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

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Question 21

True/False

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In a job-order cost system, indirect labor is assigned to a job using information from the employee time ticket.

A) True
B) False

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Question 22

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The amount of overhead applied to Job P505 is closest to:

A) $2,200
B) $1,760
C) $2,640
D) $440

E) A) and B)
F) C) and D)

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Question 23

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The estimated total manufacturing overhead is closest to:

The estimated total manufacturing overhead is closest to:

The estimated total manufacturing overhead for the Milling Department is closest to:

Vasilopoulos Corporation has two production departments, Casting and Assembly.The company uses a job-order costing system and computes a predetermined overhead rate in each production department.The Casting Department's predetermined overhead rate is based on machine-hours and the Assembly 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 A182.The following data were recorded for this job: Required: a.Calculate the estimated total manufacturing overhead for the Casting Department. b.Calculate the estimated total manufacturing overhead for the Assembly Department. c.Calculate the predetermined overhead rate for the Casting Department. d.Calculate the predetermined overhead rate for the Assembly Department. e.Calculate the total amount of overhead applied to Job A182 in both departments. f.Calculate the total job cost for Job A182. g.Calculate the selling price for Job A182 if the company marks up its unit product costs by 20% to determine selling prices.

The estimated total manufacturing overhead for the Customizing Department is closest to:

The total amount of overhead applied in both departments to Job T924 is closest to:

The total job cost for Job P978 is closest to:

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.The calculated selling price for Job A is closest to:

Madole Corporation has two production departments, Forming and Customizing.The company uses a job-order costing system and computes a predetermined overhead rate in each production department.The Forming 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 K973.The following data were recorded for this job: Required: a.Calculate the estimated total manufacturing overhead for the Forming Department. b.Calculate the predetermined overhead rate for the Customizing Department. c.Calculate the total overhead applied to Job K973 in both departments.

Leadley 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 X701 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 X701. d.Calculate the total job cost for Job X701.

The total job cost for Job M381 is closest to:

If the allocation base in the predetermined overhead rate does not drive overhead costs, it will nevertheless provide reasonably accurate unit product costs because of the averaging process.

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

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:

Placker 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 $155,000, variable manufacturing overhead of $3.40 per machine-hour, and 50,000 machine-hours.Recently, Job A881 was completed with the following characteristics: The total job cost for Job A881 is closest to:

Alsobrooks 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 M242 was completed with the following characteristics: Required: a.Calculate the total job cost for Job M242. b.Calculate the unit product cost for Job M242.

The total amount of overhead applied in both departments to Job T288 is closest to:

If the company marks up its unit product costs by 30% then the selling price for a unit in Job P978 is closest to: