Assignment #1 Cythetic Manufacturing produces small dune buggies for personal use.

Cu
they have three orders in process. Cythetic reported the following in the job
costing sheets:

Job #1 Job #2 Job #3

Direct Material $4,585 $8,723 $1,575
Direct Labor $2,385 $2,498 $2,874

Cythetic has determined that overhead is applied at 1.25 times the direct la
cost. Perform the following exercises:

A. Determine the overhead that is applied to each of the jobs.

Job #1 Job $2
Direct materials
Direct labor
Overhead
Total

B. Direct materials have been assigned to work in process. Prepare the appropriate jour

Account Name Debit Credit

C. Direct labor has been assigned to work in process. Prepare the apprioriate journal en

Account Name Debit Credit

D. Manufacturing overhead has been assignment to the job. Prepare the appropriate en

Account Name Debit Credit

s for personal use. Currently,
d the following in the job order

1.25 times the direct labor

Job #3 total

are the appropriate journal entry.

he apprioriate journal entry.

pare the appropriate entry to record the assignment of manufactuting overhead to work in process.
Assignment #2 Martin's Metalworks is in the business of making machine parts for
lawnmowers. The have started work on Job #333 during 2022. They
have estimated that this job will take 2 hours of labor @$20 per hour
and material costs of $70.
During the month of September, Martin's Metalworks incurred the
following:
Direct Material Costs $50
Labor - Administrative $150
Utilities $300
Depreciation Expense $250

Martin's Metalworks estimates that their overhead for 2022 will be

$50,000. Martin's employees will spend 5,000 labor hours.

What is the predetermined overhead rate if

direct labor hours are considered the cost
driver?

What is the cost of Job #333?

Direct Materials
Direct Labor
Applied Overhead
Total Cost

What is the overhead incurred during the

month?
iness of making machine parts for
work on Job #333 during 2022. They
ake 2 hours of labor @$20 per hour

Martin's Metalworks incurred the

hat their overhead for 2022 will be

ll spend 5,000 labor hours.
Assignment #3
 Dream Custom uses machine hours to apply overhead on their
production. During 2022, Dream Custom had the following
results:
Budget Actual
Overhead $350,000 $352,000
Machine Hours $ 50,000 $ 49,000
Direct Materials $210,000
Direct Labor $350,000

Calculate the predetermined overhead rate?

How much overhead was applied during 2022?
Was overhead overapplied or underapplied during 2022?
What was the amount that was overapplied or under applied in 2022?
Prepare the journal entry to close out the over- or underapplied overhead.

Account Name Debit

Credit
Assignment #4 The Wax Factory makes specialty candles. They received a large order from
banquet hall to supply their tables with centerpieces. During the month of M
they started 100,000 candles. At the end of May, the ending inventory show
20,000 candles with 100% material and 75% conversion costs included. Fo
batch of candles, the equivalent units for materials was $6 per candle and $
candle for the conversion costs. Assuming the Wax Factory uses the weight
average inventory method, what is the value of the inventory transferred out

Completed and transferred out

Cost of units transferred
Cost of inventory transferred
ceived a large order from a
During the month of May,
e ending inventory showed
sion costs included. For the
as $6 per candle and $8 per
Factory uses the weighted-
nventory transferred out?
Assignment #5 On July 1, Custom Bundles had 8,329 units in Work in Process.
During the month of July, they put 23,142 units into production.
They ended the month with 9,321 units in ending inventory that
were 100% complete with respect to materials and 67% complete
with respect to conversion costs. Calculate the number of units
transferred out during the period.

Beginning inventory
Started
Total units to account for
Ending inventory
Units transferred out
n Process.
roduction.
entory that
7% complete
er of units
Assignment #6
Complete this production cost report.
Fill in the shaded boxes.
Units
Beginning inventory 20,000
Started during the month 75,000
Total units to account for
Completed and tranferred out 70,000
Ending work in process
Total units accounted for

Work in process completion % 100%

Material Units
Completed and transferred out 70,000
Ending work in process
Total units accounted for

Cost to account for Materials

Beginning work in process $ 3,500
Trandferred in $ -
Incurred during the period $ 25,000
Total costs to account for
Equivalent units
Cost per equivalent unit for department

Tranferred-out costs
End work in process: materials
End work in process: conversion
Ending work in process: total
Total costs accounted for
 25%
Conversion Units Total
70,000 70,000

Conversion Total
$ 16,000 $ 19,500
$ - $ -
$ 45,000 $ 70,000