Kody corporation uses a job-order costing system with a

Assignment Help Accounting Basics

Reference no: EM13586292

Kody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:


Machine-hours required to support estimated production		151,000
Fixed manufacturing overhead cost	$	657,000
Variable manufacturing overhead cost per machine-hour	$	4.80

Required:

1.	Compute the predetermined overhead rate. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Predetermined overhead rate

$ per MH

2.	During the year Job 500 was started and completed. The following information was available with respect to this job:


Direct materials requisitioned	$	340
Direct labor cost	$	250
Machine-hours used		32

Compute the total manufacturing cost assigned to Job 500. (Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Total manufacturing cost

3-a.

During the year the company worked a total of 145,900 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,341,985. What is the amount of underapplied or overapplied overhead for the year? (Input the amount as a positive value. Round your intermediate calculations to 2 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Manufacturing overhead cost (Click to select)overappliedunderapplied by

3-b.

If this amount were closed out entirely to cost of goods sold, would the journal entry increase or decrease net operating income?

	Increase
	Decrease

Reference no: EM13586292

Questions Cloud

Explain how the phospholipid bilayer is effective as the : what is the difference between mitosis and meiosis where and when do these processes occur? explain how the

How do you think lesley chomski should respond after the : lesley chomski is the supervisor of the new product division of mco corporation. her annual bonus is based on the

A decision to drop an old segment or add a new one is going : a decision to drop an old segment or add a new one is going to hinge primarily on the impact the decision will have on

How firms estimate their cost of capital the wacc for a : how firms estimate their cost of capital the wacc for a firm is 13.00 percent. you know that the firms cost of debt

Kody corporation uses a job-order costing system with a : kody corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. at the

How firms estimate their cost of capital the wacc for a : how firms estimate their cost of capital the wacc for a firm is 13.00 percent. you know that the firms cost of debt

Briefly discuss what homeostatic mechanism occurs in the : 1. what is meant by the term homeostasis?2. briefly discuss what homeostatic mechanism occurs in the body when a

Schopp inc has been manufacturing its own shades for its : schopp inc. has been manufacturing its own shades for its table lamps. the company is currently operating at 100 of

Rewrite the following so that they read from left to right : 1. rewrite the following so that they read from left to right in increasing order of organisation. tissue macromolecule

User Account

All Pages