Cost Accounting Class Practice:

Class Activity #5 In this activity, you are asked to work on your product costing skills. Remember, only your responses in the yellow cells will be graded. For part 1, each answer is worth 0.2 points. For part 2, each answer is worth 0.4 points. For part 3 each answer to questions a-d is worth 0.2 points, but each answer to questions e-f is worth 0.4 points. In other words, journal enteries are worth 0.4 points, but everything else is worth 0.2 points. You can earn at most 3.2 points on Class Activity #5. 1. Computing Product Cost Your company has the following data pertaining to Job 007: S11,632 Direct materials placed into production Direct labor hours worked 57 hours Direct labor rate per hour S2S 147 hours Machine hours worked Factory overhead is applied using a plant-wide rate based on direct labor hours. Factory overhead was budgeted at S100,000 for the year and the direct labor hours were estimated to be 10,000. Job 007 consists of 40 units. a What the total cost assigned to Job 007? b What is the cost unit assigned to Job 007