Hoffman Corp. currently sells 40,000 dental tools to its normal
customers, but it has a capacity...
Hoffman Corp. currently sells 40,000 dental tools to its normal
customers, but it has a capacity to produce 50,000 tools. Its
product sells for $30 per tool and the variable costs incurred in
manufacturing and selling the product are as follows on a per tool
basis:
Direct materials - $8; Direct labor - $4; Sales commission -
$2.
A customer has proposed a special order to purchase 10,000 tools at
a special price of $20 per unit. If Hoffman accepts...
Entries for Costs in a Job Order Cost System
Royal Technology Company uses a job order...
Entries for Costs in a Job Order Cost System
Royal Technology Company uses a job order cost system. The
following data summarize the operations related to production for
March:
Materials purchased on account, $770,000.
Materials requisitioned, $680,000, of which $75,800 was for
general factory use.
Factory labor used, $756,000, of which $182,000 was
indirect.
Other costs incurred on account for factory overhead, $245,000;
selling expenses, $171,500; and administrative expenses,
$110,600.
Prepaid expenses expired for factory overhead were $24,500; for
selling...
Case Study: Position Description and Specification for an HRIS
Administrator One way to assess the nature...
Case Study: Position Description and Specification for an HRIS
Administrator One way to assess the nature and importance of a
particular function or position in an organization is to examine
the job description and job specifications for this position, as
they tell us what activities, duties, and tasks are involved in the
job as well as what knowledge, skills, and abilities (KSA) are
required to perform the job. The following is an actual
advertisement for an HRIS administrator. A large...
Case Study: Position Description and Specification for an HRIS
Administrator
One way to assess the nature...
Case Study: Position Description and Specification for an HRIS
Administrator
One way to assess the nature and importance of a particular
function or position in an organization is to examine the job
description and job specifications for this position, as they tell
us what activities, duties, and tasks are involved in the job as
well as what knowledge, skills, and abilities (KSA) are required to
perform the job. The following is an actual advertisement for an
HRIS administrator. A large...
Exercise 5
When Job 711 was completed, direct materials totaled $3,000;
direct labor, $3,500; and factory...
Exercise 5
When Job 711 was completed, direct materials totaled $3,000;
direct labor, $3,500; and factory overhead, $1,500, respectively.
Units produced totaled 1,000. Unit costs are:
Select one:
a. $8,000
b. $800
c. $80
d. $8
Exercise 6
Compute conversion costs given the following data: Direct
Materials, $247,800; Direct Labor, $183,400; Factory Overhead,
$121,300.
Select one:
a. $431,200
b. $552,500
c. $304,700
d. $369,100
Exercise 7
Albany, Inc. has estimated total factory overhead costs of
$400,000 and 20,000 direct labor...
Consider the following two options related to one of old machine
tools in your shop:
Option...
Consider the following two options related to one of old machine
tools in your shop:
Option 1:
You continue to use the old machine tool that was bought four
years ago for $12,000. It has been fully depreciated but can be
sold for $2,000. If kept, it could be used for three more years
with proper maintenance and with some extra care. No salvage value
is expected at the end of three years. The maintenance costs would
run $10,000/year for...
1.
During May, Lockmiller Company accumulated 20,000 hours of
direct labor costs on Job 275 and...
1.
During May, Lockmiller Company accumulated 20,000 hours of
direct labor costs on Job 275 and 24,200 hours on Job 310. The
total direct labor was incurred at a rate of $19.00 per direct
labor hour for Job 275 and $21.00 per direct labor hour for Job
310.
Required:
Journalize the entry on May 30 to record the flow of labor
costs into production during May. Refer to the chart of accounts
for the exact wording of the account titles....