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following transactions were incurred by Gregor Fabricators during January, the first month of its fiscal year. equirements 1. Record the proper journal entry for each transaction. a. $205,000 of materials was purchased on account. b. $170,000 of materials was used in production; of this amount, $152,000 was used on specific jobs. c. Manufacturing labor and salaries for the month totaled $255,000,$215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $12,000 which will be paid at a later date. e. $79,000 of manufacturing overhead was allocated to specific jobs. f. The company received a bill for CAD design services for $1,000. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Problem 4, E4-35B Compare traditional and ABC allocations on a job (5 points) Cornwell Products has adopted an ABC costing system. The following manufacturing activities, indirect manufacturing costs, and cost drivers have been identified: The Job Cost Record for Job $804 revealed that direct materials requisitioned for the job totaled $1,250. The Job Cost Record also showed that direct labor for this job totaled 12 hours at a wage rate of $30 per hour. Other data collected on the resources used by Job \#804 included: - 1 machine setup required - 6 machine hours - 4 polishing cloths - 3 quality control tests run Requirements 1. Calculate the activity cost allocation rate for each of the five pools listed in the table. 2. Calculate the total cost of Job \#804 (use an ABC costing system). 3. Why would ABC provide a more accurate allocation of manufacturing overhead (MOH) than a plantwide rate? 4. Assume that Cornwell Products used a traditional costing system rather than an ABC system. Its plantwide MOH rate would have been determined using direct labor (DL) hours as the allocation base. How much cost distortion would have occurred on this job? following transactions were incurred by Gregor Fabricators during January, the first month of its fiscal year. equirements 1. Record the proper journal entry for each transaction. a. $205,000 of materials was purchased on account. b. $170,000 of materials was used in production; of this amount, $152,000 was used on specific jobs. c. Manufacturing labor and salaries for the month totaled $255,000,$215,000 of the total manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. The company recorded $25,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $12,000 which will be paid at a later date. e. $79,000 of manufacturing overhead was allocated to specific jobs. f. The company received a bill for CAD design services for $1,000. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? Problem 4, E4-35B Compare traditional and ABC allocations on a job (5 points) Cornwell Products has adopted an ABC costing system. The following manufacturing activities, indirect manufacturing costs, and cost drivers have been identified: The Job Cost Record for Job $804 revealed that direct materials requisitioned for the job totaled $1,250. The Job Cost Record also showed that direct labor for this job totaled 12 hours at a wage rate of $30 per hour. Other data collected on the resources used by Job \#804 included: - 1 machine setup required - 6 machine hours - 4 polishing cloths - 3 quality control tests run Requirements 1. Calculate the activity cost allocation rate for each of the five pools listed in the table. 2. Calculate the total cost of Job \#804 (use an ABC costing system). 3. Why would ABC provide a more accurate allocation of manufacturing overhead (MOH) than a plantwide rate? 4. Assume that Cornwell Products used a traditional costing system rather than an ABC system. Its plantwide MOH rate would have been determined using direct labor (DL) hours as the allocation base. How much cost distortion would have occurred on this job