Always aspiring to be an entrepreneur, you finally believe you may have found your niche.

1.

For the list of product manufacturers below, indicate whether a job-cost system or a process-cost system would be most appropriate.

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Job- cost or process-cost system

a.

Chemicals processor

b.

Paint manufacturer

c.

Law firm

d.

Producer of molds used by other manufacturing firms to shape their products

e.

Dog food producer

f.

Custom home builder

2.

Granger Manufacturing Company expects annual manufacturing overhead to be $300,000. The company also expects 30,000 direct labor hours costing $375,000 and machine run time of 10,000 hours.

Calculate predetermined overhead allocation rates based on direct labor hours, direct labor cost, and machine time. (Round direct labor cost to 2 decimal places, e.g. 15.25 and all other answers to 0 decimal places, e.g. 5,275.)

Direct labor hours Direct labor cost Machine time

Predetermined overhead allocation ___________________ ________________ _______________

3. Crown Point, Co. is a steel fabricator, and job 325 consists of producing 500 steel supports for Steering Company. Overhead is applied on the basis of direct labor hours, using a predetermined overhead rate of $40 per hour. Direct costs associated with Job 325 are: direct materials, $14,000; direct labor, 400 hours at $16 per hour.
Calculate the cost of Job 325.

Cost of Job 325$enter a dollar amount for Job 325 

4. During August the Golden Paint Company completed 92,920 cans of paint. At the beginning of August, the company had 843 units that were 70 percent complete with respect to material and 50 percent complete with respect to conversion costs. During the month, the company started production of 97,480 units.
How many units were in Work in Process at the end of August?

Work in Processenter a number of cans in work in processcans

5. The balance in beginning Work in Process at Springfield Rubber Company for direct labor was $126,100. During the month of March, an additional $718,688 of direct labor was incurred, and 33,700 pounds of rubber were produced. At the end of March, 9,200 pounds of rubber were in process and the units were 40 percent complete. At the start of March, the company had 5,400 pounds of rubber that were 50 percent complete.
Calculate the cost per equivalent unit for labor, assuming that labor is added uniformly throughout the production process. (Round answer to 2 decimal places, e.g. 25.26.)

Cost per equivalent unit$enter the cost per equivalent unit amount in dollars per pound

6. Case #1Work in Process, October 14,610gallons
Units started during Octoberenter a dollar amountgallons
Units completed during October14,930gallons
Work in Process, October 312,690gallons

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