1 answer

Homework #1 due Tuesday/Wednesday, February 4th/5th - 10 points A. Job 599 was recently completed. The...

Question:

Homework #1 due Tuesday/Wednesday, February 4th/5th - 10 points A. Job 599 was recently completed. The following data have be
Problem Bi Babb Company is a manufacturing firm that uses job-order costing. The companys inventory balances were as follows
Homework #1 due Tuesday/Wednesday, February 4th/5th - 10 points A. Job 599 was recently completed. The following data have been recorded on its job cost sheet: Direct materials. $40,610 Direct labor-hours.............. 1,147 DLHS Direct labor wage rate $11 per DLH Number of units completed. 3,100 units The company applies manufacturing overhead on the basis of direct labor hours. The predetermined overhead rate is $20 per direct labor-hour Required: Compute the unit product... appear on the job cost sheet for this job. cost that would
Problem Bi Babb Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials $11,000 $15.000 Work in process.... $32,000 $14,000 Finished goods..... $108,000 $123,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,000 machine-hours and incur $272,000 in manufacturing overhead cost. The following transactions were recorded for the year: • Raw materials were purchased, $416,000. • Raw materials were requisitioned for use in production, $412,000 $(376,000 direct and $36,000 indirect). • The following employee costs were incurred: direct labor, $330,000; indirect labor, $69,000; and administrative salaries, $157.000. • Selling costs, $113,000. • Factory utility costs, $29,000. Depreciation for the year was $121,000 of which $114.000 is related to factory operations and $7,000 is related to selling, general, and administrative activities. • Manufacturing overhead was applied to jobs. The actual level of activity for the year was 15,000 machine-hours. Sales for the year totaled $1,282,000. depreciation Required:"a. Prepare a schedule of cost of goods manufactured in good form. *b. Was the overhead underapplied or overapplied? By how much? *c. Prepare an income statement (with a COGS schedule) for the year in good form. The company closes any underapplied or overapplied manufacturing overhead to Cost of Goods Sold.

Answers

a) calculate unit product cost

Direct material 40610
Direct labor (1147*11) 12617
Overhead (1147*20) 22940
Total product cost 76167
Unit 3100
Unit product cost 24.57

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