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The job order cost sheets used by greene company revealed the following

13/11/2020 Client: papadok01 Deadline: 3 days

1. Kayak Company uses a job order costing system and allocates its overhead on the basis of direct labor costs. Kayak Company's production costs for the year were: direct labor, $40,000; direct materials, $60,000; and factory overhead applied $7,000. The overhead application rate was:

2. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $355,200; materials of 412,000 and direct labor of $222,000. During the year Adams incurred $420,000 in materials costs, $413,400 in overhead costs and $226,000 in direct labor costs. Compute the amount of overhead applied to jobs during the year.

3 Copy Center pays an average wage of $11 per hour to employees for printing and copying jobs, and allocates $17 of overhead for each employee hour worked. Materials are assigned to each job according to actual cost. If Job M-47 used $320 of materials and took 15 hours of labor to complete, what is the total cost that should be assigned to the job?

4 Mesa Corp. allocates overhead to production on the basis of direct labor costs. Mesa’s total estimated overhead is $630,000 and estimated direct labor is $210,000. Determine the amount of overhead applied to a job which used $27,000 of direct labor.

5 A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.

Work in Process Inventory

Beginning WIP

62,000

Direct Materials

?

Direct Labor

?

Applied Overhead

?

To Finished Goods

?

Ending WIP

72,000

Factory Overhead

150,000

152,000

Finished Goods Inventory

Beginning FG

52,000

277,000

282,000

Ending FG

47,000

6 CWN Company uses a job order costing system and last period incurred $85,000 of actual overhead and $100,000 of direct labor. CWN estimates that its overhead next period will be $70,000. It also expects to incur $100,000 of direct labor. If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be:

7Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $202,800 of raw materials on credit; issued materials to production of $199,000 of which $31,200 were indirect. Minstrel incurred a factory payroll of $152,400, of which $41,200 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $15,900 and $27,800 respectively. Compute the cost of product transferred to Finished Goods Inventory:

8Finished goods inventory is $195,000. If overhead applied to these goods is $74,000, and the overhead rate is 110% of direct labor, how much direct materials cost was incurred in producing the inventory? (Round your intermediate calculations and final answer to nearest whole dollar.)

9Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $412,200; materials of $419,000 and direct labor of $229,000. During the year Adams incurred $436,000 in materials costs, $430,300 in overhead costs and $233,000 in direct labor costs. Compute the amount of under- or overapplied overhead for the year.

10 Using the following accounts and an overhead rate of 60% of direct labor cost, determine the amount of applied overhead.

Work in Process Inventory

Beginning WIP

19,000

Direct Materials

57,000

Direct Labor

?

Applied Overhead

?

To Finished Goods

?

Ending WIP

38,980

Finished Goods Inventory

Beginning FG

5,500

181,020

Ending FG

11 Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $440,000, and direct labor costs to be $2,200,000. Actual overhead costs for the year totaled $410,000, and actual direct labor costs totaled $1,900,000. At year-end, the balance in the Factory Overhead account is a:

12 A company's overhead rate is 40% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used.

Work in Process Inventory

Beginning WIP

103,500

Direct Materials

?

Direct Labor

?

Applied Overhead

?

To Finished Goods

?

Ending WIP

134,600

Factory Overhead

103,500

93,150

Finished Goods Inventory

Beginning FG

121,500

333,800

309,400

Ending FG

145,900

13 Using the following accounts and an overhead rate of 120% of direct labor cost, compute the amount of applied overhead.

Work in Process Inventory

Beginning WIP

35,700

Direct materials

56,300

Direct labor

?

Factory Overhead

?

To Finished Goods

253,300

Ending WIP

25,700

Finished Goods Inventory

Beginning FG

5,500

Cost of Goods Mfg'd

253,300

14

The ending inventory of finished goods has a total cost of $9,800 and consists of 700 units. If the overhead applied to these goods is $3,726, and the overhead rate is 81% of direct labor, how much direct materials cost was incurred in producing these units?

15 The Work in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $3,750 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $1,730 and direct labor cost of $790. Therefore, the amount of the applied overhead is:

16

Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $5,040,000 (280,000 hours at $18/hour) and that factory overhead would be $1,580,000 for the current period. At the end of the period, the records show that there had been 260,000 hours of direct labor and $1,280,000 of actual overhead costs. Using direct labor hours as a base, what was the predetermined overhead rate? (Round your answer to two decimal places.)

17

A company has an overhead application rate of 121% of direct labor costs. How much overhead would be allocated to a job if it required total labor costing $14,000?

18

Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $203,000 of raw materials on credit; issued materials to production of $200,000 of which $25,000 were indirect. Minstrel incurred a factory payroll of $155,000, of which $35,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. If Minstrel incurred total overhead costs of $190,000 during the month, compute the amount of under- or overapplied overhead:

19

The job order cost sheets used by Greene Company revealed the following:

Job. No.

Bal., May 1

May Production Costs

134

$

2,150

$

0

135

1,650

390

136

0

990

Job No. 135 was completed during May and Jobs No. 134 and 135 were shipped to customers in May. What was the company's cost of goods sold for May and the Work in Process inventory on May 31?

20

Lowden Company has an overhead application rate of 159% and allocates overhead based on direct material cost. During the current period, direct labor cost is $56,000 and direct materials used cost $86,000. Determine the amount of overhead Lowden Company should record in the current period.

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