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Chapter 4

Chapter 4 in class problems - Feb 26.pdf

4 Pages
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Department
Commerce
Course Code
COMMERCE 2AB3
Professor
Aadil Merali Juma

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Description
Problem 1 Jim's Computer Products manufactures keyboards for computers. In June, the two production departments had budgeted allocation bases of 10,000 machine hours in Department 1 and 5,000 direct manufacturing labour hours in Department 2. The budgeted manufacturing overheads for the month were $34,500 and $37,500, respectively. For Job 501, the actual costs incurred in the two departments: Department 1 Department 2 Direct materials purchased on account $66,000 $106,500 Direct materials used 19,500 8,100 Direct manufacturing labour 31,500 32,100 Indirect manufacturing labour 6,600 5,400 Indirect materials used 4,500 2,850 Lease on equipment 9,750 2,250 Utilities 600 750 Job 501 incurred 1,000 machine hours in Department 1 and 300 manufacturing labour hours in Department 2. The company uses a budgeted departmental overhead rate for applying overhead to production. What is the total cost of Job 501? Problem 2 The BCE Company allocated manufacturing overhead using a predetermined overhead rate of 150% of direct manufacturing labour. The records show the following for the period: Direct Materials Used = $35,000 Direct Manufacturing Labour = $60,000 Manufacturing Overhead Control = $94,000 Work-in-process control - ending inventory = $ 5,000 Finished Goods control - ending inventory $15,000 There were no beginning inventories of work-in-process or finished goods. The cost of goods sold for the period using normal costing would be: Problem 3 The Dawson
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