Prepare an overview diagram of solomons job-costing system

Reference no: EM132495831

Job costing, accounting for manufacturing overhead, budgeted rates. The Solomon Company uses a job-costing system at its Dover, Delaware, plant. The plant has a machining department and a finishing department. Solomon uses normal costing with two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the machining department with machine-hours as the allocation base and the finishing department with direct manufacturing labor costs as the allocation base). The 2017 budget for the plant is as follows

Machining Department Finishing Department

Manufacturing overhead costs $10,660.000 $8,000,000

Direct manufacturing labor costs $ 970.000 $4,000,000

Direct manufacturing labor-hours 26.000 160,000

Machine-hours 205,000 31,000

Question 1. Prepare an overview diagram of Solomon's job-costing system.

Question 2. What is the budgeted manufacturing overhead rate in the machining department? In the finishing department?

Question 3. During the month of January, the job-cost record for Job 431 shows the following:

	Machining Department	Finishing Department
Direct materials used	$16,150	$ 3,000
Direct manufacturing labor costs	350	S1,300
Direct manufacturing labor-hours	30	50
Machine-hours	150	20

Compute the total manufacturing overhead cost allocated to Job 431.

Question 4. Assuming that Job 431 consisted of 400 units of product, what is the cost per unit?

Question 5. Amounts at the end of 2017 are as follows:

	Machining Department	Finishing Department
Manufacturing overhead incurred	$13,250,000	$8,400,000
Direct manufacturing labor costs	S 1,000,000	$4,300,000
Machine-hours	250,000	30,000

Compute the under-or overallocated manufacturing overhead for each department and for the Dover plant as a whole.

Question 6. Why might Solomon use two different manufacturing overhead cost pools in its job-costing system?

Attachment:- Assignment cost accounting.rar

Reference no: EM132495831

Questions Cloud

Evaluate the purpose of a balanced scorecard : Evaluate the purpose of a Balanced Scorecard. Identify the following categories on the Balanced Scorecard: Traditional Categories, Communication Flow.

KB7036 People in Project Management Assignment : KB7036/AT7026 People in Project Management Assignment Help and Solution - Northumbria University, UK. Description of recently completed project-orientated task

Describe a current problem facing your department : Describe a current problem facing your department, organization, or industry that would indicate the need for a simulation model. How best would this problem

Create a process view diagram : Using this Use Case, create a process view diagram similar to the one shown - The business object would be a ‘user record'.

Prepare an overview diagram of solomons job-costing system : Prepare an overview diagram of Solomon's job-costing system and What is the budgeted manufacturing overhead rate in the machining department

Reflect on the meaning of the reconstructionist : Reflect on the meaning of the reconstructionist/futurist/critical pedagogy agenda. How does that agenda line up with a biblical position? Where does it fall sho

Explain aristotle theory of the four causes : Explain Aristotle's theory of the four causes. and what is Aristotle's Golden Mean?

Compare and contrast eros and agape : Compare and contrast eros and agape from the perspectives of Nygren and Solomon.

Determining the conduct blameworthy : Whose conduct was blameworthy? Why? What cosequencnes might follow?

User Account

All Pages