Questions: 1 - What was the predetermined MOH rate for 2018? ( two decimals) 2 -

Question

Questions:

1 - What was the predetermined MOH rate for 2018? (two decimals)

2 - In January, what was the total cost incurred on Job 599?  (two decimals)

3 - What was the total cost incurred on Job 599? (two decimals)

4 - What was the cost per unit for Job 599?  (two decimals)

5 - What was the total cost of Job 600 through 1/31/18?  (two decimals)

6 - What was the total MOH applied to jobs during January?  (two decimals)

7 - What was the balance in MOH at 1/31/18? (If the balance was a credit, enter it in parentheses.) (two decimals)

8 - Was MOH overapplied or underapplied during January? (Type in the word 'over' or 'under' as your answer.)

Problem A Martinez Products, Inc. is a manufacturing company that uses a predetermined overhead rate to apply overhead to individual jobs. At 12/31/17, the company had the following account balances: Raw materials 2,500 FG 44,895 Total estimated overhead costs 348,750 WIP $16,720 (all Job 599) At the beginning of 2018, the company made the following estimates: Total estimated direct labor hours 15,000 The company believes that direct labor hours drive MOH.

Explanation / Answer

a) Predetermine overhead rate = 348750/15000 = 23.25 per labour hour

b) Total cost incurred in january :

b) Total cost incurred of job 599:

4) Cost per unit = 64798.50/650 = 99.69 per unit

Direct material 12900 Direct labour 10580 Overhead applied (1058*23.25) 24598.50 Total cost incurred in january 48078.50

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