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Job Costing

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Problem 2: Job Costing Problem Interesting Figures Company produces porcelain figurines. The production is semi-automated where the figurines are molded almost entirely by machines only, and then the figurines are hand painted. The company uses a normal costing system and possesses two direct cost categories as well as two manufacturing overhead cost pools; the Molding Department uses machine-hours as its allocation base, and the Painting Department uses direct manufacturing labor-hours as its allocation base. The 2013 Budget is as follows: Manufacturing Overhead Costs Direct Manufacturing Labor costs Direct Manufacturing Labor hours Machine-hours Question 1: What is the budgeted MOH rate in the Molding Dept? Question 2: What is the budgeted MOH rate in the Painting Dept? Given #3: During the month of May 2013, note the following costs for Job 52013 Direct Materials used: Direct Manufacturing Labor Costs Direct Manufacturing Labor hours Machine-hours Question 3: Determine the manufacturing overhead cost allocated in May 2013 to each department, and the total overhead cost. Question 3a: Determine the total costs for May for each department and the total costs for Job 52013. Given #4: Actual total MOH for both departments for 2013: Actual total machine-hours for 2013 Actual total direct labor hours for 2013 Question 4: What is the total allocated MOH for each department and the total for 2013? Question 5a: Given the actual total MOH cost for 2013, determine whether manufacturing overhead is under- or over-allocated. Question 5b: If the under- or over-allocated MOH cost for 2013 is written off completely to COGS, what is the year-end journal entry.