12 of direct materials cost per unit and 9 of direct

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$12 of direct materials cost per unit and $9 of direct labor cost per unit. The company established the predetermined overhead rate using the following predictions: estimated direct labor cost, $300,000, and estimated factory overhead, $375,000. The company allocates factory overhead to its goods in process and finished goods inventories based on direct labor cost. During the period, the company incurred these costs: direct materials, $535,000; direct labor, $290,000; and factory overhead applied, $362,500. 1. Determine the predetermined overhead rate.
2. Compute the total cost of the two ending inventories. (Round "Cost per unit" answers to 2 decimal places.)
3. Compute cost of goods sold for the year (assume no beginning inventories and no underapplied or overapplied overhead).
Ch 2 Question #5-8 (of 8) [The following information applies to the questions displayed below.] Ciolino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. 5. Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).

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