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ACCT 346 Week 2 Discussion: Job-Order Costing
ACCT-346 Week 2 Homework (graded)
1. Lakeland Heating & Cooling installs and services commercial heating and cooling systems. Lakeland uses job costing to calculate the cost of its jobs. Overhead is … to each job based on the number of direct labor hours spent on that job. At the beginning of the current year, Lakeland estimated that its overhead for the coming year would be $61,500. It also anticipated using 4,100 direct labor hours for the year.
- In February, Lakeland started and completed the following two jobs:
- Lakeland paid a $34-per-hour wage rate to the employees who worked on these two jobs.
- Requirement. What is Lakeland’s predetermined overhead rate based on direct labor hours?
- Requirement. Calculate the overhead…allocated to each of the two jobs based on direct labor hours.
- Requirement. What is the total cost of Job 101? What is the total cost of Job 102?
2. Lounge Lizard Furniture started and finished Job 310 in September……. direct materials were requisitioned for Job 310:
- Labor time records show the following employees (direct labor) worked on Job 310:
- Lounge Lizard allocates manufacturing overhead at a rate of $15 per direct labor hour.
- Requirement. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should … on Job 310’s job cost record.
- Requirement. Job 310 consists of nine recliners. If each recliner sells for $825, what is the gross profit per recliner? Identify the formula and then compute the gross profit. (Round your answers to the nearest whole number.)
3. Alba Foundry in Atlanta, Georgia, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following:
- Compute Alba’s predetermined manufacturing overhead rate.
- How much manufacturing overhead was … to jobs during the year?
- How much manufacturing overhead was … during the year? Is manufacturing overhead under-allocated or overallocated at the end of the year? By how much?
- Were the jobs overcosted or undercoated? By how much?
4. The following transactions were … by Mooney Fabricators during January, the first month of its fiscal year.
- Record the proper journal entry for each transaction.
- By the end of January, was manufacturing overhead overallocated or under-allocated? By how much?
5. Wedge Industries, a small, family-run manufacturer, has adopted an ABC system. The following manufacturing activities, indirect manufacturing costs, and usage of cost drivers … estimated for the year:
During May, Larry and Civilla Wedge machined and assembled Job 575. Larry worked a total of 10 hours on the job, while Civilla worked 7 hours on the job. Larry is paid a $25 per hour wage rate, while Civilla is paid $32 per hour because of her additional experience level. Direct materials requisitioned for Job 575 totaled $1,350. The following additional information was … on Job 575: The job … 3 machine setups, 5 machine hours, and 3 quality control tests.
- Compute the activity cost allocation rates for the year.
- Complete the job cost record for Job 575.
6. Sorrentino Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will incur $1,280,000 in total manufacturing overhead costs in the upcoming year and will use 10,000 machine hours.
- Expected usage and costs for manufacturing overhead activities for the upcoming year are as follows:
- During the year, Job 351 is … Usage for this job follows:
- Requirement. Calculate the cost of Job 351 using the traditional plantwide manufacturing overhead rate based on machine hours.
- Requirement. Calculate the cost of Job 351 using activity-based costing.
- Requirement. If you were a manager, which cost estimate would provide you with more useful information? How might you use this information?
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