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

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Question 101

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An employee time ticket is an hour-by-hour summary of the employee's activities throughout the day.

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Question 102

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Beat 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 the following data: Recently,Job M759 was completed.It required 60 machine-hours.The amount of overhead applied to Job M759 is closest to:

A) $750
B) $516
C) $984
D) $234

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Question 103

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Claybrooks 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: -Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.The departmental predetermined overhead rate in the Casting Department is closest to:

Posson 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 20,000 machine-hours,total fixed manufacturing overhead cost of $130,000,and a variable manufacturing overhead rate of $3.00 per machine-hour.Job K789,which was for 10 units of a custom product,was recently completed.The job cost sheet for the job contained the following data: Required: a.Calculate the predetermined overhead rate for the year. b.Calculate the amount of overhead applied to Job K789. c.Calculate the total job cost for Job K789. d.Calculate the unit product cost for Job K789.

Macnamara Corporation has two manufacturing departments--Casting and Finishing. 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 F and Job M. There were no beginning inventories. Data concerning those two jobs follow: -Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.The manufacturing overhead applied to Job F is closest to:

Gerstein 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 total fixed manufacturing overhead cost of $90,000, variable manufacturing overhead of $3.70 per direct labor-hour, and 50,000 direct labor-hours. The company recently completed Job M800 which required 150 direct labor-hours. -The estimated total manufacturing overhead is closest to:

Fusaro Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the beginning of each year.The company has provided the following data for the most recent year. The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to:

Matrejek Corporation has two manufacturing departments--Forming and Customizing.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 D and Job K.There were no beginning inventories.Data concerning those two jobs follow: Required: a.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 50% on manufacturing cost to establish selling prices.Calculate the selling price for Job D. b.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 50% on manufacturing cost to establish selling prices.Calculate the selling price for Job K. c.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 50% on manufacturing cost to establish selling prices.Calculate the selling price for Job D. d.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 50% on manufacturing cost to establish selling prices.Calculate the selling price for Job K.

Gerstein 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 total fixed manufacturing overhead cost of $90,000, variable manufacturing overhead of $3.70 per direct labor-hour, and 50,000 direct labor-hours. The company recently completed Job M800 which required 150 direct labor-hours. -The amount of overhead applied to Job M800 is closest to:

Cull 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 total fixed manufacturing overhead cost of $462,000, variable manufacturing overhead of $2.20 per machine-hour, and 60,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: -The total job cost for Job X455 is closest to:

Leeds 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 the following data: Recently Job T496 was completed with the following characteristics: 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 T496. d.Calculate the total job cost for Job T496. e.Calculate the unit product cost for Job T496.

A company will improve job cost accuracy by using multiple overhead rates even if it cannot identify more than one overhead cost driver.

Luarca Corporation has two manufacturing departments--Casting and Customizing.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 F and Job L.There were no beginning inventories.Data concerning those two jobs follow: Required: Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 50% on manufacturing cost to establish selling prices.Calculate the selling prices for Job F and Job L.

Longobardi Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year.At the beginning of the most recently completed year,the Corporation estimated the labor-hours for the upcoming year at 46,000 labor-hours.The estimated variable manufacturing overhead was $6.25 per labor-hour and the estimated total fixed manufacturing overhead was $1,026,260.The actual labor-hours for the year turned out to be 41,200 labor-hours.The predetermined overhead rate for the recently completed year was closest to:

Session 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 K913 was completed with the following characteristics: The total job cost for Job K913 is closest to:

Dehner 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 P951 was completed with the following characteristics: -The amount of overhead applied to Job P951 is closest to:

Lightner Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.Data for the upcoming year appear below: Required: Compute the company's predetermined overhead rate.

Kroeker Corporation has two production departments, Milling and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Milling 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 T898. The following data were recorded for this job: -The estimated total manufacturing overhead for the Milling Department is closest to:

Lupo 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 the following data: Recently, Job T687 was completed with the following characteristics: -If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to:

Nielsen Corporation has two manufacturing departments--Machining 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 F and Job M. 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 total manufacturing cost assigned to Job F is closest to: