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exam 1 second chance - I think we should work on the 2nd...

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I think we should work on the 2nd chance together and i feel the best way will be by posting every single problem and solution to it. Then after all problems have been posted, only then people should ask question because this way it will easy and clear for everyone to read. So please hold questions and comments untill all problems are posted. The following information is for X Company for 2009: Direct materials purchased $ 37,150 Direct materials used 35,104 Direct labor 15,202 Overhead 21,176 Work in Process, January 1, 2009 6,234 Finished Goods, January 1, 2009 3,438 Work in Process, December 31, 2009 3,538 Finished goods, December 31 2009 6,158 What was Cost of Goods Sold in 2009? solution: CGS=(DMused +DL+OH)-cost incurred ***DONT KNOW HOW TO CALC (or what counts as) cost incurred!! 3) Posted by Anonymous on 02-17-2010 10:40 PM yeah the problem is We don't know what is "cost incurred" 4) Posted by ktj261 on 02-17-2010 10:54 PM
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The following information is for X Company for 2009: Direct materials purchased $ 37,150 Direct materials used 35,104 Direct labor 15,202 Overhead 21,176 Work in Process, January 1, 2009 6,234 Finished Goods, January 1, 2009 3,438 Work in Process, December 31, 2009 3,538 Finished goods, December 31 2009 6,158 What was Cost of Goods Sold in 2009? solution: CGS=(DMused +DL+OH)-cost incurred ***DONT KNOW HOW TO CALC (or what counts as) cost incurred!! 3) Posted by Anonymous on 02-17-2010 10:40 PM yeah the problem is We don't know what is "cost incurred" 4) Posted by ktj261 on 02-17-2010 10:54 PM Alright, I don't know how to do #1 either. No idea, so if someone could please help. But I can help on others. Here's #2: X Company has the following estimated costs for the year: Direct materials $63,500 Direct labor 22,400 Factory supplies 20,900 Factory supervision 29,900 Advertising 42,000 Factory rent 42,100 Sales salaries 50,000 Factory insurance 66,900 X Company estimates that 1,600 direct labor hours will be worked during the year, and machines will be operated for 59,000 hours during the year. If overhead is allocated on the basis of direct labor hours, what will the overhead rate be?
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OHR = Total Overhead Cost/Cost Driver To find Total Overhead Cost = Factory Supplies + Factory Supervision + Factory Rent + Factory Insurance So mine was 159,800/1,600 = $99.88 5) Posted by Anonymous on 02-17-2010 11:17 PM And #3 and 4... X Company has two production departments, A and B. At the start of the year, the following budgeted information is available: Department A Direct labor $680,000 Overhead $7,100,000 Direct labor hours 40,000 Machine hours 100,000 Department B Direct labor $850,000 Overhead $2,000,000 Direct labor hours 50,000 Machine hours 140,000 The following information is for two specific jobs, Job 111 and Job 222, that were completed during the year: Department A Department B Job 111 Direct labor $13,549 $2,227 Direct labor hours 797 131 Machine hours 1,000 820 Job 222 Direct labor $6,358 $11,220 Direct labor hours 374 660 Machine hours 1,240 790 3. Using a plantwide allocation system with direct labor hours as the cost driver, what is the allocation to Job 111 (round overhead rate(s) to the nearest cent)?
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