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Homework answers / question archive / TinBrass products manufactures industrial grade waterflow systems and uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor)

TinBrass products manufactures industrial grade waterflow systems and uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor)

Accounting

TinBrass products manufactures industrial grade waterflow systems and uses a job-costing system with two direct-cost categories (direct materials and direct manufacturing labor).TinBrass allocates all manufacturing overhead costs using direct manufacturing labor costs and a single plantwide overhead rate. TinBrass provides the following information:Budget for 2019 Actual Results for 2019 Direct material costs $4,000,000 $3,800,000 Direct manufacturing labor costs 1,500,000 1,450,000 Manufacturing overhead costs 5,400,000 5,510,000

1. Compute the predetermined overhead rate and the actual rate (calculated with actual

performance numbers)

2. During August, the plant controller recorded the following information for job M-347 in

its job cost sheet:

Direct materials used $80,000

Direct manufacturing labor costs $60,000

Compute the cost of job M-347 using (a) a normal cost system and (b) an actual cost

system.

3. Compute the under or overallocation of overhead under the normal and the actual cost

system.

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