The estimated overhead costs for the Production and Packing departments amounted to $14,000,000 and $20,000,000, respectively. The total estimated labor hours for the year were 40,000 , and estimated machine hours were 35,000 . The Production department is mechanized, whereas the Packing department is labor oriented. Calculate the predetermined overhead rate for the Production Department. $250 per DL hour $300 per DL hour $350 per DL hour $400 per DL hour The estimated overhead costs for the Production and Packing departments amounted to $14,000,000 and $20,000,000, respectively. The total estimated labor hours for the year were 40,000 , and estimated machine hours were 35,000 . The Production department is mechanized, whereas the Packing department is labor oriented. Calculate the predetermined overhead rate for the Packing Department $400 per machine hr $625 per machine hr $645 per machine hr $633 per machine hr Green, Inc. manufactures two kinds of bags-totes and satchels. The company allocates manufacturing overhead using a single plantwide rate with direct labor cost as the allocation base. Estimated overhead costs for the year are $25,750 Calculate the predetermined overhead allocation rate. 50% of DL cost 52.3% of DL cost 55% of DL cost How is the Conversion Costs account used in JIT costing? Conversion Costs account is a temporary account that works just like Manufacturing Overhead. Actual costs are accumulated as debits in the Conversion cost account. Allocated costs are credited to the Conversion Cost account as units are completed. All of the above The predetermined overhead rate is used to allocate estimated overhead cost to products and services by multiplying the overhead rate by the actual quantity of the allocation base used by the product or service. True or False? True False Green Jeans Company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan has 20 separate parts. The direct materials cost is $95, and each ceiling fan requires 2.50 hours of machine time to manufacture. Referring to the data table on the slide, what is the total manufacturing cost per ceiling fan'? $30.40 $27.90 $122.90 $125.40 HOW is the Conversion Costs account used in JIT costing? Conversion Costs account is a temporary account that works just like Manufacturing Overhead. Actual costs are accumulated as debits in the Conversion cost account. Allocated costs are credited to the Conversion Cost account as units are completed. All of the above Which accounts are adjusted for the under allocated or over allocated overhead in JIT costing? Conversion Costs and Cost of Goods Sold Conversion Costs and Finished Goods Conversion Costs and Raw and in-Process Conversion Costs and Manufacturing Overhead Just-in-Time: When are the costs of products recorded? At the beginning and during production As an entry to Work-in-Process Inventory When the goods are transferred to the Finished Goods inventory What is the purpose of quality management systems? Quality Management Systems help managers improve business performance by providing quality products and services Quality Management Systems should increase customer satisfaction Investment in Quality Management Systems should reduce internal and external failure costs. All of the above