+1-415-315-9853

info@mywordsolution.com

Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Calculating Predetermined Overhead Rates and Job Costs Kody Corporation employs a job-order costing system with a plant wide overhead rate based on the machine-hours. At the starting of the year, the company made the following estimates:

Required:

1. find out the predetermined overhead rate.

2. Throughout the year Job 500 was completed and started. The following information was accessible with respect to this job:

find out the total manufacturing cost assigned to Job 500.

3. Throughout the year the company worked a total of 147,000 machine-hours on all jobs and acquired real manufacturing overhead costs of \$1,325,000. What the amount is of under applied or over applied overhead for year? If this amount were closed out completely to Cost of Goods Sold, would the journal entry raise or reduce net operating income?

Applying Overhead; Cost of Goods Manufactured

The following cost data relate to manufacturing activities of Black Company throughout the just ended year:

The company uses a predetermined overhead rate to apply overhead cost to the jobs. The rate for the year was \$5 per machine-hour; a total of 10,000 machine-hours were recorded for year. All raw materials ultimately become direct materials—none are classified as indirect materials.

Required:

1. find out the amount of under applied or over applied overhead cost for year.

2. Make a schedule of cost of goods manufactured for the year.

Diewold Company has two departments, Assembly and Milling. The company employs a job-order costing system and computes a predetermined overhead rate in each department. The Milling Department bases its rate on the machine-hours, and the Assembly Department bases its rate on direct labour-hours. At the starting of the year, the company made the following estimates:

Required:

1. find out the predetermined overhead rate to be employed in each department.

2. Suppose that the overhead rates you computed in (1) above are in effect. The job cost sheet for Job 407 that was started and completed throughout the year, showed the following:

find out the total manufacturing cost assigned to Job 407.

3. Would you anticipate substantially different amounts of overhead cost to be charged to some jobs if the company employed a plant wide overhead rate based on direct labour-hours instead of using departmental rates? Elucidate.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M9999

Have any Question?

Related Questions in Accounting Basics

This is a comprehensive problem all contained on this

This is a comprehensive problem all contained on this spreadsheet tab. You are to prepare a cash flow statement, a vertical analysis, a horizontal analysis, and some ratio calculations. Scroll down the spreadsheet to com ...

Big alrsquos pizza inc a new subsidiary of big alrsquos

Big Al’s Pizza, Inc., a new subsidiary of Big Al’s Pizza Emporium, has been established to produce partially baked, flash-frozen, 16-inch meat pizzas to be sold wholesale to grocery and convenience stores and school cafe ...

1 match the following definitions to the appropriate

1. Match the following definitions to the appropriate terms. Potential Matches: 1 : Due professional care 2 : Sufficient understanding of internal control 3 : Adequacy of informative disclosures Answer : Standards of fie ...

Common-size balance sheet of michael hill international ltd

Common-size Balance Sheet of Michael Hill International Ltd for the years 2014 and 2015: Particulars 2015   \$000 % of total 2014    \$000 % of total ASSETS         Current assets         Cash and cash equivalents 6797 1.9 ...

I need help with a t-chart account with the following1

I need help with a T-Chart Account with the following: 1. Received \$10,000 contribution from Bill London, owner, in exchange for capital. 2. Paid utilities expense of \$400. 3. Paid the liability from July 5 (Purchased eq ...

Fundamentals of value creation in business assignment -

FUNDAMENTALS OF VALUE CREATION IN BUSINESS ASSIGNMENT - ACCOUNTING ASSIGNMENT REQUIREMENTS- The following is a list of 10 organisations/ companies, one of which will be the subject of your analysis. CODE                  ...

Please show your work. A Treasury Bond that matures in 7 years has a yield of 5.15%. A 7 year corporate bond has a yield of 7.15%. Assume that the liquidity premium on the corporate bond is 0.5%. What is the default risk ...

Are you agree or disagree regarding the paragraph on

Are you agree or disagree regarding the paragraph on payroll which is a part of auditing-Monetary compensation is a leading cause for the common practice of verifying total officers' compensation even when the tests of c ...

Rauacutel esparza the ecommerce manager for moonlight mugs

Raúl Esparza, the ecommerce manager for Moonlight Mugs, a company that sells customized coffee mugs, would like to send information to another company that maintains the warehouse and provides shipping services. Order in ...

Compare all three balance sheets on the basic grounds of

Compare all three balance sheets on the basic grounds of accounts and differences. 1. HDFC 2. Infosys and 3. Tata Steel. Balance sheets - https://www.dropbox.com/s/0zf1xlialpx54vs/Balance%20Sheets.rar?dl=0.

• 13,132 Experts

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate