Chat with us, powered by LiveChat Please Access the ‘Ch3 Worksheets – Raw’ file from this Module, Re-Save it using your name, and complete the Textbook Exercises. A demonstration video has been uploaded to guide - Very-Good Essays

Please Access the ‘Ch3 Worksheets – Raw’ file from this Module, Re-Save it using your name, and complete the Textbook Exercises. A demonstration video has been uploaded to guide

Please Access the "Ch3 Worksheets – Raw" file from this Module, Re-Save it using your name, and complete the Textbook Exercises. A demonstration video has been uploaded to guide you through this homework.

Please Complete all the Problems in the associated Excel template (even the ones demonstrated in the video). BE SURE to use Excel Formulas to complete your analyses. 

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EX1-Raw

Overhead rate based on direct labor-hours. Estimates: 20,000 direct labor-hours, $94,000 fixed mfg overhead, and $2.00 per direct labor-hour of variable mfg overhead.
Actual mfg overhead cost $123,900; and actual total direct labor was 21,000 hours.
Compute the company’s plantwide predetermined overhead rate for the year.
IMPORTANT NOTE: The Allocation Base (in this case) is: "Direct Labor-hours"
In This Case: Remember Y = a + bX; where 'a' = the Y intercept and 'b' = slope?
From the Text We Learned: Est Total MFG Cost = Est Fixed MFG Cost + Est Variable MFG Cost * Est Units of the Allocation Base (in this case: direct labor-hours)
So, think of 'Y', which is the Est Total MFG Overhead Cost: as Unknown
Given: 'a', which is the Est Fixed Mfg Overhead: is 94000
'b', which is the Est Variable Mfg Overhead change associated with each labor-hour: is 2
and, 'X', which is the estimated # of allocation base units: is 20000
…Solve for 'Y'
a (est fixed mfg overhead): $ 94,000
b (est variable mfg overhead per direct labor-hour): 2
X (est # direct labor-hours): 20,000 (Actual): 21,000
Y (Total Est MFG Overhead Cost): (Actual): 123,900
…Solve for POHR
POHR: …per Direct Labor-hour

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

EX2-Raw

Predetermined overhead rate = $23.40 per direct labor-hour; based on a cost formula estimating: $257,400 of total mfg overhead cost & 11,000 direct labor-hours.
Company incurred actual total mfg overhead cost of $249,000 and 10,800 total direct labor-hours.
Determine the amount of manufacturing overhead cost that would have been applied to all jobs during the period [based on Actual Direct Labor Hours!].
Given: Est # Direct Labor-hours: 11,000.00 (Actual): 10,800 Unknown:
Total Est MFG Overhead Cost: 257,400.00 (Actual): 249,000 Applied based upon Actual Direct Labor-hours:
POHR: $ 23.40 …per Direct Labor-hour
The Unknown (in this case) is the Total MFG Overhead Cost allocated to ACTUAL Direct Labor Hours based upon the POHR

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

EX3-Raw

POHR is $14.00 per direct labor-hour, and direct labor wage rate = $17.00 per hour; Direct Materials = $231 and Direct Labor = $153 (estimated?)
1. What is the total manufacturing cost?
2. If the Job consists of (produced) 40 units, what is the unit product cost for this job?
Given: Total Direct Materials Cost: 231.00
Total Direct Labor Cost: 153.00 POHR Formula Rearranged
Direct Labor Wage Rate: 17.00 …per Direct Labor-hour
POHR: 14.00 …per Direct Labor-hour
# of Allocation Base Units (Direct Labor-hours): = tot direct labor cost / direct labor wage rate
MFG Overhead Cost Applied to Job: =POHR* # of Allocation Base Units
Total MFG Cost: =Σ(Dir Mats + Dir Lab + (applied) MFG Overhead)
Units Produced: 40.00
Unit Product Cost: =Tot MFG Cost / # of Units Produced

