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ACC 256 Final Hiassen Company's predetermined overhead rate is based on direct labor costs

Accounting

ACC 256 Final

  1. Hiassen Company's predetermined overhead rate is based on direct labor costs. The company's Work in process inventory account has a balance of $3,708, which relates to the one job that was in process at the end of an accounting period. The related job cost sheet includes total charges of $828 for direct materials and $1,500 for direct labor. The company's predetermined overhead rate, as a percentage of direct labor costs, must be...
  2. Unit product cost information is used for...
  3. Vahedi Company manufactures a specialty line of silk-screened ties. The company uses a job-order costing system. During the month, the following costs were incurred on Job 1041: direct materials $55,000 and direct labor $14,250. In addition, selling and shipping costs of $25,000 were incurred on the job. Manufacturing overhead was applied at the rate of $45 per machine-hour (MH) and Job 1041 required 350 MHs. If Job 1041 consisted of 5,000 ties, the cost of goods sold per tie was...
  4. Suppose $58,000 of raw materials is withdrawn from the storeroom to be used in production. Of this amount, $34,000 consists of direct materials and $24,000 consists of indirect materials. What account or accounts will be debited?
  5. Suppose a total of $30,000 of overhead is applied to jobs. What account will be debited?
  6. The ending Finished goods account balance is determined by adding the beginning balance to the...
  7. On January 1, Hessler Company's Work in Process account had a balance of $22,000. During the year, direct materials costing $32,000 were placed into production. Direct labor cost for the year was $57,000. The predetermined overhead rate for the year was set at 150% of direct labor cost. Actual overhead costs for the year totaled $87,500. Jobs costing $181,500 to manufacture according to their job cost sheets were completed during the year. On December 31, the balance in the Work in Process inventory account was...
  8. Walston Manufacturing Company has provided the following data concerning its raw materials inventories last month:


    Beginning raw materials inventory $ 70,000
    Purchases of raw materials 460,000
    Ending raw materials inventory 40,000

    The cost of the raw materials used in production for the month was...
  9. Juniper Company has provided the following data concerning its manufacturing costs and work in process inventories last month:


    Raw materials used in production $ 320,000
    Direct labor 220,000
    Manufacturing overhead 270,000
    Beginning work in process inventory 45,000
    Ending work in process inventory 75,000

    The cost of goods manufactured for the month was...
  10. Jurden Company bases its predetermined overhead rates on machine-hours. At the beginning of the year, the company estimated $84,800 of manufacturing overhead and 53,000 machine-hours for the year. Actual manufacturing overhead for year amounted to $91,500 and the actual machine-hours totaled 55,000. Manufacturing overhead for the year was (under/overapplied) by...

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