Reference no: EM133342244
Job-order costing.
Cheapo Company makes home office furniture in two departments. The company currently uses a plantwide, job-order costing system. The predetermined plantwide rate is based on Direct Labour Hours.
At the beginning of the year, Cheapo made the following estimates:
Preparation Fabrication
Machine hours 80,000 21,000
Direct labour hours 35,000 65,000
Direct materials cost $190,000 $400,000
Direct labour cost $525,000 $975,000
Manufacturing overhead $416,000 $720,000
Job 127, which contained 25 units, was started and completed in the current month. The cost records include the following:
Preparation Fabrication
Machine hours 350 70
Direct labour hours 80 130
Direct materials cost $940 $1,200
Direct labour cost $1,200 $1,950
The following data represents Actual results for the entire year:
Preparation Fabrication
Machine hours 73,000 24,000
Direct labour hours 30,000 66,000
Direct materials cost $165,000 $420,000
Direct labour cost $450,000 $990,000
Manufacturing overhead $390,000 $730,000
REQUIRED: SHOW ALL CALCULATIONS & LABEL ALL NUMBERS
- Compute the unit product cost using the current plantwide rate.
- Assume Cheapo decided to use departmental rates rather than a plantwide rate. The activity base for the Preparation department is Machine hours and for the Fabrication department, it's direct labour hours. Calculate the unit cost of Job 127.
- At the end of the year, compute the amount of under or over applied overhead for each department.
- Prepare the journal entry to close out the amount of under or overapplied overhead to COGS. What is the effect of these entries on income?
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