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Chapter 17: Q6SE (page 940)

Job 303 includes direct materials costs of \(550 and direct labor costs of \)400. If the predetermined overhead allocation rate is 40% of direct labor cost, what is the total cost assigned to Job 303?

Short Answer

Expert verified

The total cost assigned to job 303 is $950.

Step by step solution

01

Allocated Direct labor cost

02

Total cost assigned to job 303

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Most popular questions from this chapter

For the following accounts, indicate what causes the account to increase and decrease. The first account is completed as an example.

Account

Is increased by:

Is decreased by:

Raw material inventory

Material purchased

Material used

Work in process inventory

Finished goods inventory

Cost of goods sold

The T-account showing the manufacturing overhead activity for Aliyah Corp. for 2018 is as follows

Manufacturing overhead

195,000
203,000

Requirements

1. What is the actual manufacturing overhead?

The manufacturing records for Sporty Kayaks at the end of the 2018 fiscal year show the following information about manufacturing overhead:

Overhead allocated to production

\(409,200

Actual manufacturing overhead cost

432,000

Predetermined overhead allocation rate

\)44 per machine hours

Requirements

3. Prepare the journal entry to adjust for the underallocated or overallocated manufacturing overhead.

Distinguishing between job order costing and process costing

Would the following companies most likely use job order costing or process costing?

c. A manufacturer of luxury yachts

Following is a list of cost system characteristics and sample companies. Match each to either job order costing or process costing.

j. A governmental agency that takes bids for specific items it utilizes where each item requires a separate bid.
See all solutions

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