The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a...

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The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows Data table Requirements Machining Department Assembly Department Manufacturing overhead 2,200,000 $ 3,900,000 Direct manufacturing labor costs Direct manufacturing labor-hours $ 1,100,000 $ 3,000,000 Machine-hours 150,000 50,000 280,000 280,000 - X 1. Identify the components of the overview diagram of Lowell's job-costing system. Compute the budgeted manufacturing overhead rate for each department. 2. During February, the job-cost record for Job 494 contained the following: Direct material used Machining Department Assembly Department Direct manufacturing labor costs $ 48,000 $ 11,000 $ 78,000 14,000 1,200 1,300 2,000 1,300 Direct manufacturing labor-hours Machine-hours. Compute the total manufacturing overhead costs allocated to Job 494. 3. At the end of 2017, the actual manufacturing overhead costs were $2,300,000 in machining and $4,100,000 in assembly. Assume that 55,000 actual machine-hours were used in machining and that actual direct manufacturing labor costs in assembly were $3,300,000. Compute the over- or underallocated manufacturing overhead for each department. The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining department and an assembly department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based on actual machine-hours, and the assembly department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2017 budget for the plant is as follows Data table Requirements Machining Department Assembly Department Manufacturing overhead 2,200,000 $ 3,900,000 Direct manufacturing labor costs Direct manufacturing labor-hours $ 1,100,000 $ 3,000,000 Machine-hours 150,000 50,000 280,000 280,000 - X 1. Identify the components of the overview diagram of Lowell's job-costing system. Compute the budgeted manufacturing overhead rate for each department. 2. During February, the job-cost record for Job 494 contained the following: Direct material used Machining Department Assembly Department Direct manufacturing labor costs $ 48,000 $ 11,000 $ 78,000 14,000 1,200 1,300 2,000 1,300 Direct manufacturing labor-hours Machine-hours. Compute the total manufacturing overhead costs allocated to Job 494. 3. At the end of 2017, the actual manufacturing overhead costs were $2,300,000 in machining and $4,100,000 in assembly. Assume that 55,000 actual machine-hours were used in machining and that actual direct manufacturing labor costs in assembly were $3,300,000. Compute the over- or underallocated manufacturing overhead for each department.