direct labor costs. What is the equivalent unit of production using the weighted-average unit cost inventory valuation method?( Points: 7)
4.( TCO 2) Sweet Co. uses budgeted overhead rates to apply overhead to individual jobs. They use a system based on direct labor hours. Last year, the company made the following estimates for this year.
Direct labor costs |
$ 48,000,000 |
Factory overhead costs |
$ 6,400,000 |
Direct Labor Hours |
80,000 |
Machine Hours |
110,000 |
( a) What is the budgeted overhead rate for the company?( b) If Job # 34567 had the following:
Material costs were $ 500,000; Direct labor costs were $ 450,000; Direct labor hours were 25,000; and Machine hours were 36,000, then what is the total cost of Job # 34567?( Points: 30)
5.( TCO 3) Adnan Company uses process costing. At the beginning of the month, there were 8,000 units in process, 90 % complete with respect to material and 80 % complete with respect to conversion costs. 40,000 units were started during the month and 40,000 units were completed. The units in ending Work-In-Process Inventory were 70 % complete with respect to material and 10 % complete with respect to conversion costs. How many equivalent units will be used in calculating the cost per unit for materials?( Points: 30)