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ACCT 2060 - Bonus Point 3 1. Baehr Company is a manufacturing company with a fiscal year that runs from July 1 to June 30. The company uses a job-order accounting system for its production costs. A predetermined overhead rate based upon direct labor hours is used to apply overhead to individual jobs. Assume Baehr's predetermined overhead rate is $4.50 per direct labor hour. Required: A. Actual manufacturing overhead incurred during November was? B. The total cost of Job 83-50? C. The manufacturing overhead costs applied to Job 83-52 during November? D. The total amount of overhead applied to jobs during November was 1 ACCT 2060 - Bonus Point 3 2. Based on the information above, determine the following: A. Prime cost for November. B. Total manufacturing cost for November. C. Cost of goods transferred to finished goods inventory for November. D. Madtack's overapplied or underapplied for November. 3. The following information pertains to the August manufacturing activities of Griss Co.: Beginning work-in-process (BWIP) $12,000 Ending work-in-process (EWIP) 10,000 Cost of goods manufactured (COGM) 97,000 Direct materials issued to production 20,000 Manufacturing overhead is assigned at 150% of direct labor. What was the August direct labor? 4. Worley Company has underapplied overhead of $45,000 for the year. Before disposition of the underapplied overhead, selected year-end balances from Worley's accounting records were Sales Cost of goods sold Direct materials inventory Work-in-process inventory Finished goods inventory $1,200,000 720,000 36,000 54,000 90,000 Under Worley's cost accounting system, over- or underapplied overhead is assigned to COGS based on year-end balances. In its year-end income statement, Worley should report COGS of? 2 ACCT 2060 - Bonus Point #2 Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: The company applies overhead to jobs using a predetermined overhead rate based on machinehours. At the beginning of the year, the company estimated that it would work 17,000 machinehours and incur $272,000 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $416,000. Raw materials were requisitioned for use in production, $412,000 $(376,000 direct and $36,000 indirect). The following employee costs were incurred: direct labor, $330,000; indirect labor, $69,000; and administrative salaries, $157,000. Selling costs, $113,000. Factory utility costs, $29,000. Depreciation for the year was $121,000 of which $114,000 is related to factory operations and $7,000 is related to selling, general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 15,000 machine-hours. Sales for the year totaled $1,282,000. Required: a. Calculate the predetermine overhead rate b. Determine the Manufacturing overhead applied c. Prepare a schedule of cost of goods manufactured in good form. d. Was the overhead underapplied or overapplied? By how much? Show your calculation. e. Prepare journal entry to eliminate the underapplied or overapplied to Cost of Goods Sold account. ACCT 2060 Spring 2016 Exam 1 - Review 1. Chapter 2 - High Low Method: Assume a company has the following manufacturing costs: Production volume 5,500 units Direct Material (variable cost).................... $12,650 Direct Labor (variable cost)....................... $ 8,800 Rent, factory (fixed cost).......................... $17,725 Electricity, factory (mixed cost)................. $9,800 Maintenance, factory (mixed cost)............. $14,300 6,500 units $14,950 $10,400 $17,725 $10,500 $15,400 Using the high low method, estimate a cost formula for total manufacturing cost. 2. Chapter 2 - Cost classifications A partial listing of costs incurred at Plaza Corporation during July appears below: Direct materials.................................................... $700 Utilities, plant................................................... $60 Advertising ........................................................ $990 Indirect labor...................................................... $450 Sales commissions................................................ $500 Depreciation of sales equipment................................ $300 Depreciation of factory equipment.............................. $250 Direct labor......................................................... $1,200 Administrative salaries ............................................ $650 Calculate: The total product costs? Total period costs? Total Prime costs? Total Conversion costs? The total of the manufacturing overhead costs listed above for July is: The total of the manufacturing costs listed above for July is: ACCT 2060 Spring 2016 Exam 1 - Review 3. Chapter 3 - Job Order Costing XYZ Company uses a job-order costing system. Manufacturing overhead is applied to Work in Process inventory using a predetermined overhead rate. During the current month, the company's transactions included the following: Direct materials issued to production Indirect materials issued to production Direct labor cost incurred MOH cost incurred MOH cost applied $42,000 5,500 33,500 47,500 35,200 What was the total manufacturing cost? 4. Chapter 3 - Job Order Costing Sun Company uses a predetermined overhead rate based on machine hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $300,000 and machine hours would be 20,000. The actual figures for the year were $375,000 for manufacturing overhead and 21,000 machine hours. The cost records for the year will show underapplied or overapplied? By how much? . 5. Variable cost: A. increases on a per unit basis as the number of units produced increases. B. remains constant on a per unit basis as the number of units produced increases. C. remains the same in total as production increases. D. decreases on a per unit basis as the number of units produced increases. ACCT 2060 - Bonus Point #2 Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: The company applies overhead to jobs using a predetermined overhead rate based on machinehours. At the beginning of the year, the company estimated that it would work 17,000 machinehours and incur $272,000 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $416,000. Raw materials were requisitioned for use in production, $412,000 $(376,000 direct and $36,000 indirect). The following employee costs were incurred: direct labor, $330,000; indirect labor, $69,000; and administrative salaries, $157,000. Selling costs, $113,000. Factory utility costs, $29,000. Depreciation for the year was $121,000 of which $114,000 is related to factory operations and $7,000 is related to selling, general, and administrative activities. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 15,000 machine-hours. Sales for the year totaled $1,282,000. Required: a. Calculate the predetermine overhead rate b. Determine the Manufacturing overhead applied c. Prepare a schedule of cost of goods manufactured in good form. d. Was the overhead underapplied or overapplied? By how much? Show your calculation. e. Prepare journal entry to eliminate the underapplied or overapplied to Cost of Goods Sold account. ACCT 2060 Spring 2016 Exam 1 - Review 1. Chapter 2 - High Low Method: Assume a company has the following manufacturing costs: Production volume 5,500 units Direct Material (variable cost).................... $12,650 Direct Labor (variable cost)....................... $ 8,800 Rent, factory (fixed cost).......................... $17,725 Electricity, factory (mixed cost)................. $9,800 Maintenance, factory (mixed cost)............. $14,300 6,500 units $14,950 $10,400 $17,725 $10,500 $15,400 Using the high low method, estimate a cost formula for total manufacturing cost. 2. Chapter 2 - Cost classifications A partial listing of costs incurred at Plaza Corporation during July appears below: Direct materials.................................................... $700 Utilities, plant................................................... $60 Advertising ........................................................ $990 Indirect labor...................................................... $450 Sales commissions................................................ $500 Depreciation of sales equipment................................ $300 Depreciation of factory equipment.............................. $250 Direct labor......................................................... $1,200 Administrative salaries ............................................ $650 Calculate: The total product costs? Total period costs? Total Prime costs? Total Conversion costs? The total of the manufacturing overhead costs listed above for July is: The total of the manufacturing costs listed above for July is: ACCT 2060 Spring 2016 Exam 1 - Review 3. Chapter 3 - Job Order Costing XYZ Company uses a job-order costing system. Manufacturing overhead is applied to Work in Process inventory using a predetermined overhead rate. During the current month, the company's transactions included the following: Direct materials issued to production Indirect materials issued to production Direct labor cost incurred MOH cost incurred MOH cost applied $42,000 5,500 33,500 47,500 35,200 What was the total manufacturing cost? 4. Chapter 3 - Job Order Costing Sun Company uses a predetermined overhead rate based on machine hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $300,000 and machine hours would be 20,000. The actual figures for the year were $375,000 for manufacturing overhead and 21,000 machine hours. The cost records for the year will show underapplied or overapplied? By how much? . 5. Variable cost: A. increases on a per unit basis as the number of units produced increases. B. remains constant on a per unit basis as the number of units produced increases. C. remains the same in total as production increases. D. decreases on a per unit basis as the number of units produced increases