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

Kubes 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 total fixed manufacturing overhead cost of $90,000, variable manufacturing overhead of $3.50 per direct labor-hour, and 30,000 direct labor-hours. The company has provided the following data concerning Job A477 which was recently completed: -The predetermined overhead rate for the Assembly Department is closest to:

Camm Corporation has two manufacturing departments--Forming and Assembly.The company used the following data at the beginning of the year to calculate predetermined overhead rates: Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.The departmental predetermined overhead rate in the Assembly Department is closest to:

Marius 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 K895.The following data were recorded for this job: Required: a.Calculate the estimated total manufacturing overhead for the Finishing Department. b.Calculate the predetermined overhead rate for the Finishing Department. c.Calculate the amount of overhead applied in the Finishing Department to Job K895.

Levron Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $58,000, variable manufacturing overhead of $2.00 per machine-hour, and 20,000 machine-hours. The company has provided the following data concerning Job P978 which was recently completed: -The total job cost for Job P978 is closest to:

Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Recently, Job T687 was completed with the following characteristics: -The amount of overhead applied to Job T687 is closest to:

Janicki Corporation has two manufacturing departments--Machining and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: During the most recent month, the company started and completed two jobs--Job A and Job J. There were no beginning inventories. Data concerning those two jobs follow: -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:

Job 652 was recently completed.The following data have been recorded on its job cost sheet: The company applies manufacturing overhead on the basis of direct labor-hours.The predetermined overhead rate is $35 per direct labor-hour. Required: Compute the unit product cost that would appear on the job cost sheet for this job.

Marciante 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: -The estimated total manufacturing overhead for the Finishing Department is closest to:

Gerstein 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 total fixed manufacturing overhead cost of $90,000, variable manufacturing overhead of $3.70 per direct labor-hour, and 50,000 direct labor-hours. The company recently completed Job M800 which required 150 direct labor-hours. -The amount of manufacturing overhead that would have been applied to all jobs during the period is closest to:

Most countries require some form of absorption costing for external reports.

Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $462,000, variable manufacturing overhead of $2.20 per machine-hour, and 60,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: -If the company marks up its unit product costs by 20% then the selling price for a unit in Job X455 is closest to:

Thrall Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.The company based its predetermined overhead rate for the current year on the following data: Recently Job K125 was completed and required 160 machine-hours. Required: Calculate the amount of overhead applied to Job K125.

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.

Obermeyer 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 10,000 direct labor-hours,total fixed manufacturing overhead cost of $96,000,and a variable manufacturing overhead rate of $3.60 per direct labor-hour.Job A735,which was for 40 units of a custom product,was recently completed.The job cost sheet for the job contained the following data: Required: a.Calculate the amount of overhead applied to Job A735. b.Calculate the total job cost for Job A735. c.Calculate the unit product cost for Job A735.

Job cost sheets contain entries for actual direct material,actual direct labor,and actual manufacturing overhead cost incurred in completing a job.

In a job-order costing system that is based on machine-hours,which of the following formulas is correct?

Almaraz Corporation has two manufacturing departments--Forming and Finishing.The company used the following data at the beginning of the year to calculate predetermined overhead rates: Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.That predetermined manufacturing overhead rate is closest to:

Stoke Corporation has two production departments, Forming and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine-hours and the Assembly 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 A460. The following data were recorded for this job: -The amount of overhead applied in the Forming Department to Job A460 is closest to:

Giannitti Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year.Data for the upcoming year appear below: The predetermined overhead rate for the recently completed year was closest to:

Cardosa Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours.The company based its predetermined overhead rate for the current year on 70,000 machine-hours,total fixed manufacturing overhead cost of $308,000,and a variable manufacturing overhead rate of $2.10 per machine-hour.Job M556,which was for 50 units of a custom product,was recently completed.The job cost sheet for the job contained the following data: Required: a.Calculate the total job cost for Job M556. b.Calculate the unit product cost for Job M556.