Chapter 5 Job Order Costing Exercises HO

Chapter 5 Job Order Costing Exercises HO - b) What is the...

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Chapter 5 Job Order Costing Exercises 1) Job Order (JOC) or Process Costing (PC) Golf ball manufacturer Water bottling company Music video production company Landscaping business Pet food manufacturer Appliance repair business 2) Identify Source Documents – indicate materials requisition form (MRF), labor time ticket (LTT), and/or a job order cost sheet (JCS). Employee Name Job Start Date Hours worked by an employee Quantity of direct material used Applied OH Total dollar value of DM used 3) Cornwall Company uses a predetermined overhead rate based on machine hours to apply manufacturing overhead to jobs. Estimated Actual____________ Total overhead costs $100,000 $110,250 Direct labor hours 10,000 9,500 Machine hours 20,000 21,000 a) What is the predetermined overhead rate?
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Unformatted text preview: b) What is the overhead variance? Is it over or under applied? How is CGS adjusted? 4) Williams Company applies manufacturing overhead costs to products as a percentage of direct labor dollars. Estimated Actual____________ Direct labor hours 25,000 21,875 Direct labor costs $400,000 $350,000 Manufacturing overhead $800,000 $725,000 a) Compute the predetermined overhead rate. b) Compute the applied overhead. c) Compute the overhead variance. 5) Determine Missing Amounts: Actual MOH Applied MOH Over/Under Applied Overhead Variance Adjust CGS + or -$110,000 $105,000 $5,000 $79,000 Over applied $4,500 $261,300 Under applied $10,800 $141,000 $153,800...
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This note was uploaded on 09/29/2011 for the course ACCT 2362 taught by Professor Eure during the Spring '11 term at Texas State.

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Chapter 5 Job Order Costing Exercises HO - b) What is the...

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