Lecture 09_15_10 - Managerial Accounting Wednesday...

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Managerial Accounting Wednesday September 3, 2010 Chapter 2 Job-order Costing
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Today’s topics LO5: Apply overhead cost to WIP LO6: Schedule of goods manufactured and cost of goods sold LO7: Flow of costs LO8: Underapplied/overapplied overhead cost
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Problem 2-20 (question 1) Department Estimate at beg. of year Cutting Finishing Direct labor-hours 6,000 30,000 Machine-hours 48,000* 5,000 Materials overhead cost $360,000 $486,000 Direct labor costs $50,000 $270,000* * Manufacturing overhead allocation base 1. Required: compute the predetermined overhead rate to be used in each department
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Problem 2-20 (question 2) Department Job 203 Cutting Finishing Direct labor-hours 6 20 Machine-hours 80 4 Materials requisitioned $500 $310 Direct labor costs $70 $150 Required: compute the total overhead cost applied to Job 203
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Problem 2-20 (question 3) Required: Would you expect substantially different amounts of overhead cost to be assigned to some jobs if the company used a plantwide overhead rate based on direct labor cost, rather than
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Lecture 09_15_10 - Managerial Accounting Wednesday...

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