Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 2-4 (Algo) Computing Total Job Costs and Unit Product Costs Using Multiple Predetermined Overhead Rates [LO2-4) Fickel Company has two manufacturing departments-Assembly and Testing

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Exercise 2-4 (Algo) Computing Total Job Costs and Unit Product Costs Using Multiple Predetermined Overhead Rates [LO2-4) Fickel Company has two manufacturing departments-Assembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $22.00 per direct labor-hour and $18.00 per direct labor-hour, respectively. The company's direct labor wage rate is $24.00 per hour. The following information pertains to Job N-60: Direct materials Direct labor Assembly $390 $228 Testing & Packaging $ 45 $132 Required: 1. What is the total manufacturing cost assigned to Job N-60? (Do not round Intermediate calculations.) 2. If Job N-60 consists of 10 units, what is the unit product cost for this job? (Do not round intermediate calculations. Round your answer to 2 decimal places.) 1. Total manufacturing cost 2. Unit product cost per unit purchases and installs on behalf of its clients. The firm's direct labor includes salaries of consultants that work at the client's job site, and its overhead consists of costs such as depreciation, utilities, and insurance related to the office headquarters as well as the office supplies that are consumed serving clients. Tech Solutions computes Its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 97,500 direct labor-hours would be required for the period's estimated level of client service. The company also estimated $1,316,250 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm's actual overhead cost for the year was $1,337,350 and its actual total direct labor was 101,100 hours. Required: 1. Compute the predetermined overhead rate. 2. During the year, Tech Solutions started and completed the Xavier Company engagement. The following information was available with respect to this job: Direct materials Direct labor cost Direct labor-hours worked $ 41,700 $ 28,800 390 Compute the total job cost for the Xavier Company engagement Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total job cost for the Xavier Company engagement. (Round your intermediate calculations to 2 decimal places.) Direct materials Direct labor Overhead applied Total manufacturing cost Chech Exercise 2-6 (Algo) Job-Order Costing for a Service Company (LO2-1, LO2-2, LO2-3) Tech Solutions is a consulting firm that uses a job-order costing system. Its direct materials consist of hardware and software that it purchases and installs on behalf of its clients. The firm's direct labor includes salaries of consultants that work at the client's job site, and its overhead consists of costs such as depreciation, utilities, and insurance related to the office headquarters as well as the office supplies that are consumed serving clients. Tech Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 97,500 direct labor-hours would be required for the period's estimated level of client service. The company also estimated $1,316,250 of fixed overhead cost for the coming period and variable overhead of $0.50 per direct labor-hour. The firm's actual overhead cost for the year was $1,337,350 and its actual total direct labor was 101,100 hours, Required: 1. Compute the predetermined overhead rate. 2. During the year, Tech Solutions started and completed the Xavier Company engagement. The following information was available with respect to this job: Direct materiale Direct labor cost Direct labor-hours worked $ 41,700 $ 20,000 390 Compute the toto job cost for the Xavier Company engagement, Complete this question by entering your answers in the tabs below. Required: Required 2 Compute the predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per DLH Exercise 2-9 (Algo) Job-Order Costing and Decision Making [LO2-1, LO2-2, LO2-3) Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 230,000 $ 4,600,000 $ 2.00 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $3,800. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $ 1,748 $ 1,254 85 Compute the total manufacturing cost assigned to Job P90. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the plantwide predetermined overhead rate. Predetermined overhead rate per MH Exercise 2-9 (Algo) Job-Order Costing and Decision Making [LO2-1, LO2-2, LO2-3] Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 230,000 $ 4,600,000 $ 2.00 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job P90 was started, completed, and sold to the customer for $3,800. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $ 1,748 $ 1,254 85 Compute the total manufacturing cost assigned to Job P90 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total mahufacturing cost assigned to Job P90. Direct materials Direct labor Overhead applied Total manufacturing cost $ 0

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

CIA Part 3 Business Knowledge For Internal Auditing 2021

Authors: MUHAMMAD ZAIN

1st Edition

B09B23JKZ8, 979-8739475527

More Books

Students also viewed these Accounting questions

Question

retum on this investment? 3.8.9% b. 7.1% c. 10.2% d. 8.0% 2.95\%

Answered: 1 week ago

Question

Enhance the basic quality of your voice.

Answered: 1 week ago

Question

Describe the features of and process used by a writing team.

Answered: 1 week ago