ACC00022 Cost Accounting Assignment Answer by Experts

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Assignment Details:

• Referencing Styles: APA
• Words: 1500
• Course Title: Cost Accounting
• University: Singapore University of Social Sciences
• Country: SG

 

A). Compute the total overhead costs for the Bending Department and Welding Department after the re-apportionment of the costs from the support departments.

B).   Compute the overhead absorption rates for the two production departments.

C).  With the overhead absorption rates calculated in (b), calculate the total costs for job number #2114, which is expected to commence early next financial year, assuming that it is expected to incur the following direct costs:

• Direct materials $6,400
• Direct labour $5,500and requires: Bending Welding Machine hours 300 5 Labour hours 10 20 (7 marks)

D).  Assume that at the end of the next financial year, the actual fixed overhead of the bending Department was $1,100,000 and that the actual machine hours were 30,200and the actual labour hours were 1,100.

Determine the under-applied or over-applied overhead for the year for the Bending Department. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.