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Exam 2: Job-Order Costing: Calculating Unit Product Costs

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Question 131

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The predetermined overhead rate is closest to:

A) $2.80 per direct labor-hour
B) $6.40 per direct labor-hour
C) $3.60 per direct labor-hour
D) $9.20 per direct labor-hour

E) C) and D)
F) A) and B)

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Question 132

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Reamer Corporation uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs.The Corporation has provided the following estimated costs for next year: Reamer estimates that 500 direct labor-hours and 1,000 machine-hours will be worked during the year.The predetermined overhead rate per hour will be:

A) $6.80 per machine-hour
B) $6.00 per machine-hour
C) $3.00 per machine-hour
D) $3.40 per machine-hour

E) B) and C)
F) A) and D)

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Question 133

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The amount of overhead applied to Job M598 is closest to:

Verry Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours.The company based its predetermined overhead rate for the current year on the following data: Recently Job X711 was completed and required 90 direct labor-hours. Required: a.Calculate the estimated total manufacturing overhead for the year. b.Calculate the predetermined overhead rate for the year. c.Calculate the amount of overhead applied to Job X711.

Pangle Corporation has two production departments, Forming and Customizing.The company uses a job-order costing system and computes a predetermined overhead rate in each production department.The Forming Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours.At the beginning of the current year, the company had made the following estimates: During the current month the company started and finished Job M109.The following data were recorded for this job: Required: Calculate the total job cost for Job M109.

The unit product cost for Job T687 is closest to:

Parido Corporation has two manufacturing departments--Casting and Assembly.The company used the following data at the beginning of the year to calculate predetermined overhead rates: During the most recent month, the company started and completed two jobs--Job A and Job H.There were no beginning inventories.Data concerning those two jobs follow: Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The amount of manufacturing overhead applied to Job H is closest to:

The predetermined overhead rate is closest to:

The estimated total manufacturing overhead for the Assembly Department is closest to:

Temby Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.The company based its predetermined overhead rate for the current year on 10,000 machine-hours, total fixed manufacturing overhead cost of $88,000, and a variable manufacturing overhead rate of $3.20 per machine-hour.Job K418, which was for 50 units of a custom product, was recently completed.The job cost sheet for the job contained the following data: Required: a.Calculate the estimated total manufacturing overhead for the year. b.Calculate the predetermined overhead rate for the year. c.Calculate the amount of overhead applied to Job K418. d.Calculate the total job cost for Job K418. e.Calculate the unit product cost for Job K418. f.Calculate the selling price for Job K418 if the company marks up its unit product costs by 30%.

The amount of overhead applied to Job A477 is closest to:

Mccaughan Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year.Data for the most recently completed year appear below: Required: Compute the company's predetermined overhead rate for the recently completed year.

Cardosa Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.The company based its predetermined overhead rate for the current year on 70,000 machine-hours, total fixed manufacturing overhead cost of $308,000, and a variable manufacturing overhead rate of $2.10 per machine-hour.Job M556, which was for 50 units of a custom product, was recently completed.The job cost sheet for the job contained the following data: Required: a.Calculate the total job cost for Job M556. b.Calculate the unit product cost for Job M556.

Fillmore Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours.The company based its predetermined overhead rate for the current year on 60,000 direct labor-hours, total fixed manufacturing overhead cost of $96,000, and a variable manufacturing overhead rate of $3.30 per direct labor-hour.Recently Job X809 was completed and required 100 direct labor-hours. Required: a.Calculate the estimated total manufacturing overhead for the year. b.Calculate the predetermined overhead rate for the year. c.Calculate the amount of overhead applied to Job X809.

The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to:

Pasko Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours.The company based its predetermined overhead rate for the current year on the following data: Recently Job P660 was completed with the following characteristics: Required: Calculate the selling price for Job P660 if the company marks up its unit product costs by 20%.

The amount of overhead applied to a particular job equals the actual amount of overhead caused by the job.

Carcana Corporation has two manufacturing departments--Machining and Finishing.The company used the following data at the beginning of the period to calculate predetermined overhead rates: During the period, the company started and completed two jobs--Job E and Job G.Data concerning those two jobs follow: Required: a.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.What is the departmental predetermined overhead rate in the Machining department? b.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.What is the departmental predetermined overhead rate in the Finishing department? c.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.How much manufacturing overhead will be applied to Job E? d.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.How much manufacturing overhead will be applied to Job G? e.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.Further assume that the company uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job E. f.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.Further assume that the company uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job G. g.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.If both jobs were sold during the month, what was the company's cost of goods sold for the month?

The estimated total manufacturing overhead is closest to:

The amount of overhead applied to Job A496 is closest to: