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Posted: March 14th, 2022
Agassi Company uses a job order cost system in each of its three manufacturing departments
.0%;mso-cellspacing:0in;background:white;mso-yfti-tbllook:
1184;mso-padding-alt:0in 0in 0in 0in">Problem 2-4A
Agassi
Company uses a job order cost system in each of its three manufacturing
departments. Manufacturing overhead is applied to jobs on the basis of
direct labor cost in Department D, direct labor hours in Department E,
and machine hours in Department K.In establishing the predetermined overhead rates for 2014, the following
estimates were made for the year.DepartmentDEKManufacturing overhead$1,065,000$1,525,000$840,000Direct labor costs$1,500,000$1,625,000$585,000Direct labor hours130,000125,00052,000Machine hours520,000650,000120,000During January, the job cost sheets showed the following costs and
production data.DepartmentDEKDirect materials used$182,000$163,800$101,400Direct labor costs$156,000$143,000$48,750Manufacturing overhead incurred$128,700$161,200$102,700Direct labor hours10,40014,3004,550Machine hours44,20058,50010,300.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title="Link to Text 1">LINK TO TEXT
.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title="Link to Text 2">LINK TO TEXT.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title=""Link 1" ">.gif" alt="http://edugen.wileyplus.com/edugen/courses/crs6428/common/art/out_VSP.png">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Compute the predetermined overhead rate for each department.Overhead
rateDepartment
D(Round
answers to 2 decimal places, e.g. 10.25%.).gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">%Department
E(Round
answers to 2 decimal places, e.g. $10.25.)$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">per direct labor hourDepartment
K(Round
answers to 2 decimal places, e.g. $10.25.)$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">per machine hour.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title="Link to Text 1">LINK TO TEXT
.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title="Link to Text 2">LINK TO TEXT.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title=""Link 1" ">.gif" alt="http://edugen.wileyplus.com/edugen/courses/crs6428/common/art/out_VSP.png">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Compute the total manufacturing costs assigned to jobs in
January in each department.Manufacturing
CostsDepartment
D$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Department
E$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Department
K$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title="Link to Text 1">LINK TO TEXT
.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title="Link to Text 2">LINK TO TEXT.wileyplus.com/edugen/shared/assignment/test/qview.uni?id=quest2520698entrance1&selected_question=quest2520698&operation=take-question" title=""Link 1" ">.gif" alt="http://edugen.wileyplus.com/edugen/courses/crs6428/common/art/out_VSP.png">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Compute the under- or overapplied overhead for each
department at January 31.(Enter
all amounts as positive numbers and select appropriate option from the
list.)Manufacturing
OverheadDepartment D$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Underapplied
OverappliedDepartment E$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Underapplied
OverappliedDepartment K$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Underapplied
Overapplied2-9 part B Prepare an
income statement for May through gross profit.MANTLE COMPANY
(Partial) Income Statement
For the Month Ended May 31, 2014.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Add
Less
: .gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Cost of Goods Available for Sale
Cost of Goods Manufactured
Cost of Goods Sold
Finished Goods, May 1
Finished Goods, May 31
Gross Profit
Sales Revenue$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">2-11 PART B
Determine the balance of the Service Contracts in Process
account.Balance of Service Contracts in Process account.$.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Click if you would like to Show Work for this question:Open Show Work2-13 PART B
Prepare the entry to apply the overhead for the year.(Credit account titles are automatically indented when amount is
entered. Do not indent manually.)Account Titles and
ExplanationDebitCredit.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">.gif" alt="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">Click if you would like to Show Work for this question:Open Show Work
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