Calculate the amount of overhead applied to work-in-process during the year.
Calculate the amount of overhead applied to work-in-process during the year.
Calculate the amount of overhead applied to work-in-process during the year. Compute the overhead variance. Was it favorable or unfavorable and why?
Instructions for the assignment:
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Clearly identify the answer to each question. You may want to use Excel for any questions requiring calculations. Copy and paste the material from Excel into your Word doc as a picture.
Question No. 1
Gem Potato Processors produces three products: fries, nuggets and crunchy peels. They are all made from cull potatoes they purchase from sorting sheds. Follow is information about each product.
Joint Costs before Split-off Point is $200,000.
Required:
Allocate the joint costs using the NRV method.
Allocate the joint costs using the physical units method.
What is the other acceptable method used to allocate joint costs?
Which is the best method and why?
Question No. 2
Community Recovery Clinic offers two types of services: inpatient and outpatient. They have two types of service departments: administration and housekeeping. Direct costs of nursing care and supplies can be traced directly to the patient.
Administration is allocated based on number of employees and housekeeping is based on square footage. Carry out calculations to four decimal places.
Required:
Allocate service department costs using the direct method.
Allocate service department costs using the reciprocal method.
What is the other method of allocation?
Briefly discuss the pros and cons of each method and select the best on
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