Solution-What are your actual manufacturing overhead costs

What are your actual manufacturing overhead costs

Assignment Help Accounting Basics

Reference no: EM131404500

Discussion 1

Accounting

Now that we have a better understanding of job costing, let's take an example from our childhood entrepreneurial endeavors (running a lemonade stand or neighborhood lawn mowing services, making crafts to sell at a local crafts fair, babysitting, etc.). Imagine these products and services as businesses, in which you are the manager with several teenagers as your employees.
In your initial post, define the "jobs" in job costing. Explain how you would measure direct materials cost, direct labor cost, and compute predetermined overhead rates.

What are your actual manufacturing overhead costs, and why aren't they traced to jobs, just as direct materials and direct labor are traced to jobs?

Give reasons why overhead might be under-applied or over-applied in a given year.

What factors should be considered in selecting a base to be used in computing the predetermined overhead rate? Why?

When you read the posts submitted by your peers, provide feedback explaining what you would have done differently. Ask for clarification regarding their definitions or decisions that seem unclear to you. Identify areas where you concur with their thinking.

Discussion 2

Accounting

You were asked to access a number of videos and websites. These are great resources to help you learn the materials this week. Consider what type of resource you find most helpful in learning new materials (videos, examples, text, etc). Then consider which topic you struggled with the most this week. Complete an online search for a new resource that will help you with that topic. For example, if you learn best from videos and you struggled with the topic double entry accounting, then complete an online search for "double entry accounting videos". If you learn best by examples, search for "double entry accounting examples". Select one of the items you find in your search that you found particularly helpful in learning the topic you struggled with the most and post a summary of the resource and a link to the resource.

INITIAL POST

Cite and summarize the resource.

• Video: Predetermined Overhead Rate https://www.youtube.com/watch?v=qrnTwV2zbPM

• https://smallbusiness.chron.com/calculate-predetermined-overhead-rate-machine-hours-38399.html

• https://www.accountingtools.com/questions-and-answers/what-is-a-predetermined-overhead-rate.html

Reference no: EM131404500

Questions Cloud

Explain principles of internal control were violated in case : Indicate the three ways that Bret attempted to conceal the theft and the dollar amount involved in each method. What principles of internal control were violated in this case?

Locate the least squares prediction equation for y : MINITAB was used to fit the model to the data. Locate the least squares prediction equation for y on the printout shown below.

Estimate the diameter of a copper atom : The atomic weight of copper is 63.55, meaning that 6.023 × 1023 atoms weigh 63.55 g. The density of copper is 8970 kg/m3, and pure copper forms fcc crystals. Estimate the diameter of a copper atom.

Determine the size of the largest hole for the iron atoms : Show that, for the fcc unit cell, the radius r of the largest hole is given by r = 0.414R . Determine the size of the largest hole for the iron atoms in the fcc structure.

What are your actual manufacturing overhead costs : What are your actual manufacturing overhead costs, and why aren't they traced to jobs, just as direct materials and direct labor are traced to jobs?

Does the material follow the hall-petch equation : Does the material follow the Hall-Petch equation? If so, what is the value of k?

Identify the most important step in the conversion process : Suggest the key advantages and disadvantages of automating a manual accounting system. Identify the most important step in the conversion process.

Draw some analogies to the phenomenon of hot shortness : Draw some analogies to mechanical fibering-for example, layers of thin dough sprinkled with flour or melted butter between each layer.

What will you say to the vp of engineering : Since this is a R&D project, could you justify using a lower discount rate? What will you say to the VP of engineering? Will you stick by your original estimates or make the changes so the VP of engineering can get started on his project?

User Account

All Pages

What are your actual manufacturing overhead costs

Reference no: EM131404500

Reference no: EM131404500

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT