Enter titles and accounts in the green cells Enter Numbers in the blue cells Enter your Calculations in the yellow cells Unit 3 Job Order Costing Read Chaptehttps://www.principlesofaccounting.com/managerial-cost-accounting/ The following information was contained on the materials and labor sheets for Job 316 for Lansing Bikes. Code M represents a requisition for materials, and L represents a time ticket. Management is using an overhead rate of 125% of direct labor. 1. The job cost sheet Date Document Amount 4/1 L-4521 $ 2,540 4/5 4/7 4/12 M-2150 L-4533 M-2167 750 3,250 980 4/17 M-2182 250 Determine the total cost on the job cost sheet for Job 9-1005. Job cost sheet: Job 316 Direct Materials Date Req. # 4/1 4/5 m-2150 4/7 4/12 M-2167 4/17 Totals Direct labor Overhead Total cost Time Amount Amount Costs applied ticket L-4521 2,540 2,540x125% 5,715 750 750 L-4533 3,250 3,25x125% 7,313 980 980 1980 5790 7238 15,008 Enter titles and accounts in the green cells Enter Numbers in the blue cells Enter your Calculations in the yellow cells Unit 3 Job Order Costing Read Chapter 19 https://www.principlesofaccounting.com/managerial-cost-accounting/ 2. Cost Flows As of the end of October, the job cost sheets at Detroit Scooters, Inc., show the following total costs accumulated on three custom jobs. Job 918 Direct materials Direct labor Overhead applied Job 919 17,500 8,700 5,220 Job 920 43,250 19,500 11,700 19,500 14,200 8,520 Job 918 was started in production in September and the following costs were assigned to it in September: direct materials, $5,600; direct labor, $1,200; and overhead, $720. Jobs 919 and 920 were started in October. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 918 and 919 were finished in October, and Job 920 is expected to be finished in November. No raw materials were used indirectly in October. Using this information, answer the following questions. The company's predetermined overhead rate was the same for the entire year. Instructions: 1&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during October for each of the three jobs? Direct Materials September October Job Total 918 919 920 Total Hint: just recap the September and October Costs and add them together. Direct Labor September October Job Total Total 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Job Numerator Denominator Overhead Rate Overhead September October Job Total Total 4. How much total cost is transferred to finished goods during October? Job Direct Materials Direct Labor 918 919 920 Applied Overhead Total Cost Total Cost Transferred to Finished Goods Enter titles and accounts in the green cells Enter Numbers in the blue cells Enter your Calculations in the yellow cells Unit 3 Job Order Costing Read Chapter 19 https://www.principlesofaccounting.com/managerial-cost-accounting/ Dearborn Corp. allocates overhead to production on the basis of direct labor costs. At the beginning of the year Dearborn estimated Costs to be: Estimated total overhead Direct materials Direct labor Estimated Total Costs 375,000 525,000 250,000 1,150,000 Calculate the Pre-determined Overhead rate Overhead Direct labor estimated overhead rate All product that was produced was sold. Determine the amount of overhead to be allocated to Cost of Good Sold given these actual costs: Total Overhead 435,000 Direct materials 518,000 Direct labor 275,000 Total Costs 1,228,000 Direct Labor Overhead Rate x Applied OH = Actual OH Difference = r or Over-applied Prepare the entry to clear the overhead account Debit Account: Credit Account: Enter titles and accounts in the green cells Enter Numbers in the blue cells Enter your Calculations in the yellow cells The following cost data relate to the manufacturing activities of Alembic Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory 14,350 127,500 6,700 53,500 325,100 12,300 Total actual manufacturing overhead costs incurred 539,450 Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending 397,500 68,250 21,750 31,850 39,800 68,300 The company uses a predetermined overhead rate of $29 per machine-hour to apply overhead cost to jobs. A total of 32,500 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. Overhead Rate Machine Hours 2. Prepare a schedule of cost of goods manufactured for the year. Alembic Company Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Less: Indirect materials Manufacturing overhead applied to work in process Total manufacturing costs Cost of goods manufactured Calculation Actual Overhead less applied overhead Difference is this under or over applied? Prepare the entry to clear the overhead account Debit Credit