Question
Please No Image I need in excel Part B: Application of Job Order Costing Scanlon Company has a job-order costing system and applies to manufacture
Please No Image I need in excel
Part B: Application of Job Order Costing Scanlon Company has a job-order costing system and applies to manufacture overhead cost to products on the basis of machine-hours. The following estimates were used in preparing the predetermined overhead rate for the most recent year: Machine-hours ............................... 95,000 Manufacturing overhead cost ........ $1,710,000 During the most recent year, a severe recession in the companys industry caused a buildup of inventory in the companys warehouses. The companys cost records revealed the following actual cost and operating data for the year: Machine-hours ............................................................................. 75,000 Manufacturing overhead cost ...................................................... $1,687,500 Amount of applied overhead in inventories at year-end: Work in process ........................................................................ $337,500 Finished goods .......................................................................... $253,125 Amount of applied overhead in cost of goods sold .................. $759,375 Required: a. Compute the company's predetermined overhead rate for the year and the amount of underapplied or overapplied overhead for the year. b. Determine the difference between net operating income for the year if the underapplied or overapplied overhead is allocated to the appropriate accounts rather than closed directly to Cost of Goods Sold. Part C: Process Costing using Weighted Average Timberline Associates uses the weighted-average method in its process costing system. The following data are for the first processing department for a recent month: Work in process, beginning: Units in process ........................................................ 2,400 Percent complete with respect to materials .............. 75% Percent complete with respect to conversion ........... 50% Costs in the beginning inventory: Materials cost ........................................................... $8,400 Conversion cost ........................................................ $7,200 Units started into production during the month ........... 20,800 Units completed and transferred out ........................... 22,200 Costs added to production during the month: Materials cost ........................................................... $97,400 Conversion cost ........................................................ $129,600 Work in process, ending: Units in process ........................................................ 1,000 Percent complete with respect to materials .............. 80% Percent complete with respect to conversion ........... 60% Required: a. Determine the equivalent units of production. b. Determine the costs per equivalent unit. c. Determine the cost of ending work in process inventory. d. Determine the cost of the units transferred to the next department.
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