Show Attempt History Current Attempt in Progress Crane Manufacturing uses a job-order costing system. On May...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Show Attempt History Current Attempt in Progress Crane Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,190, and Job No. 430 $1,310. During May, a summary of source documents reveals the following: Job Number Materials Requisition Slips Labour Time Tickets 429 $2.240 $2,140 430 3,670 3,460 431 4,700 $10,610 7,670 $13,270 General use 1,070 1,680 $11,680 $14,950 Crane Manufacturing applies manufacturing overhead to jobs at an overhead rate of 60% of direct labour cost. Job No. 429 is completed during the month. No. Date Account Titles and Explanation 1. May 31 Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Debit 10610 1070 May 13270 2. Work in Process Inventory 31 Manufacturing Overhead Factory Labour 1680 May 7962 3. Work in Process Inventory 31 Manufacturing Overhead May 4. Finished Goods Inventory 31 Work in Process Inventory 7854 Credit 11680 14950 7962 7854 Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheet entries in the order of journal entries presented in the previous part.) Work in Process Inventory Job No. 430 $ 431 Beginning Work In Process $ Direct Material Job Cost Sheets Direct Manufacturin Labour Overhead $ $ $ $ $ $ Manufacturing Overhead +A $ Total Oriole Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year: Estimated overhead costs $936,100 Actual overhead costs $954,600 Estimated decorator hours 40,700 Actual decorator hours 41,320 The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory. (a) Calculate the predetermined overhead rate. Predetermined overhead rate $ per decorator hour Show Attempt History Current Attempt in Progress Crane Manufacturing uses a job-order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,190, and Job No. 430 $1,310. During May, a summary of source documents reveals the following: Job Number Materials Requisition Slips Labour Time Tickets 429 $2.240 $2,140 430 3,670 3,460 431 4,700 $10,610 7,670 $13,270 General use 1,070 1,680 $11,680 $14,950 Crane Manufacturing applies manufacturing overhead to jobs at an overhead rate of 60% of direct labour cost. Job No. 429 is completed during the month. No. Date Account Titles and Explanation 1. May 31 Work in Process Inventory Manufacturing Overhead Raw Materials Inventory Debit 10610 1070 May 13270 2. Work in Process Inventory 31 Manufacturing Overhead Factory Labour 1680 May 7962 3. Work in Process Inventory 31 Manufacturing Overhead May 4. Finished Goods Inventory 31 Work in Process Inventory 7854 Credit 11680 14950 7962 7854 Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheet entries in the order of journal entries presented in the previous part.) Work in Process Inventory Job No. 430 $ 431 Beginning Work In Process $ Direct Material Job Cost Sheets Direct Manufacturin Labour Overhead $ $ $ $ $ $ Manufacturing Overhead +A $ Total Oriole Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year: Estimated overhead costs $936,100 Actual overhead costs $954,600 Estimated decorator hours 40,700 Actual decorator hours 41,320 The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory. (a) Calculate the predetermined overhead rate. Predetermined overhead rate $ per decorator hour
Expert Answer:
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
Posted Date:
Students also viewed these accounting questions
-
question (1) Assume that the differences are normally distributed. Observation 1 2 3 4 5 6 7 7.6 7.6 7.4 5.7 8.3 6.6 5.6 8.1 6.6 10.7 9.4 7.8 9.0 8.5 a) Determine = for each pair of data. b) Compute...
-
Ikerd Manufacturing uses a job order costing system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000 and Job No. 430 $1,200....
-
Stine Manufacturing uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,980 and two jobs in process: Job No. 429 $2,590 and Job No. 430 $1,390. During...
-
An investor utilizes a bull call spread by purchasing a call option for a premium of $10. The call option comes with a strike price of $50 and expires in July 2020. At the same time, the investor...
-
An investment pays you 9 percent interest, compounded quarterly. What is the periodic rate of interest? What is the nominal rate of interest? What is the effective rate of interest?
-
All CDs are equally priced. If 8 CDs cost $76.00, what is the cost of 1 CD? F. $0.10 G. $2.05 H. $7.60 J. $9.50 K. $10.50
-
Implement the collapsed Gibbs sampler for the Gaussian mixture model. At each iteration in the sampler, sample the means \(\mu_{k}\) even though they are not needed (sample them from the posterior...
-
For the year ended December 31, 2017, Denkinger Electrical Repair Company reports the following summary payroll data. Ross earnings: Administrative salaries ...... $200,000 Electricians wages...
-
. U.S. Dollar-British Pound. Assuming the same initial values for the U.S. dollar-British pound cross-rate in this table , how much more would a call option on pounds be if the maturity was doubled...
-
X G what are the various forms of b x + courses/_294244_1/cl/outline * Subject Discussion 5 Message For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt Students must...
-
Tesla, Inc. was sued by Owen Diaz for unethical practices associated with racial discrimination in the workplace. Owen Diaz was an elevator operator at the Tesla Fremont Factory. Black workers have...
-
Solve by factoring. if x+10x+9= 0 then x = or . (Enter answer to 3 decimal places, if needed.) Submit Answer
-
MV Corporation has debt with market value of $102 million, common equity with a book value of $99 million, and preferred stock worth $17 million outstanding. Its common equity trades at $50 per...
-
Solve the equation by the method of your choice. 2 (7x-2) = 4 The solution set is (Simplify your answer. Type an exact answer, using radicals and i as needed. Use integers or fractions for any...
-
Describe the mechanisms used by operating systems to enforce memory protection and isolation between processes. How do techniques like address space layout randomization (ASLR) contribute to system...
-
What is a situational interview? What role does a critical incident play in formulating situational questions?
-
Wilsons Auto Repair ended 2011 with Accounts Receivable of $85,000 and a credit balance in Allowance for Uncollectible Accounts balance of $11,000. During 2012, Wilsons Auto Repair had the following...
-
Volmar Company had sales in 2016 of $1,250,000 on 50,000 units. Variable costs totalled $600,000, and fixed costs totalled $500,000. A new raw material is available that will decrease the variable...
-
Container Shipping, Inc. is contemplating the use of process costing to track the costs of its operations. The operation consists of three segments (departments): receiving, shipping, and delivery....
-
Jack's Custom Manufacturing Company is considering three new projects. Each one requires an equipment in- vestment of $25,000, will last for three years, and will produce the following net annual...
-
Repeat 6.19 using \(x(0)=-2\).
-
Using the compact storage technique described in Section 6.8, determine the vectors DIAG, OFFDIAG, COL, and ROW for the following matrix: \[\mathbf{S}=\left[\begin{array}{cccccc}17 & -9.1 & 0 & 0 &...
-
Expand $6 \sqrt{\Pi_{k=1}^{3} \Pi_{m=1^{\prime}}^{2^{\prime}} D_{k m}}$
Study smarter with the SolutionInn App