The Lynn Company uses a job-costing system at its Minneapolis plant. The plant has has a Machining Department and an Assembly Department. Its job-costing system has two direct-cost cateories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the Machining Department overhead, allocated to jobs based on actual machine-hours, and the Assembly Department overhead, allocated to jobs based on actual direct manufacturing labor costs). The 2009 budget for the plant is:
Machining Dept Assembly Dept
Manufacturing OH $1,800,000 $3,600,000
Direct Manufacturing Labor Costs $1,400,000 $2,000,000
Direct Manufacturing Labor Hours $100,000 $200,000
Machine-hours $50,000 $200,000
1. Present an overview diagram of Lynn’s job-costing system. Compute the budgeted manufacturing OH rate for each department.
2. During February, the job-cost record for Job 494 contained the following:
Machining Dept Assembly Dept
Direct Materials Used $45,000 $70,000
Direct Manufacturing Labor Costs $14,000 $15,000
Direct Manufacturing Labor Hours 1,000 1,500
Machine-hours 2,000 1,000
Compute the total manufacturing overhead costs allocated to Job 494.
3. At the end of 2009, the actual manufacturing overhead costs were $2,100,000 in Machining and $3,700,000 in Assembly. Assume that 55,000 actual machine-hours were used in Machining and that actual direct manufacturing labor costs in Assembly were $2,200,000. Compute the over- or under-allocated manufacturing overheard for each department.
Solutions Guide: This is meant as a solutions guide. Please try reworking the questions and reword the answers to essay type parts so as to guarantee that your answer is an original. Do not submit as your own.
Job Costing, Accounting for Manufacturing OH, budgeted rates
The Lynn Company uses a job-costing system at its Minneapolis plant. The plant has a Machining Department and an Assembly Department. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and two manufacturing overhead cost pools (the Machining Department overhead, allocated to jobs based on …
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