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

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Question 101

Multiple Choice

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The total job cost for Job A496 is closest to:

A) $2,660
B) $3,104
C) $3,604
D) $1,444

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

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Question 102

Multiple Choice

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The unit product cost for Job X455 is closest to:

A) $86.60
B) $159.00
C) $198.60
D) $49.65

E) A) and C)
F) All of the above

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Question 103

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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.

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

Florek 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: Required: a.Calculate the estimated total manufacturing overhead for the year. b.Calculate the predetermined overhead rate for the year.

Job-order costing systems often use allocation bases that do not reflect how jobs actually use overhead resources.

Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The total manufacturing cost assigned to Job C is closest to:

The following data have been recorded for recently completed Job 450 on its job cost sheet.Direct materials cost was $3,044.A total of 46 direct labor-hours and 104 machine-hours were worked on the job.The direct labor wage rate is $15 per labor-hour.The Corporation applies manufacturing overhead on the basis of machine-hours.The predetermined overhead rate is $13 per machine-hour.The total cost for the job on its job cost sheet would be:

Rocher Corporation has two production departments, Casting and Finishing.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 Finishing 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 A394.The following data were recorded for this job: Required: a.Calculate the estimated total manufacturing overhead for the Casting Department. b.Calculate the predetermined overhead rate for the Casting Department. c.Calculate the amount of overhead applied in the Casting Department to Job A394.

The amount of overhead applied to Job T498 is closest to:

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

The fact that one department may be labor intensive while another department is machine intensive explains in part why multiple predetermined overhead rates are often used in larger companies.

Trevigne 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. Required: Determine the amount of manufacturing overhead that would have been applied to all jobs during the period.

The amount of overhead applied in the Customizing Department to Job A319 is closest to:

If the company marks up its unit product costs by 40% then the selling price for a unit in Job M825 is closest to:

The amount of overhead applied in the Machining Department to Job K928 is closest to:

The total amount of overhead applied in both departments to Job T268 is closest to:

A bill of materials is a document that lists the type and quantity of each type of direct material needed to complete a unit of product.

The amount of overhead applied in the Assembly Department to Job T288 is closest to: