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Exam 3: Joborder Costing: Calculating Unit Product Costs

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Question 151

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Claybrooks Corporation has two manufacturing departments--Casting and Assembly. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. The departmental predetermined overhead rate in the Assembly Department is closest to:

A) $2.90
B) $6.48
C) $5.10
D) $2.20

E) None of the above
F) B) and D)

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Question 152

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The costs attached to products that have not been sold are included in ending inventory on the balance sheet.

A) True
B) False

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Question 153

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Heroux Corporation has two manufacturing departments--Forming and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: During the most recent month, the company started and completed two jobs--Job A and Job H. There were no beginning inventories. Data concerning those two jobs follow: Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. The amount of manufacturing overhead applied to Job A is closest to: (Round your intermediate calculations to 2 decimal places.)

Bolander Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Recently, Job M825 was completed with the following characteristics: The amount of overhead applied to Job M825 is closest to: (Round your intermediate calculations to 2 decimal places.)

Atteberry Corporation has two manufacturing departments--Machining and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: During the most recent month, the company started and completed two jobs--Job E and Job L. There were no beginning inventories. Data concerning those two jobs follow: Assume that the company uses a plantwide predetermined manufacturing overhead rate ased on machine-hours. The total manufacturing cost assigned to Job E is closest to: (Round your intermediate calculations to 2 decimal places.)

Lightner Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcoming year appear below: Required: Compute the company's predetermined overhead rate.

Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $462,000, variable manufacturing overhead of $2.20 per machine-hour, and 60,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: The unit product cost for Job X455 is closest to: (Round your intermediate calculations to 2 decimal places.)

A cost driver is a factor, such as machine-hours, beds occupied, computer time, or flight-hours, that causes direct costs.

Leadley Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Recently Job X701 was completed with the following characteristics: Required: a. Calculate the estimated total manufacturing overhead for the year. b. Calculate the predetermined overhead rate for the year. c. Calculate the amount of overhead applied to Job X701. d. Calculate the total job cost for Job X701.

Jurica Corporation has two production departments, Forming and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: The predetermined overhead rate for the Forming Department is closest to:

Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Recently, Job T687 was completed with the following characteristics: The amount of overhead applied to Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)

Kostelnik Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $237,000, variable manufacturing overhead of $3.90 per machine-hour, and 30,000 machine-hours. The company has provided the following data concerning Job A496 which was recently completed: The amount of overhead applied to Job A496 is closest to: (Round your intermediate calculations to 2 decimal places.)