In December 2012, Shire Computers management establishes the year 2013 predetermined overhead rate based on direct labor
Question:
In December 2012, Shire Computer’s management establishes the year 2013 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $ 747,500 of overhead costs and $ 575,000 of direct labor cost in year 2013. During March 2013, Shire began and completed Job No. 13-56.
1. What is the predetermined overhead rate for year 2013?
2. Use the information on the following job cost sheet to determine the total cost of thejob.
Transcribed Image Text:
JOB COST SHEET Customer's Name Keiser Co. Job No. 13-56 Job Description 5 plasma monitors61 inch Overhead Costs Applied Direct Materials Direct Labor Date Requisition No Amount Time-Ticket No. Amount Rate Amount Mar 8 Mar. II Mar 18 Totals 4-129 4-142 4-167 $5,000 7,020 3.330 T-306 T-432 T-456 700 1,250 1,250
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
1 2 Direct materials 15350 Direct l...View the full answer
Answered By
Shadrack Mulunga
I am a Biochemistry by profession. However, I have explored different fields of study. My quest to explore new fields has helped me gain new knowledge and skills in Business, clinical psychology, sociology, organizational behavior and general management, and Project Management. I count my expertise in Project management, in particular, creation of Work Break Down Structure (WBS) and use of Microsoft Project software as one of my greatest achievement in Freelancing industry. I have helped thousands of BSC and MSC students to complete their projects on time and cost-effectively using the MS Project tool. Generally, I find happiness in translating my knowledge and expertise to success of my clients. So far, i have helped thousands of students to not only complete their projects in time but also receive high grades in their respective courses. Quality and timely delivery are the two key aspects that define my work. All those who hired my services always come back for my service. If you hire my services today, you will surely return for more. Try me today!
5.00+
154+ Reviews
289+ Question Solved
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Managerial Accounting questions
-
Freeman Company uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead...
-
Yista Corporation uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The company estimated manufacturing overhead at $510,000 for the year and...
-
What is the main ethical issue for Heather? How could Heather apply the ethical framework of utilitarianism to frame this ethical issue? How could Heather apply the ethical framework of egoism to...
-
Find a dense document that has little white space and few headings or graphics. You might look at a legal court filing, a companys privacy statement, or an apartment lease. How could you redesign the...
-
Use the data for the year 1993 for this question, although you will need to first obtain the lagged murder rate, say mrdrte - 1. (i) Run the regression of mrdrte on exec, unem. What are the...
-
If the assumed volatility is changed as Black requested in Task 4, the forward rates shown in Exhibit 3 will most likely: A. Spread out. B. Remain unchanged. C. Converge to the spot rates. Katrina...
-
For binary diffusion with convection, use Eqs. (15-15e), (15-15f), (15-17a), (15-17b), and sum of mole fractions equals 1.0 to show that \(D_{\mathrm{AB}}=D_{\mathrm{BA}}\). Fick's law diffusive flux...
-
A firm is contemplating shortening its credit period from 40 to 30 days and believes that, as a result of this change, its average collection period will decline from 45 to 36 days. Bad-debt expenses...
-
Wescott Company has three divisions: A, B, and C. The company has a hurdle rate of 8 percent. Selected operating data for the three divisions are as follows: Sales revenue Cost of goods sold...
-
1) (a) Determine if the following statements are true or false. If true give a reason or cite a theorem and if false, give a counterexample i) If {a} is bounded, then it converges. ii) If {a} is not...
-
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 was started in production in May and the following costs...
-
Lorenzo Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following. 1....
-
Moxie Corporation incurs research and development costs of $500,000 in 2011, 30 percent of which relates to development activities subsequent to certain criteria having been met that suggest that an...
-
This method below currently sets the color of all of the pixels in the given Picture to black. It needs to only sets the pixels on the left half of the image to black. In other words, all pixels with...
-
What were the motives for Greek colonization in the eighth and seventh centuries B.C.E., and what were the effects of colonization on the ancient world?
-
Discuss the long run adjustment in the industry. That is, how will the number of firms, market supply, and profitability change as the industry moves toward a new equilibrium?
-
1. Point out 5 distinctive characteristics of the European System... 1. Point out 5 distinctive characteristics of the European System of Human Rights. 2. What is the importance of the European Court...
-
Vehicle Corporation is organized into four operating segments. The internal reporting system generated the following segment information: Operating Segments Autos Trucks SUVS Motorcycles Revenues...
-
What are the different storage tiers available for buckets in object storage? A. Gold B. Archive C. Silver D. Standard E. Bronze
-
The column shown in the figure is fixed at the base and free at the upper end. A compressive load P acts at the top of the column with an eccentricity e from the axis of the column. Beginning with...
-
What are the advantages of using an ORDBMS over an RDBMS?
-
Match the ratio to the building block of financial statement analysis to which it best relates. A. Liquidity and efficiency B. Solvency C. Profitability D. Market prospects 1. _______ Gross margin...
-
Match the ratio to the building block of financial statement analysis to which it best relates. A. Liquidity and efficiency B. Solvency C. Profitability D. Market prospects 1. _______ Gross margin...
-
1. Which two short-term liquidity ratios measure how frequently a company collects its accounts? 2. What measure reflects the difference between current assets and current liabilities? 3. Which two...
-
I. 1. What is the value at the end of Year 3 of the following cash flow stream if interest is 4% compounded semiannually? (Hint: you can use the EAR and treat the cash flows as an ordinary annuity or...
-
Marcus Pty, a U.S. company, has future receivables of 5,000,000 Australian dollars (AUD) in one year.The following information on spot rates, exercise prices, and probabilities is available to the...
-
Parents wish to have $80,000 available for a child's education. If the child is now 8 years old, how much money must be set aside at 7% compounded semiannually to meet their financial goal when the...
Study smarter with the SolutionInn App