Homework Answers
1.
The first step would be to compute factory overhead i.e. manufacturing overhead.
Factory overhead = work in process – labor – materials = 5000 – (700+1300)-(400+600) = $ 2000
Predetermined overhead rate = factory overhead/direct labor = 2000/(400+600) = 200%
Hence, the correct option is b. 200%
2.
Direct labor = overhead/150% = 27,000/150% = $ 18,000
Total cost = direct labor + direct materials + overhead = 18,000 + 36,000 + 27,000 = $ 81,000
Hence, total cost of job no. 1 shall be $ 81,000.
3.
Direct labor hours = 450,000/30 = 15000 hours
Total overheads = 15,000 * 65 = $ 975,000
Hence, the correct option is c. $ 975,000
4.
Total project cost = = direct labor + direct materials + overhead = 450,000 +1200,000 + 975,000 = $ 2,625,000
Hence, the correct option is b. $ 2,625,000
5.d. Assembly line worker wages.
Direct labor costs are those costs which can be directly traced back to the production of product. Assembly line is essential part of production and these workers contribute directly to the production of product.
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manufacturing Corporation shows a balance of $18,000 at the end of
an accounting period.
The job cost sheets of the two uncompleted jobs show
charges of $6,000 and $3,000 for materials, and charges of $4,000
and $2,000 for direct labor.
From this information, it appears that the Corporation
is using a predetermined overhead rate, as a percentage of direct
labor costs. Find the percentage.
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