1. Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) estimated machine-hours to be worked during the period of 54,700 hours, (3) manufacturing overhead applied to production during the period of $432,000, and (4) estimated fixed manufacturing overhead of $330,000 per period. The estimated total manufacturing overhead cost for the period is closest to:(Do not round your intermediate calculations.)
2.Assume a company started and completed numerous jobs during July—one of which was Job Z. The company uses two departmental predetermined overhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs Z:
MachiningAssemblyEstimated total fixed manufacturing overhead$ 48,000$ 30,000Estimated variable manufacturing overhead per machine-hour$ 1.50 Estimated variable manufacturing overhead per direct labor-hour $ 2.00Estimated total machine-hours to be used12,000 Estimated total direct labor hours to be worked 10,000Job ZMachiningAssemblyDirect materials$ 2,050$ 2,100Direct labor$ 1,600$ 2,300Machine-hours40 Direct labor-hours 60
What is the total job cost for Job Z?
3.Assume the following:
Beginning finished goods inventory$ 10,000Ending finished goods inventory$ 8,100Cost of goods manufactured$ 52,000
What is the unadjusted cost of goods sold?
4. Assume the following information:
Milling DepartmentMaterialsConversionTotalCost of beginning work in process inventory$ 10,000$ 15,000$ 25,000Costs added during the period291,500385,000676,500Total cost$ 301,500$ 400,000$ 701,500
If the equivalent units of production for materials is 6,000 units using the weighted-average method, then what is the cost per equivalent unit for materials?
5. Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company’s Assembly Department for the month of June.
MaterialsConversionCost per equivalent unit$ 33.30$ 36.10Equivalent units in ending work in process1,530675During the month, 8,000 units were completed and transferred from the Assembly Department to the next department.
Required:
Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method. (Round your answers to 2 decimal places.)
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