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B. 1 2 Question 4: Job Costing (18 marks) D Part A: Calculating Allocation Rates and Job Cost 4 World Engines Ltd. Manufactures custom engines for use in the lawn and garden industry. The company allocated manufacturing overhead based on machine hours. The following data has been provided: 5 6 Actual overhead rate based on actual overhead and actual 7 machine hours used 8 Budgeted manufacturing overhead costs 9 Budgeted machine hours 10 Actual machine hours used throughout the year 71 $ S 15.00 6,660 370 380 18.00 12 a. What is the budgeted allocation rate? (1 mark) 13 14 b. JOB 787 had the following: 15 16 Direct materials used 17 Direct labor cost 18 Machine hours used 19 Direct labor hours worked 20 21 How much overhead is allocated to Job 787 using: S $ 3,500 4 800 100 200 22 b-1: normal costing (1 mark) 23 b-2: actual costing (1 mark) 24 c. How much overhead was allocated throughout the year using 25 normal costing? (1 mark) 26 27 d. Why it necessary to allocate overhead to jobs? (2 marks) e Tea Direct labor hours worked TO 200 19 20 How much overhead is allocated to Job 787 using: 22 b-1 normal costing (1 mark) 23 b-2: actual costing (1 mark) 24 c. How much overhead was allocated throughout the year using 25 normal costing? (1 mark) 26 27 d. Why it necessary to allocate overhead to jobs? (2 marks) 28 29 30 Part B: Accounting for Over/Under Allocated Overhead (Independent from Part A) (12 marks) Moira Company has just finished its first year of operations and must decide which method to use for adjusting cost of goods sold. The company used a budgeted indirect-cost rate for its manufacturing operations. The amount that was allocated to cost of goods sold was different from the actual amount incurred. These company uses both Manufacturing Overhead Allocated and Manufacturing Overhead control accounts 31 200 000 225 000 32 33 Allocated manufacturing overhead costs 34 Actual manufacturing overhead costs incurred 35 36 $ 37 1. Is manufacturing overhead over or under allocated? (1 mark) 2. By how much is manufacturing overhead over or under 38 allocated (show as positive number)? (1 mark) 39 40 + = Cover Sheet Q1 Q2 03 Q3 dataset 05 + 04 Calculation Mode: Automatic Workbook Statistics 23 A B 33 Allocated manufacturing overhead costs 34 Actual manufacturing overhead costs incurred 35 36 $ $ 200,000 225,000 37 1. Is manufacturing overhead over or under allocated? (1 mark) 2. By how much is manufacturing overhead over or under 38 allocated (show as positive number) (1 mark) 39 40 3. Prepare a journal entry to dispose of the under or overallocated overhead using the direct write off method. If an account is not affected, please select N/A and enter a 0 (zero) in the amount column (3 marks) 41 42 Account Debit Credit or N/A Amount 43 Cost of Goods Sold 44 Finished Goods Inventory 45 WIP Inventory 46 Manufacturing Overhead Allocated 47 Manufacturing Overhead Control 48 4. Prepare the journal entry to dispose of the under or over allocated overhead using the proration approach based on ending account balances. If an account is not affected, please select N/A. (5 marks) 9 Percentage Allocation S Ending balances in the relevant accounts were: Cost of Goods Sold Finished Goods Inventory Work in Process Inventory $ $ 400,000 80,000 160,000 orcement decide whether you use these services. Tout B23 A B 42 Account D E Debit, Credit or N/A G Amount 43 Cost of Goods Sold 44 Finished Goods Inventory 45 WIP Inventory 46 Manufacturing Overhead Allocated 47 Manufacturing Overhead Control 4. Prepare the journal entry to dispose of the under or over allocated overhead using the proration approach based on ending account balances. If an account is not affected, please select N/A. (S marks) 49 Percentage Allocation 50 Ending balances in the relevant accounts were: 51 Cost of Goods Sold 52 Finished Goods Inventory 53 Work in Process Inventory $ $ $ 400,000 80,000 160,000 Note: You may use the orang cells to complete calculation but no marks will be award these cells 54 55 56 Account Debit, Credit or N/A Amount 57 Cost of Goods Sold 58 Finished Goods Inventory 59 WIP Inventory 60 Manufacturing Overhead Allocated 61 Manufacturing Overhead Control 62 63 5. Comment on the two disposition methods (direct write off vs. proration). Provide a recommendation to Moira Company Be sure to use the question data when making the recommendation (2 marks) A Cover Sheet 