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

EX4-Raw

Predetermined overhead rate for "Assembly" = $16.00 per direct labor-hour, and for "Testing & Packaging" it is $12 per direct labor-hour;
direct labor wage rate = $20.00 per hour;
for "Assembly": Direct Materials = $340 and Direct Labor = $180; and for "Testing & Packaging": Direct Materials = $25 and Direct Labor = $40.
1. What is the total manufacturing cost?
2. If the Job consists of (produced) 10 units, what is the unit product cost for this job?
Assembly Testing & Packaging
Given: Total Direct Materials Cost: 340.00 25.00
Total Direct Labor Cost: 180.00 40.00
Direct Labor Wage Rate: 20.00 20.00 …per Direct Labor-hour
POHR: 16.00 12.00 …per Direct Labor-hour
# of Allocation Base Units (Direct Labor-hours): = tot direct labor cost / direct labor wage rate
MFG Overhead Cost Applied to Job: =POHR* # of Allocation Base Units
Total MFG Cost: =Σ(Dir Mats + Dir Lab + (applied) MFG Overhead)
Units Produced: 10.00
Unit Product Cost: =Tot MFG Cost / # of Units Produced

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

EX5-Raw

Predetermined overhead rate for "Finishing" = $18.00 per direct labor-hour, for "Fabrication" it is 110% (relative to Direct Materials cost);
direct labor wage rate = $16.00 per hour;
for "Finishing": Direct Materials = $410 and Direct Labor = $128; and for "Fabrication": Direct Materials = $60 and Direct Labor = $48.
1. What is the total manufacturing cost? …HINT: POHR for Fabrication is 1.1, and the # of Allocation Base Units = Tot Direct Mat Cost
2. If the Job consists of (produced) 15 units, what is the unit product cost for this job?
On Own

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

EX6-Raw

The company uses a job-order costing system and its predetermined overhead rate is on the basis of direct labor-hours;
estimates: direct labor-hours = 80,000; fixed overhead = 680000; variable overhead = .5 per direct labor-hour;
Actual overhead was 692000; and total direct labor was 83000 hours <<== for comparison only (don't use)
1. Compute the predeterined overhead rate
2. Compute the total job cost for the Xavier Company engagement; Given: On Own
dir materials = $38,000; direct labor cost = $21,000; and dir labor-hours worked = 280

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

EX7-Raw

Using a job-order costing system, predetermined overhead rate uses direct labor-hours as the allocation base; direct laborers earn $15 per hour;
Job Alpha used 54,500 direct labor hours; all other data (also pertaining to Job Omega) are below.
1. Calculate the plantwide predetermined overhead rate.
2. Complete the job cost sheet for Job Alpha. On Own?

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

EX8-Raw

Overhead cost is based on 125% of direct labor cost; job costs include $10,000 in direct materials and $12,000 in direct labor;
a total of 1,000 units were produced.
1. What is the total manufacturing cost?
2. What is the unit product cost? On Own

LEGEND: SPECIFIC TO A JOB (estimated)—————————– # of Allocation Base Units (predetermined cost driver; e.g., direct labor hours) = Total Base Unit Cost / Cost per each Base Unit Estimated Fixed Manufacturing Cost = based upon historical data Estimated Variable Manufacturing Cost = based upon historical data Estimated Total Manufacturing Cost (estimated prior to…) = Est Fixed MFG Cost + Est Variable MFG Cost * Est Allocation Base Units Predetermined Overhead Rate (POHR) = Est Total MFG Overhead Cost / Est # of Allocation Base Units FACTORING ALL JOBS (completed)——————— Applied Manufacturing Overhead Cost (determined after completion specific to a job) = # of Allocation Units * POHR Total Manufacturing Cost = Σ(Total Direct Materials & Labor + Applied Mfg Overhead Cost) – all jobs Unit Product Cost (relative to a completed job) = Total Manufacturing Cost / # of Units Produced

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