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answer all parts correctly & CIRCLE OR HIGHLIGHT ANSWERS pls .i will upvote The Lynn Company uses a normal job-costing system at its Minneapolis plant.
answer all parts correctly & CIRCLE OR HIGHLIGHT ANSWERS pls .i will upvote
The Lynn Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2014 budget for the plant is as follows: Click the icon to view the budnat data) Enter the formula, then enter the budgeted manufacturing overhead and cost allocation bases to solve for the budgeted manufacturing overhead rata for each department (Enter the percentage result as a wholo percentage. Abbreviations used: manuf - manufacturing, DM direct manufacturing) Budgeted manuf, overhead / Budgeted cost allocation base Budgeted manufacturing overhead rato (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2014 budget for the plant is as follows: (Click the icon to view the budget data) Read the requirements Budgeted manuf, overhead / Budgeted cost allocation base - Budgeted manufacturing overhead rate Machining Assembly i Data Table $ Machining Department Assembly Department $ 1,800,000 $ 3,600,000 1,400,000 $ 2,000,000 100,000 200,000 50,000 200,000 Manufacturing overhead Direct manufacturing labor costs Direct manufacturing labor-hours Machine-hours Requirements 1. Identify the components of the overview diagram of Lynn's job-costing system Compute the budgeted manufacturin overhead rate for each department During February, the job-cost record for Job 494 contained the following: 2. Machining Department Assembly Department Direct material used $ 45,000 $ 70,000 Direct manufacturing labor costs 14,000 $ 15,000 Direct manufacturing labor-hours 1,000 1,500 Machine-hours 2,000 1,000 Compute the total manufacturing overhead costs allocated to Job 494 At the end of 2014, the actual manufacturing overhead costs were $2 100 000 in machining and $3,700,000 in assembly Assume that 55,000 actual machine-hours were used in machining and that actual direct manufacturing labor costs in assembly were $2.200,000. Compute the over- or underallocated manufacturing overhead for each 3 Step by Step Solution
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