01 02 03 03 dataset 04 05 + B. 1 2 Question 4: Job Costing (18 marks) D Part A: Calculating Allocation Rates and Job Cost 4 World Engines Ltd. Manufactures custom engines for use in the lawn and garden industry. The company allocated manufacturing overhead based on machine hours. The following data has been provided: 5 6 Actual overhead rate based on actual overhead and actual 7 machine hours used 8 Budgeted manufacturing overhead costs 9 Budgeted machine hours 10 Actual machine hours used throughout the year 71 $ S 15.00 6,660 370 380 18.00 12 a. What is the budgeted allocation rate? (1 mark) 13 14 b. JOB 787 had the following: 15 16 Direct materials used 17 Direct labor cost 18 Machine hours used 19 Direct labor hours worked 20 21 How much overhead is allocated to Job 787 using: S $ 3,500 4 800 100 200 22 b-1: normal costing (1 mark) 23 b-2: actual costing (1 mark) 24 c. How much overhead was allocated throughout the year using 25 normal costing? (1 mark) 26 27 d. Why it necessary to allocate overhead to jobs? (2 marks) e Tea Direct labor hours worked TO 200 19 20 How much overhead is allocated to Job 787 using: 22 b-1 normal costing (1 mark) 23 b-2: actual costing (1 mark) 24 c. How much overhead was allocated throughout the year using 25 normal costing? (1 mark) 26 27 d. Why it necessary to allocate overhead to jobs? (2 marks) 28 29 30 Part B: Accounting for Over/Under Allocated Overhead (Independent from Part A) (12 marks) Moira Company has just finished its first year of operations and must decide which method to use for adjusting cost of goods sold. The company used a budgeted indirect-cost rate for its manufacturing operations. The amount that was allocated to cost of goods sold was different from the actual amount incurred. These company uses both Manufacturing Overhead Allocated and Manufacturing Overhead control accounts 31 200 000 225 000 32 33 Allocated manufacturing overhead costs 34 Actual manufacturing overhead costs incurred 35 36 $ 37 1. Is manufacturing overhead over or under allocated? (1 mark) 2. By how much is manufacturing overhead over or under 38 allocated (show as positive number)? (1 mark) 39 40 + = Cover Sheet Q1 Q2 03 Q3 dataset 05 + 04 Calculation Mode: Automatic Workbook Statistics 23 A B 33 Allocated manufacturing overhead costs 34 Actual manufacturing overhead costs incurred 35 36 $ $ 200,000 225,000 37 1. Is manufacturing overhead over or under allocated? (1 mark) 2. By how much is manufacturing overhead over or under 38 allocated (show as positive number) (1 mark) 39 40 3. Prepare a journal entry to dispose of the under or overallocated overhead using the direct write off method. If an account is not affected, please select N/A and enter a 0 (zero) in the amount column (3 marks) 41 42 Account Debit Credit or N/A Amount 43 Cost of Goods Sold 44 Finished Goods Inventory 45 WIP Inventory 46 Manufacturing Overhead Allocated 47 Manufacturing Overhead Control 48 4. Prepare the journal entry to dispose of the under or over allocated overhead using the proration approach based on ending account balances. If an account is not affected, please select N/A. (5 marks) 9 Percentage Allocation S Ending balances in the relevant accounts were: Cost of Goods Sold Finished Goods Inventory Work in Process Inventory $ $ 400,000 80,000 160,000 orcement decide whether you use these services. Tout B23 A B 42 Account D E Debit, Credit or N/A G Amount 43 Cost of Goods Sold 44 Finished Goods Inventory 45 WIP Inventory 46 Manufacturing Overhead Allocated 47 Manufacturing Overhead Control 4. Prepare the journal entry to dispose of the under or over allocated overhead using the proration approach based on ending account balances. If an account is not affected, please select N/A. (S marks) 49 Percentage Allocation 50 Ending balances in the relevant accounts were: 51 Cost of Goods Sold 52 Finished Goods Inventory 53 Work in Process Inventory $ $ $ 400,000 80,000 160,000 Note: You may use the orang cells to complete calculation but no marks will be award these cells 54 55 56 Account Debit, Credit or N/A Amount 57 Cost of Goods Sold 58 Finished Goods Inventory 59 WIP Inventory 60 Manufacturing Overhead Allocated 61 Manufacturing Overhead Control 62 63 5. Comment on the two disposition methods (direct write off vs. proration). Provide a recommendation to Moira Company Be sure to use the question data when making the recommendation (2 marks) A Cover Sheet 01 02 03 03 dataset 04 05 +