Accounting 311 In Class Assignment Product Costing & Overhead Data and other information is provided below for the Keto Division of Lei Corp. pertaining to operations in May 2018. Keto worked on and completed production runs of three products (X1, X2, and X3) that month. Each product is accounted for as a "job with multiple units of each product manufactured. Manufacturing occurs in two departments identified as Dept. 1 and Dept. 2. Overhead is applied to jobs using predetermined overhead rates based on labor hours in Dept. 1 and machine hours in Dept 2. To keep things relatively simple you can assume that the beginning and ending inventories of work in process are zero. Also let the beginning inventory of finished goods equal zero. The objective is to trace the costs of production through inventory and the income statement. # Keto data for May ## Output ### output units produced job_1 10,000 units: product X1 job 2 6,000 units: product X2 job 3 2,000 units: product X3 ### Units sold & sales price X1 9,000 units $30 X2 6,000 units $105 X3 1,800 units $255 ### operating expenses Total op. exp. $650,000 ## input costs ###Overhead Dept. 1 estimated oh $320,000 estimated_ lbr hrs 8,000 hrs Actual oh $325,000 ###Overhead Dept. 2 estimated oh $180,000 estimated mach hrs 900 hrs Actual oh $165,000 ## input costs ### direct costs per unit of input material_A cost lb $6.50/Ibs material B cost oz $145.00 / oz labor_rate per hr $25.00/hrs ### actual labor hours job_1 1,500 hrs job 2-2,500 hrs job 3 3,500 hrs total_ lbr hrs7,500 hrs ### actual machine hours ob_1 500 hrs ob 2 300 hrs job 3 200 hrs total 1,000 hrs ### actual material A used ### actual material B used job 1 5,000 lbs job 2-7,000 lbs job 3- 4,000 lbs total 16,000 lb job 1-30z ob 2 60 oz job 3 10 oz total 100 oz Accumoit lahor coste ara added only in Dent 1 and the machine hours aiven in the problem refer ### Below use a negative numbers for over-applied overhead and positive numbers for under-applied overhead. Do not state the rates in percentage terms, ie, use 1.5 and not 150%. The rate to adjust OH in Dept. 1 is QUESTION 10 The rate to adjust OH in Dept. 2 is ? = QUESTION 11 The total adjustment to Job 1 is ? = QUESTION 12 The total adjustment to Job 2 is? QUESTION 13 The total adjustment to Job 3 is? QUESTION 14 Accounting 311 In Class Assignment Product Costing & Overhead Data and other information is provided below for the Keto Division of Lei Corp. pertaining to operations in May 2018. Keto worked on and completed production runs of three products (X1, X2, and X3) that month. Each product is accounted for as a "job with multiple units of each product manufactured. Manufacturing occurs in two departments identified as Dept. 1 and Dept. 2. Overhead is applied to jobs using predetermined overhead rates based on labor hours in Dept. 1 and machine hours in Dept 2. To keep things relatively simple you can assume that the beginning and ending inventories of work in process are zero. Also let the beginning inventory of finished goods equal zero. The objective is to trace the costs of production through inventory and the income statement. # Keto data for May ## Output ### output units produced job_1 10,000 units: product X1 job 2 6,000 units: product X2 job 3 2,000 units: product X3 ### Units sold & sales price X1 9,000 units $30 X2 6,000 units $105 X3 1,800 units $255 ### operating expenses Total op. exp. $650,000 ## input costs ###Overhead Dept. 1 estimated oh $320,000 estimated_ lbr hrs 8,000 hrs Actual oh $325,000 ###Overhead Dept. 2 estimated oh $180,000 estimated mach hrs 900 hrs Actual oh $165,000 ## input costs ### direct costs per unit of input material_A cost lb $6.50/Ibs material B cost oz $145.00 / oz labor_rate per hr $25.00/hrs ### actual labor hours job_1 1,500 hrs job 2-2,500 hrs job 3 3,500 hrs total_ lbr hrs7,500 hrs ### actual machine hours ob_1 500 hrs ob 2 300 hrs job 3 200 hrs total 1,000 hrs ### actual material A used ### actual material B used job 1 5,000 lbs job 2-7,000 lbs job 3- 4,000 lbs total 16,000 lb job 1-30z ob 2 60 oz job 3 10 oz total 100 oz Accumoit lahor coste ara added only in Dent 1 and the machine hours aiven in the problem refer ### Below use a negative numbers for over-applied overhead and positive numbers for under-applied overhead. Do not state the rates in percentage terms, ie, use 1.5 and not 150%. The rate to adjust OH in Dept. 1 is QUESTION 10 The rate to adjust OH in Dept. 2 is ? = QUESTION 11 The total adjustment to Job 1 is ? = QUESTION 12 The total adjustment to Job 2 is? QUESTION 13 The total adjustment to Job 3 is? QUESTION 14