Homework Answers
Correct options are given below:
41. Option C Machine Hours (since they would reflect the most correct usage of automated plant)
42. Option D Direct Labor costs
43. Option C Process costing
44. Option B FALSE (hospitals are more likely to use job costing)
45. Option A TRUE
46. Option A TRUE
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41. When a manufacturing company has a highly automated manufacturing plant producing many different products, what...
Kelsh Company has the following estimated costs for next year: $ 10,000 30,000 40,000 20,000 4.000...
Kelsh Company has the following estimated costs for next year: $ 10,000 30,000 40,000 20,000 4.000 1. Direct materials Direct labor Sales commissions Salary of production supervisor Indirect materials Advertising expense Rent on factory equipment 8,000 10,000 Kelsh estimates that 10,000 machine hours will be worked during the year. The overhead rate per machine hour will be (Hint: Choose which of the above costs are Overhead costs, add them together, and divide the total by 10,000): a.$6.80. Os3.40. d. S8.20...
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a...
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: E (Click the icon...
Best Electric has two production departments – plant Y and plant Z. The company applies a...
Best Electric has two production departments – plant Y and plant Z. The company applies a job-order costing system and computes a predetermined overhead rate in each production department. The predetermined overhead rate in plant Y is based on direct labor hours and in plant Z is based on machine hours. The following table shows the estimates of its costs at the beginning of the year - Department Plant Y Plant Z Machine-hours 10,000 80,000 Direct labor-hours 75,000 12,000 Total...
Question 1 Sandar Company is highly automated and uses computers to control manufacturing operations. The company...
Question 1 Sandar Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours 90,000 Fixed manufacturing overhead cost $1,278,000 Variable manufacturing overhead per computer-hour $5.30 During the year, a severe economic recession resulted in cutting back production and a buildup of inventory...
The Lowell Company uses a normal job-costing system at its Minneapolis plant. The plant has a...
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: (Click the icon to...
The Granger Company uses a job-costing system at its Dover, Delaware, plant. The plant has a...
The Granger Company uses a job-costing system at its Dover, Delaware, plant. The plant has a machining department and a finishing department. Granger uses normal costing with two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department with machine-hours as the allocation base and the finishing department with direct manufacturing labor costs as the allocation base). The 2017 budget for the plant is as follows: (Click the icon to view the 2017...
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
Assume a company has two manufacturing departments - Assembly and Fabrication. The company considers all of...
Assume a company has two manufacturing departments - Assembly and Fabrication. The company considers all of its manufacturing overhead costs to be fixed costs. The first set of data below is budgeted data for the company as a whole that was estimated at the beginning of the year. The second set of data below is actual data for the company as a whole that was derived at the end of the year. The third set of data relates to one...
Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system...
Dillon Products manufactures various machined parts to customer
specifications. The company uses a job-order costing system and
applies overhead costs to jobs on the basis of machine-hours. At
the beginning of the year, the company used a cost formula to
estimate that it would incur $4,170,000 in manufacturing overhead
cost at an activity level of 556,000 machine-hours. The company
spent the entire month of January working on a large order for
8,900 custom made machined parts. The company had no...
Bauer Manufacturing uses departmental cost driver rates to allocate manufacturing overhead costs to products. Manufacturing overhead...
Bauer Manufacturing uses departmental cost driver rates to allocate manufacturing overhead costs to products. Manufacturing overhead costs are allocated on the basis of machine-hours in the Machining Department and on the basis of direct labor-hours in the Assembly Department. At the beginning of 20X3, the following estimates were provided for the coming year: Machining Assembly Direct labor-hours 30,000 60,000 Machine-hours 80,000 20,000 Direct labor cost $500,000 $900,000 Manufacturing overhead costs $420,000 $240,000 The accounting records of the company show...
Kelsh Company has the following estimated costs for next year: $ 10,000 30,000 40,000 20,000 4.000 1. Direct materials Direct labor Sales commissions Salary of production supervisor Indirect materials Advertising expense Rent on factory equipment 8,000 10,000 Kelsh estimates that 10,000 machine hours will be worked during the year. The overhead rate per machine hour will be (Hint: Choose which of the above costs are Overhead costs, add them together, and divide the total by 10,000): a.$6.80. Os3.40. d. S8.20...
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: E (Click the icon...
Question 1 Sandar Company is highly automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours 90,000 Fixed manufacturing overhead cost $1,278,000 Variable manufacturing overhead per computer-hour $5.30 During the year, a severe economic recession resulted in cutting back production and a buildup of inventory...
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: (Click the icon to...
The Granger Company uses a job-costing system at its Dover, Delaware, plant. The plant has a machining department and a finishing department. Granger uses normal costing with two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department with machine-hours as the allocation base and the finishing department with direct manufacturing labor costs as the allocation base). The 2017 budget for the plant is as follows: (Click the icon to view the 2017...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
Assume a company has two manufacturing departments - Assembly and Fabrication. The company considers all of its manufacturing overhead costs to be fixed costs. The first set of data below is budgeted data for the company as a whole that was estimated at the beginning of the year. The second set of data below is actual data for the company as a whole that was derived at the end of the year. The third set of data relates to one...
Dillon Products manufactures various machined parts to customer
specifications. The company uses a job-order costing system and
applies overhead costs to jobs on the basis of machine-hours. At
the beginning of the year, the company used a cost formula to
estimate that it would incur $4,170,000 in manufacturing overhead
cost at an activity level of 556,000 machine-hours. The company
spent the entire month of January working on a large order for
8,900 custom made machined parts. The company had no...
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