17 C. I am the manufacturing overhead applied to this job with 900 hours worked, and 2,250 of materials used. 18. I am an additional 45,000 pot pies transferred to the finished pot pie freezer from this batch - You will need to record the completion of the pot pies. 19. Pies costing $45,000 are sold on account at 200% of cost (Two Entries) 20. I am the end of the month, and it is time to deal with the under/over applied inventory Batch Number. 10. am the heating bill for the fancy office building housing the president. My total is $30,000 for the month. We will record the cost for the month. 11. I am glue brought over to the packaging area for sealing the boxes of pot pies - value $10 12. I am the specialty cook called in to work one hour of overtime to add a special touch to the pot pie. My hourly wage is $10, but my overtime pay is a total of $15 per hour 13. I am the depreciation on the oven used to cook the pies $5,000. 14. I am the total number of other labor hours for the other cooks spent on the batch of pot pies 196 hours at $10 per hour. 15. I AM THE OVERHEAD THAT NEEDS TO BE APPLIED. 16. I am the 10,000 finished pot pie. I am moved to the completed pot pie freezer. WE START A NEW BATCH 17 a. I am the raw materials used for the new batch: 2,250 pounds at $5 per pound is removed from the Raw Material Inventory & Transferred to WIP 17 b. I am 900 hours worked on the new batch $10 per hour is the wage rate 1.I am the production foreman. I get to work and clock in. I work the entire day and supervise everyone's activities. I earn $100 for the day with fringe benefits. 2. I am the chicken for the chicken pot pies. 500 pounds is removed from the freezer and taken to the production area. At standard or normal cost, my value is $2500. The batch will produce 10,000 very fancy pot pies. 3. I am the cook, I take the chicken and add it to the batch of water, carrots, celery, potatoes and flour. I spend three hours cooking the food. I earn $10 an hour with fringes. 4. I am the USDA inspector. When I walk in, everyone sits down. $4,000 in wages are incurred by cooks while I walk around. 5. I am the electric bill for the plant. My total is $5,000 6. I am the tax bill for the plant. My bill is $7000 7.I am the hazardous waste disposal bill. My total is $800. 8. I am the Marketing Director, I earn $260,000 a year working part-time or $2600 a day - We will record today's cost only. 9. I am the quality control supervisor. I earn $67,600 a year or $260 a day. We will record today's cost only. 0 Managerial Accounting 3 10 11 12 13 14 15 16 17 15 16 7 CHICKEN POT PIE Project - Job order costing Let's get started: We are going to make two batches of Chicken Pot Pies. As a factory, we ANTICIPATED OR ESTIMATED MANUFACTURING OVERHEAD at $2,000,000 Our cost driver is determined to be DIRECT LABOR We have estimated direct labor hours of 100,000 Therefore, our PREDETERMINED OVERHEAD RATE is $1 PER DIRECT LABOR HOUR Therefore, the STANDARD COST PER POT PIE CAN BE COMPUTED AT: DIR. MAT. $0.25 DIR. LABOR 02 HOURS $10 PER HOUR MOH $.20 02 HOURS PER HOUR $. STANDARD COST PER PIE S You MAY WANT the following T Accounts - Accounts NEED! Manufacturing Overhead* Wages/Accounts Payable Work in Process Selling, General & Administrative Expense (SG&) Raw Material Inventory - Beginning Balance $40,000 Supply Inventory - Beginning Balance $5,000 Accumulated Depreciation Finished Goods Cost of Goods Sold Accounts Receivable Sales Revenue 0. I am predetermined overhead rate of *At the conclusion of the exercise: Submit the Manufacturing overhead in the appropriate Assignment box. The total estimate amount of manufacturing overhead for the year $2,000,000. It is estimated 100,000 direct labor hours will be worked during the year