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ob-Order Costing Ace Custom Jewelry Company uses a job-order cost system. The company applies manufacturing overhead...

ob-Order Costing

Ace Custom Jewelry Company uses a job-order cost system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours. The estimated MOH was $135,000 for the year and the estimated direct labor hours were 15,000 hours.

In May, Job #378 was completed. Direct materials totaled $8,500. Total labor costs were $14,000 at $16 per hour.

At the end of the year, it was determined that the company worked 16,000 direct labor hours for the year, and incurred $140,000 in actual factory overhead costs.

REQUIRED:

1. Calculate the predetermined overhead rate for the year (1 point):

2. Determine the amount of overhead charged to all the jobs for the company during the year (1 point):

3. Determine the total amount of under- or over-applied overhead for all the jobs in the year (1 point):

4. Prepare a job cost sheet for Job #378 using the information given above. Assuming that 50 units were completed, determine the unit product cost.

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