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.
© 2015 MSA Homework Help All Rights Reserved
Disclaimer: MSA Homework Help provides reference papers to the student and we strongly recommend you not to submit the papers as it is. Please use our solutions as model answer to improve your skills.