Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jane's Machine Shop (JMS) uses a pre-determined overhead system applied on the basis of direct material costs. JMS estimated its manufacturing overhead for FY2023 to

image text in transcribedimage text in transcribedimage text in transcribed Jane's Machine Shop (JMS) uses a pre-determined overhead system applied on the basis of direct material costs. JMS estimated its manufacturing overhead for FY2023 to be \$____ and its direct materials costs to be \$___B . JMS worked on eight jobs in FY2023. Three of those jobs had actual direct materials costs of: $25,000-Job2302;$50,000-Job2305;and$85,000-Job2308. Actual FY2023 manufacturing overhead totaled \$________ and total direct materials cost amounted to \( \$ \_-\left[D_{-} \text {__. } ight. \) Assume the following values for JMS: (A) estimated MOH$280,000. (B) estimated DM costs $560,000 (C) actual MOH.$310,000. (D) actual total DM used $550,000 Calculate JMS's FY2023 predetermined overhead rate to the nearest $0.001 Question 2 What is the total MOH assigned to WIP in FY2023? Determine the amount of overhead assigned to Job 2302. Question 4 10 Job 2302 had an opening balance of $20,000 and direct labor costs of $18,000 added during FY2023. This job was sold for $105,000. What is the gross margin on the sale of this job? Question 5 10 What was the over or underapplied manufacturing overhead in FY2023? A positive number indicates a debit balance and a negative number indicates a credit balance

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

Handbook Of Energy Audits

Authors: Albert Thumann, Terry Niehus, William J. Younger

8th Edition

1439821453, 978-1439821459

More Books

Students also viewed these Accounting questions