| Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $302,400 for the year, and machine usage is estimated at 126,000 hours.
For the year, $321,462 of overhead costs are incurred and 131,700 hours are used. [removed] Don't show me this message again for the assignment |
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| Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places, e.g. 1.25.)| Manufacturing overhead rate | | $[removed] | per machine hour |
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| What is the amount of under- or overapplied overhead at December 31? | Manufacturing Overhead | | $[removed] [removed] |
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| Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and Explanation | Debit | Credit | | | | | | |
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| The ledger of Custer Company has the following work in process account. Work in Process—Painting | | 5/1 | Balance | 3,870 | 5/31 | Transferred out | ? | | 5/31 | Materials | 5,880 | | | | | 5/31 | Labor | 4,080 | | | | | 5/31 | Overhead | 2,240 | | | | | 5/31 | Balance | ? | | | |
Production records show that there were 470 units in the beginning inventory, 30% complete, 1,570 units started, and 1,430 units transferred out. The beginning work in process had materials cost of $2,220 and conversion costs of $1,650. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. [removed] Don't show me this message again for the assignment |
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| (a) How many units are in process at May 31? | Work in process, May 31 | | | units |
(b) What is the unit materials cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.)| The unit materials cost for May | | |
(c) What is the unit conversion cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.)| The unit conversion cost for May | | |
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| (d) What is the total cost of units transferred out in May? (Round answer to 0 decimal places, e.g. 1,225.)| The total cost of units transferred out in May | | |
(e) What is the cost of the May 31 inventory? (Round answer to 0 decimal places, e.g. 1,225.) [removed] Don't show me this message again for the assignment |
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| [removed][removed][removed][removed][removed][removed] | Wilkins Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company’s operations. | | | Standard | | Custom | | Direct labor costs | | $51,200 | | $97,000 | | Machine hours | | 1,370 | | 1,130 | | Setup hours | | 100 | | 390 |
Total estimated overhead costs are $303,800. Overhead cost allocated to the machining activity cost pool is $199,400, and $104,400 is allocated to the machine setup activity cost pool. [removed] Don't show me this message again for the assignment |
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| Compute the overhead rate using the traditional (plantwide) approach. (Round answers to 2 decimal places, e.g. 12.25%.)| Predetermined overhead rate | | | % of direct labor cost |
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| Compute the overhead rates using the activity-based costing approach. (Round answers to 2 decimal places, e.g. $12.25.)| Machining | | | per machine hour | | Machine setup | | | per setup hour |
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| Determine the difference in allocation between the two approaches. (Round answers to 0 decimal places, e.g. $1,225.)| Traditional costing | | | | Standard | | | | Custom | | | | | | | | Activity-based costing | | | | Standard | | | | Custom | | |
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