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Accounting Exercises

ACC/561 Exercise 15-5,16-1, 17-1 ;

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1. ;Exercise 15-5

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Dugan Company applies manufacturing overhead to jobs on the basis of machine hours used. ;Overhead costs are expected to total $339,300 for the year, and machine usage is estimated at 125,700 hours.

For the year, $358,964 of overhead costs are incurred and 131,100 hours are used.

a) ;Compute the Manufacturing Overhead rate per machine hour

b) ;What is the amount of Overhead under-applied?

c) ;Prepare an adjusting entry to assign the under or over applied overhead for the year to ;Cost of Goods Sold.

2. ;Exercise 16-3

The ledger of Custer Company has the following work in process account.

;Work in Process—Painting

5/1 Balance ;4,790 ;5/31 Transferred out?

5/31 Materials ;7,200

5/31 Labor ;3,370 ;

5/31 Overhead ;1,840

5/31 Balance ;?

Production record shows that there were 580 units in the beginning inventory, 30% complete, 1,600 units started, and 1530 units transferred out. ;The beginning work in process had materials cost of $3,140 and conversion costs of $1,650. ;The units in ending inventory were 40% complete. ;Materials are entered at the beginning of the painting process.

a) ;How many units are in process at May 31?

b) ;What is the material cost for May?

c) ;What is the unit conversion cost for May?

d) ;What is the Total cost of units transferred out in May?

e) ;What is the cost of the May 31 inventory/Work in Process?

3. ;Exercise 17-1

Wilkins Inc. has two types of handbags: ;standard and custom. ;The controller has decided to use a plantwide overhead rate based on direct labor costs. ;The president has heard of activity-based costing and wants to see how the results would differ if this system were used. ;Two activity cost pools were developed: ;machining and machine set-up. ;Presented below is information related to the company’s operations.

;Standard ;Custom ;

Direct labor costs ;$45,000 ;$97,500

Machine hours ;1,430 ;1,350

Setup hours ;98 ;390

Total estimated overhead cost are $307,700. ;Overhead cost allocated to the machining activity cost pool is $196,600, and $111,100 is allocated to the machine setup pool.

  1. Compute the overhead rate using the traditional (Plantwide) approach? ;(Round answers to 2 decimal places, e.g. 12.25)

  2. Predetermined overhead rate % of Direct Labor cost?

  3. Overhead allocated to Machining activity cost pool?

  4. Compute the Overhead rates using the activity-based costing approach. ;(Round answers to 2 decimals places, e.g. $12.25.)

    Machining —————? ;Setup—————-?

  5. Determine the difference in allocation between the two approaches:

  6. Traditional costing: ;Standard:————–? ;Custom:—————?

    Activity-based-costing: ;Standard: ————–? ;Custom:—————-?

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