Longwood industries uses a job-order cost system , Ask an Expert

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Longwood Industries uses a job-order cost system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours.

The estimated MOH was $136,000 for the year and the estimated direct labor hours were 16,000 hours.

In June, Job #325 was completed. Direct materials totaled $6,000. Total labor costs were $5,000 at $10 per hour.

At the end of the year, it was determined that the company worked 15,000 direct labor hours for the year, and incurred $139,000 in actual manufacturing overhead costs.

REQUIRED:

a.Calculate the predetermined overhead rate for the year.

b.Determine the amount of overhead charged to jobs during the year.

c.Determine the amount of under- or over-applied overhead for the year.

d.Prepare a job cost sheet for Job #872 using the information given. Assuming that 80 units were completed, determine the unit product cost.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9946603

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