labor, direct materials, and overhead are accumulated by department. The cost accumulation system that best describes the system that Smile Labs is using is:
Question 3. Question:( TCO 3) Kerner Manufacturing uses a process cost system to manufacture laptop computers. The following information summarizes operations relating to laptop computer model # KJK20 during the quarter ending March 31:
Units
Direct Labor Work-in-process inventory, January 1 100 $ 50,000 Started during the quarter 500 Completed during the quarter 400 Work-in-process inventory, March 31 200 Costs added during the quarter $ 720,000 Beginning work-in-process inventory was 50 % complete for direct labor costs. Ending work-in-process inventory was 75 % complete for direct labor costs. What is the equivalent unit of production using the weighted-average unit cost inventory valuation method?
Question 4. Question:( 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;