Exam 5: Job-Order Costing

Match the following cost flows with the proper event in a job-costing firm: -Schedule of costs of goods sold is prepared

The Solidwood Corporation manufactures custom-made furniture. The following data pertains to Job X4A: Factory overhead rate is $22.50 per machine hour. Direct materials placed into production \ 9,000 Direct labour hours worked 300 hours Direct labour rate per hour \ 15 Machine hours worked 100 hours -Refer to the Figure.Suppose Job X4A consists of 500 units and one-half of Job X4A was sold for $10,000.What would be the cost per unit for Job X4A?

Discuss overapplied and underapplied overhead.

Answers may be used more than once. -Form headed by the job order number,or name

In normal costing,how are direct materials,direct labour,and overhead costs assigned?

How do process costing firms accumulate costs?

Blackfoot Softball Glove Company estimated the following yearly data at the beginning of the year: Blackfoot uses departmental overhead rates. In the assembly department, direct labour hours are used to apply overhead. Machine hours are used to apply overhead in the testing department. Actual data for August are as follows: Assembly Department Testing Department Total Overhead \ 570,000 \ 130,000 \ 700,000 Direct Labour Hours 142,500 32,500 175,000 Machine Hours 32,000 65,000 97,000 Assembly Department Testing Department Total Overhead \ 42,000 \ 12,000 \ 54,000 Direct Labour Hours 13,500 2,430 15,930 Machine Hours 4,020 11,000 15,020 -Refer to the Figure.Suppose Blackfoot decides to continue using departmental overhead rates.What are the predetermined rates for the assembly and testing departments,respectively?

In what order do cost elements flow through accounts until they are recognized as an expense?

Blackfoot Softball Glove Company estimated the following yearly data at the beginning of the year: Blackfoot uses departmental overhead rates. In the assembly department, direct labour hours are used to apply overhead. Machine hours are used to apply overhead in the testing department. Actual data for August are as follows: Assembly Department Testing Department Total Overhead \ 570,000 \ 130,000 \ 700,000 Direct Labour Hours 142,500 32,500 175,000 Machine Hours 32,000 65,000 97,000 Assembly Department Testing Department Total Overhead \ 42,000 \ 12,000 \ 54,000 Direct Labour Hours 13,500 2,430 15,930 Machine Hours 4,020 11,000 15,020 -Refer to the Figure.Suppose Blackfoot decides to continue using departmental overhead rates and a job spends 4 hours in assembly and 3 hours in testing.What is the amount of overhead charged to the job?

The journal entry for $17,000 materials purchased on account is: Raw Materials 17,000 Accounts Payable 17,000

Zinger Corporation had the following information available for March of the current year: The factory overhead rate is 150% of direct labour costs.Job cost sheets had the following balances: Work in process, March 1 \ 20,000 Materials placed into production, March 27,500 Direct labour, March 37,500 Jobs Z3 and Z4 were not completed at the end of March.What is the balance in work in process for Zinger at the end of March? Job Z1 \ 32,500 Job Z2 55,000 Job Z3 35,000 Job Z4 18,750

Sparkle Company produces ornamental trees and uses normal costing.Sparkle applies overhead based on direct labour hours.The following data are provided: Budgeted Actual Overhead \ 400,000 \ 392,000 Machine Hours 20,000 18,000 Direct Labour Hours 16,000 17,840 Direct Materials Cost \ 521,000 Direct Labour Cost \ 410,000 Units Produced 10,000 A. Calculate applied overhead. B. Calculate the unit cost.

Shakers Manufacturing has the following information listed before reconciling the overhead variance. Assume that any overhead variance is immaterial.Which of the following is the adjusted cost of goods sold after adjusting for the overhead variance? Estimated Overhead \ 760,000 Applied Overhead 756,000 Actual Overhead 740,000 Cost of Goods Sold 935,000

The journal entry for $7,200 raw materials requisitioned for use in production is: Work in Process 7,200 Raw Materials 7,200

HiTech Housing uses job-order costing. At the end of the month, the following data were gathered: HiTech Housing's selling price is cost plus 50% for each of its houses. Job \# Total Cost Complete? Sold? 529 \ 409 no no 530 \ 513 yes no 531 \ 115 no no 532 \ 790 yes yes 533 \ 650 yes no 534 \ 540 no no 535 \ 90 no no 536 \ 970 yes yes 537 \ 179 no no 538 \ 400 no no -Refer to the Figure.What is the total in finished goods?

Which of the following costs are NOT associated with selling and general administrative activities?

Which account can sometimes be skipped when a good is produced for a particular customer?

When using normal costing,which costs never enter the work-in-process account?

Refer to Baldwin,Inc. A. Calculate the per-unit cost of Job 12 . B. Calculate the ending balance in the Work-in-Process account.

Blackfoot Softball Glove Company estimated the following yearly data at the beginning of the year: Blackfoot uses departmental overhead rates. In the assembly department, direct labour hours are used to apply overhead. Machine hours are used to apply overhead in the testing department. Actual data for August are as follows: Assembly Department Testing Department Total Overhead \ 570,000 \ 130,000 \ 700,000 Direct Labour Hours 142,500 32,500 175,000 Machine Hours 32,000 65,000 97,000 Assembly Department Testing Department Total Overhead \ 42,000 \ 12,000 \ 54,000 Direct Labour Hours 13,500 2,430 15,930 Machine Hours 4,020 11,000 15,020 -Refer to the Figure.Suppose that instead of departmental rates,Blackfoot uses a plantwide overhead rate that is based on direct labour hours.What is the predetermined overhead rate rounded to the nearest cent?