Direct labor cost | $ | 160,000 | $ | 270,000 | $ | 430,000 |
| Machine-hours | 7,000 | 34,000 | 41,000 | |||
Delph had no underapplied or overapplied manufacturing overhead during the year.
Exercise 2-15 Part 1
Required:
1. Assume Delph uses a plantwide predetermined overhead rate based on machine-hours.
a. Compute the plantwide predetermined overhead rate.
b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200.
In: Accounting
Exercise 2-15 Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO2-2, LO2-3, LO2-4]
[The following
information applies to the questions displayed
below.]
Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year:
| Molding | Fabrication | Total | |||||
| Machine-hours | 31,000 | 41,000 | 72,000 | ||||
| Fixed manufacturing overhead costs | $ | 740,000 | $ | 210,000 | $ | 950,000 | |
| Variable manufacturing overhead cost per machine-hour | $ | 5.50 | $ | 5.50 | |||
During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs:
| Job D-70: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 378,000 | $ | 322,000 | $ | 700,000 |
| Direct labor cost | $ | 230,000 | $ | 160,000 | $ | 390,000 |
| Machine-hours | 24,000 | 7,000 | 31,000 | |||
| Job C-200: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 290,000 | $ | 230,000 | $ | 520,000 |
| Direct labor cost | $ | 160,000 | $ | 270,000 | $ | 430,000 |
| Machine-hours | 7,000 | 34,000 | 41,000 | |||
Delph had no underapplied or overapplied manufacturing overhead during the year.
Exercise 2-15 Part 2
2. Assume Delph uses departmental predetermined overhead rates based on machine-hours.
a. Compute the departmental predetermined overhead rates.
b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200.
c. If Delph establishes bid prices that are 140% of total manufacturing costs, what bid prices would it have established for Job D-70 and Job C-200?
d. What is Delph’s cost of goods sold for the year?
In: Accounting