Bynum Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs

P20-1A Bynum Manufacturing uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2012, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job No. 49 had been completed at a cost of $90,000 and was part of finished goods inventory. There was a $15,000 balance in the Raw Materials Inventory account.
During the month of January, Bynum Manufacturing began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $222,000 and 158,000, respectively. The following additional events occurred during the month.

1.       Purchased additional raw materials of $90,000 on account.
2.       Incurred factory labor costs of $65,000. Of this amount, $16,000 related to employer payroll taxes. 
3.       Incurred manufacturing overhead costs as follows: indirect materials $17,000; indirect labor $15,000; depreciation expense on equipment $19,000; and various other manufacturing overhead costs on account $20,000.
4.       Assigned direct materials and direct labor to jobs as follows.

Job No.                                 Direct  Materials                               Direct Labor
   50                                               $10,000                                             $5,000
   51                                                 39,000                                             25,000
   52                                                 30,000                                             20,000

Instructions
a)      Calculate the predetermined overhead rate of 2012, assuming Bynum Manufacturing estimates total manufacturing overhead costs of $1,050,000, direct labor costs of $700,000, and direct labor hours of 20,000 for the year.
b)      Open job cost sheets for Jobs 50,51, and 52. Enter the January 1 balances on the job cost sheet for Job No.50.
c)       Prepare the journal entries to record the purchase of raw materials, the factory labor costs incurred, and the manufacturing overhead costs incurred during the month of January.
d)      Prepare the journal entries to record the assignment of direct materials, direct labor, and manufacturing overhead costs to production. In assigning manufacturing overhead costs, use the overhead rate calculated in (a). Post all costs to the job cost sheets as necessary.
e)      Total the job cost sheets for any job(s) completed during the month. Prepare the journal  entry (or entries) to record the completion of any job(s) during the month.
f)       Prepare the journal entry (or entries) to record the sale of any job(s) during the month.
g)      What is the balance in the Finishes Goods Inventory account at the end of the month? What does this balance consist of?
h)      What is the amount of over- or underapplied overhead?
P21-6A) Martine Processing company uses a weighted-average process costing system and manufactures a single product – a premium rug shampoo and cleaner. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the mixing and cooking department is shown below.
Instructions
(a)    Prepare a schedule that shows how the equivalent units were computed so that you can complete the “Quantities: Units accounted for” equivalent units section shown in the production cost report, and compute October unit costs.
(b)   Complete the “Cost Reconciliation Schedule” part of the production cost report below.

BE20-5 Data pertaining to job cost sheets for Alomar Tool & Die are given in BE20-3 and BE20-4. Prepare the job cost sheets for each of the three jobs. (Note: You may omit the column for Manufacturing Overhead.)
BE20-6 Formu Company estimates that annual manufacturing overhead costs will be $800,000. Estimated annual operating activity bases are: direct labor cost $500,000, direct labor hours 50,000, and machine hours 100,000. Compute the predetermined overhead rate for each activity base.

BE20-7 During the first quarter, McKay Company incurs the following direct labor costs: January $40,000, February $30,000, and March $50,000. For each month, prepare the entry to assign overhead to production using a predetermined rate of 90% of direct labor cost.

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