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Course: Principal of Managerial Accounting Course Code: ACCT 201 Assignment one Please answer all the questions. This assignment will carry 10% from your total mark. Please upload your answers into portal (Hard copies will not be accepted). Deadline is 06/11/2015. Q1: Custom Metal Works Products uses a Job-order costing system. Overhead costs applied to jobs on the basis of machine hours, at the beginning of the year, management estimated that 85,000 machine-hours would be required for the period's estimated level of production. The company also estimated $106,250 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $0.75 per machine hour. Required: 1. Compute the company's predermined overhead rate. 2. Assume that during the year the company actually works only 80,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: Copy the data in the T-accounts above onto your answer and compute the amount of the overhead cost that would be applied to Work in Process for the year, and make the entry in your T-accounts. 3. Compute the amount of underapplied or overapplied overhead for the year, and show the balance in your Manufacturing overhead T-account. Prepare a journal entry to close out the balance in this account to cost of goods sold. 4. Explain why the manufacturing overhead was underapplied or overapplied for the year. Q2: The CCPV Company manufactures a high - quality plastic pipe that goes through three processing stages prior to completion. Information on work in the first department, cooking, is giving below for May: Production data: Pounds in process, May 1: materials 100% Complete; conversion 90% complete ........................................................................... 70,000 Pounds started into production during May ................................................................ 350,000 Pounds completed and transferred to the next department ................................... ? Pounds in process, May 31: material 75% complete; Conversion 25% complete ............................................................................................... 40,000 Cost data: Work in process inventory, May 1: Materials cost ................................................................................................................... $86,000 Conversion cost ................................................................................................................ $36,000 Cost added during May: Materials cost ................................................................................................................... $447,000 Conversion cost ................................................................................................................ $198,000 The company uses the weighted-average method. Required: 1. Compute the equivalent units of production. 2. Compute the costs per equivalent unit for the month. 3. Determine the cost of ending work in process inventory and of the units transferred out to the next department. 4. Prepare a cost reconciliation report for the month