ACC Unit 2 Assignment 1 Problems

Unit 2 Assignment 1The Unit 2 Assignment 1 includes the following textbook problems:Exercise 4-34 found on pages 112-113 in your textbookExercise 5-44 found on page 162 in your textbookYour assignment must be submitted in a single Excel document, using two different tabs, labeledaccording to the assignment numbers. Format the Excel spreadsheet to make all computations.The computations must be included in your assignment solutions. Be sure that you clearlyhighlight or otherwise distinguish your final answers.4-34Applications of Factory OverheadTomek Company uses a job costing system that applies factory overhead on the basis ofdirect labor-hours. The companys factory overhead budget for 2010 included thefollowing estimates:Budgeted total factory overheadBudgeted total direct labor-hours$568,00071,000At the end of the year, the company shows these results:Actual factory overhead$582,250Actual direct labor-hours71,500The following amounts of the years applied factory overhead remained in the variousmanufacturing accounts:Work-in-process inventory$139,000Finished goods inventory216,840Cost of goods sold200.160Required1. Compute the firms predetermined factory overhead rate for 2010.2. Calculate the amount of overapplied or underapplied overhead.3. Prepare a journal entry to transfer the underapplied or overapplied overhead to theCost of Goods Sold account (do not use proration).5-44ABC and Job-Costing Working with UnknownsNorth Company designs and manufactures machines that facilitate DNA sequencing.Depending on the intended purpose of each machine and its functions, each machine islikely to be unique. The job-order costing system in its Norfolk plant has five activitycost pools, in addition to direct materials and direct labor. Job TPY-2306 requires 1,000printed-circuit boards. The cost per board that passes the final inspection is $240. Onaverage, only 50 percent of the completed units pass the final inspection. The primecosts per completed board are direct materials $25 and direct labor $5. Informationpertaining to manufacturing overhead for printed-circuit boards follows:ActivityCost PoolCost DriverAxial insertionNumber of axialinsertionsNumber ofhardwareinsertionBoothroyd timeNumber of pointsmaskedTest timeHardwareinsertionHand loadMaskingFinal testActivityUnitDriver Rate ofCostDriverperBoard$0.2025FactoryOverhead perBoard2.00B?37.00C?0.12510035.50D?E?105.00$A?