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

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Question 51

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The predetermined overhead rate is closest to:

A) $2.40 per direct labor-hour
B) $3.00 per direct labor-hour
C) $8.40 per direct labor-hour
D) $5.40 per direct labor-hour

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Question 52

Multiple Choice

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The total job cost for Job M598 is closest to:

A) $12,270
B) $9,645
C) $3,915
D) $12,915

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Question 53

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Actual overhead costs are not assigned to jobs in a job costing system.

The total job cost for Job A477 is closest to:

The predetermined overhead rate for the Finishing Department is closest to:

Marioni 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: During the most recent month, the company started and completed two jobs--Job B and Job H.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.The manufacturing overhead applied to Job B is closest to:

The total job cost for Job T687 is closest to:

Assigning manufacturing overhead to a specific job is complicated by all of the below except:

Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The total manufacturing cost assigned to Job F is closest to:

The unit product cost for Job M825 is closest to:

Tomey Corporation has two production departments, Forming and Finishing.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 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 T617.The following data were recorded for this job: The total job cost for Job T617 is closest to:

Petru 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 P987 was completed with the following characteristics: Required: Calculate the unit product cost for Job P987.

Lezo 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 40,000 machine-hours, total fixed manufacturing overhead cost of $136,000, and a variable manufacturing overhead rate of $2.90 per machine-hour.Job A290, which was for 60 units of a custom product, was recently completed.The job cost sheet for the job contained the following data: Required: a.Calculate the estimated total manufacturing overhead for the year. b.Calculate the predetermined overhead rate for the year. c.Calculate the amount of overhead applied to Job A290. d.Calculate the total job cost for Job A290.

Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The amount of manufacturing overhead applied to Job H is closest to:

If the company marks up its manufacturing costs by 20% then the selling price for Job T288 would be closest to:

Rondo 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 T506 was completed with the following characteristics: Required: a.Calculate the estimated total manufacturing overhead for the year. b.Calculate the predetermined overhead rate for the year. c.Calculate the amount of overhead applied to Job T506. d.Calculate the total job cost for Job T506. e.Calculate the unit product cost for Job T506. f.Calculate the selling price for Job T506 if the company marks up its unit product costs by 20%.

The amount of overhead applied to Job T629 is closest to:

Atteberry Corporation has two manufacturing departments--Machining and Finishing.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 E and Job L.There were no beginning inventories.Data concerning those two jobs follow: Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.The total manufacturing cost assigned to Job E is closest to:

Molash Corporation has two manufacturing departments--Machining and Assembly.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 B and Job L.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 L is closest to:

Valvano 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 $440,000, variable manufacturing overhead of $2.20 per machine-hour, and 50,000 machine-hours.The estimated total manufacturing overhead is closest to: