Durham inc this company use job costing system

Durham inc this company use job costing system; the following took place last year/ a. raw material require 4 use in production; 40,000 80 percent…

Durham inc this company use job costing system; the following took place last year/ a. raw material require 4 use in production; 40,000 80 percent direct […]
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  Finlon Upholstery Inc. uses a job-order costing system to accumulate manufactu

  Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 2001, consisted of one job (no.…

 
Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date.
Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours multiplied by the budgeted direct-labor rate.) Budgeted totals for 2002 for direct labor and manufacturing overhead are $4,200,000 and $5,460,000, respectively. Actual results for the year are as follows:
 
Job no. 2077 was completed in January 2002, and there was no work in process at year-end. All jobs produced during 2002 were sold with the exception of Job no. 2143, which contained direct-material costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or over-applied overhead to the cost of goods sold category.
Using the above information, do the following:
Calculate the company’s predetermined overhead application rate.
Calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead.
Calculate the finished-goods inventory for the 12/31/02 balance sheet.
Calculate the over-applied or under-applied overhead at year-end.
Explain if it is appropriate to include selling and administrative expenses in the cost of goods sold category.
Perform your calculations in an Excel spreadsheet and copy the calculations into a Word document.
Write a 1-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M1_A3.doc. For example, if your name is John Smith, your document will be named SmithJ_M1_A3.doc.
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Finlon Upholstery Inc. uses a job-order costing system to accumulate manufactu appeared first on Essaybrook.

Why have many Activity-Based Costing (ABC) systems failed?For your reference….

Why have many Activity-Based Costing (ABC) systems failed?For your reference….What Is Activity-Based Costing:Simply put, activity-based costing is a process where costs are assigned due to…

Why have many Activity-Based Costing (ABC) systems failed?For your reference….What Is Activity-Based Costing:Simply put, activity-based costing is a process where costs are assigned due to the cause and effect relationship between costs and the activities that drive costs. Traditional costing systems have a tendency to assign indirect costs based on something easy to identify (such as direct labor hours). This method to assigning costs can be very inaccurate, as there is not necessarily a relationship between the costs that are being assigned, and the activity they are being assigned to. This can make evaluating costs tricky and inaccurate.Read more at Suite101: Activity-Based Costing (ABC): Types of Accounting Costing Systems http://www.suite101.com/content/activitybased-costing-abc-a52148#ixzz0zRYKWQYg
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