ACCT 1012-In December 2010, Kent Computer’s management establishes
by | Mar 18, 2020 | Uncategorized
In December 2010, Kent Computer’s management establishes the year 2011 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $756,000 of overhead costs and $540,000 of direct labor cost in year 2011. During March 2011, Kent began and completed Job No. 13-56.
| 1. |
What is the predetermined overhead rate for year 2011? (Omit the “%” sign in your response.) |
| Predetermined overhead rate |
% |
| 2. |
Use the information on the following job cost sheet.
|
| JOB COST SHEET |
| Customer’s Name |
Keiser Co. |
Job No. |
13-56 |
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|
|
| Job Description |
5 color monitors—21 inch |
|
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|
Direct Materials |
|
Direct Labor |
|
Overhead
Costs Applied |
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|
|
| Date |
Requisition No. |
Amount |
|
Time-Ticket No. |
Amount |
|
Rate |
Amount |
|
| Mar. 8 |
4-129 |
$ |
5,000 |
|
T-306 |
$ |
640 |
|
|
|
|
| Mar. 11 |
4-142 |
|
7,050 |
|
T-432 |
|
1,280 |
|
|
|
|
| Mar. 18 |
4-167 |
|
3,550 |
|
T-456 |
|
1,280 |
|
|
|
|
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|
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|
|
| Totals |
|
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|
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|
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Determine the total cost of the job. (Omit the “$” sign in your response.)
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