Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Biotechnologies Unlimited, Inc. (BUI), located in Sydney, Nova Scotia, is a small but growing biotech quality analysis organization that tests pesticides before they are used

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Biotechnologies Unlimited, Inc. (BUI), located in Sydney, Nova Scotia, is a small but growing biotech quality analysis organization that tests pesticides before they are used by farmers. The testing procedures are specific to the individual pesticides used because reagents used for testing react differently based on their composition and the quantity used. How they are introduced into the pesticides for testing is also important. During the month of December 2016, it completed one job (reference number: KS 2016-337), records pertaining to this job are as follows: Date 2/12/16 4/12/16 11/12/16 13/12/16 20/12/16 22/12/16 Document M-3316 L-4423 L-4437 M-3399 M-3407 L-4509 Amount $ 890 230 530 1.750 200 700 The documents with the references M and L pertain to direct materials and direct labour respectively. BUI currently allocates overhead using direct labour cost as the allocation base. For the year 2016, it estimated 5590,000 as the overhead amount and $472,000 for direct labour costs Required: 1. Compute the overhead allocation rate for 2016 Predetermined overhead rate 3. Prepare a job cost sheet for job KS 2016-337 Dec 01, 2016 Dec 23, 2016 JOB COST SHEET Number KS2014-337 Date initiated Department Commerical Date completed Description Pesticide testing Units completed Direct Materials Direct Labour Reg. No. Amount Time-Sheet Hours Amount DL Cost Overhead Rate Amount Cost Summary Job Completion Status Progress to date Date Total Cost Unit Cost $ 1.225.00 Biotechnologies Unlimited, Inc. (BUI), located in Sydney, Nova Scotia, is a small but growing biotech quality analysis organization that tests pesticides before they are used by farmers. The testing procedures are specific to the individual pesticides used because reagents used for testing react differently based on their composition and the quantity used. How they are introduced into the pesticides for testing is also important. During the month of December 2016. it completed one job (reference number: KS 2016-337): records pertaining to this job are as follows: The documents with the references M and L pertain to direct materials and direct labour, respectively. BUI currently allocates overhead using direct labour cost as the allocation base. For the year 2016, it estimated $590,000 as the overhead amount and $472,000 for direct labour costs. Required: Compute the overhead allocation rate for 2016. 2. Compute the total costs of the job. * Prepare a job cost sheet for job KS 2016-337 JOB COST SHEET Date Date completed Unitscom Direct Labour Description

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quality Audits For Improved Performance

Authors: Dennis R. Arter

2nd Edition

0873892631, 978-0873892636

More Books

Students also viewed these Accounting questions

Question

Explain the meaning of ergonomics.

Answered: 1 week ago