Calculate the labour turnover rate by applying a) Separation Method b) Replacement Method c) Flux Method
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- Hansel Corporation provided the following data: No. of employees at the beginning of the month 600 No. of employees at the end of the year 640 No. of employees resigned 40 No. of employees discharged 10 No. of employees replaced 20 Required: Calculate the labor turnover by applying three methods: Separation method Replacement method Flux methodThe cost accountant of Al Reem Manufacturing SAOG has computed employee turnover rates for the quarter ended 31st March, 2021 as 9%, 7% and 4% respectively under ‘Flux method’, ‘Replacement method’ and ‘Separation method’ respectively. If the number of workers replaced during that quarter is 60, find out the average number of workers for the quarter. a. 1,142 b. 857 c. 571 d. 1,000WUIKS UH three jobs during the upcoming year. Direct labor-hours recorded by job are: job 237, 7,000 hours; job 250. 30,000 hours; and job 239, 21.000 hours. How much overhead cost will the company apply to Work in Process for the year? If actual costs are P420,000 for the year, will overhead be underapplied or overapplied? by how much? Exercise 4 (Departmental Overhead Rates) Bobcat Company has two departments, milling and assembly. The company uses a job-order cost system and computes a predetermined overhead rate in each department. The milling department bases its rate on machine-hours, and the assembly department bases its rate on direct labor cost. At the beginning of the year, the company made the following estimates: Department Milling 8,000 60,000 P510,000 72,000 Assembly Direct labor-hours 75,000 3,000 P800,000 640,000 Machine-hours Manufacturing overhead cost Direct labor cost Required: 1. Compute the predetermined overhead rate to be used in each department. 2. Assume that…
- Wildhorse Corporation’s fiscal year ends on June 30. The following accounts are found in its job-order cost accounting system for the first month of the new fiscal year: Raw Materials Inventory July 1 Beginning balance 15,100 July 31 Requisitions (a) 31 Purchases 90,600 July 31 Ending balance (b) Work in Process Inventory July 1 Beginning balance (c) July 31 Jobs completed (f) 31 Direct materials 74,500 31 Direct labour (d) 31 Overhead (e) July 31 Ending balance (g) Finished Goods Inventory July 1 Beginning balance (h) July 31 Cost of goods sold (j) 31 Jobs completed (i) July 31 Ending balance (k)…3. The extracts from the payroll of a factory is a follows: Number of Employees at the beginning of April 20X5 Number of Employees at the end of April 20X5 Number of Employees resigned during April 20X5 Number of Employees discharged during April 20X5 Number of Employees replaced due to resignations and discharges during April 20X5 150 Hú 250 25 5 20 Calculate the labor turnover rate and equivalent annual rate for the factory by different methods.The accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standard direct labour rates and the standard hours allowed, given the actual output in April, are shown in the following schedule: Standard direct labour rate per hour Standard direct labour hours allowed, given April output Labour class III $26.00 1,000 Labour class II $22.00 1,000 Labour class I $12.00 1,000 A new union contract negotiated in March resulted in actual wage rates that differed from the standard rates. The actual direct labour hours worked and the actual direct labour rates per hour for April were as follows. Actual direct labour rate per hour Actual direct labour hours Labour class III $28.00 1,100 Labour class II $23.00 1,300 Labour class I $14.00 750 Required: Calculate the following variances for April, indicating whether each is…
- Determine the number of actual labour-hours spent opening batches during the week and determine the actual hourly rate paid to employees for opening batches last week.During March, Aragon Company worked on three jobs. Data relating to these three jobs follows: Over head is assigned on the basis of direct labor hours at a rate of $8.40 per direct labor hour during march, Jobs78 and 79 were completed and transferred to Finished goods inventory. Job 79 was sold by the end of the month. Job 80 was the only unfinished job at the end of the month. Required 1. Calculate the per unit cost of Jobs 78 and 79 2. Compute the ending balance in the work in process inventory account 3. Prepare the journal entries reflecting the completion of jobs 78 and 79 and the sale of job 79 the selling price is 140 oercent of costThe accountant for Barry Ltd compares each month's actual results with a monthly plan. The standard direct labour rates and the standard hours allowed, given the actual output in April, are shown in the following schedule: Standard direct labour rate per hour Labour class III Labour class II Labour class I Standard direct labour hours allowed, given April output 1,000 1,000 1,000 $26.00 $22.00 $12.00 A new union contract negotiated in March resulted in actual wage rates that differed from the standard rates. The actual direct labour hours worked and the actual direct labour rates per hour for April were as follows. Actual direct labour rate per hour Actual direct labour hours Labour class II $28.00 1,100 Labour class II $23.00 1,300 Labour class I $14.00 750 Required: a) Calculate the following variances for April, indicating whether each is favourable or unfavourable: i direct labour rate variance for each labour class. ii direct labour efficiency variance for each labour class. b)…
- The question is given below as a picture. Prepare journal entries for October as follow: Prepare an entry to record the incurrence of labor cost, and post the entry to appropriate T-accounts. Indirect labor cost totaled $14,000 for Oct.The accountant for Barry Ltd compares each month’s actual results with a monthly plan. The standard direct labour rates and the standard hours allowed, given the actual output in April, are shown in the following schedule:Standard direct labour rate per hour Standard direct labour hours given April output allowed, Labour class III $26.00 1,000Labour class II $22.00 1,000Labour class I $12.00 1,000A new union contract negotiated in March resulted in actual wage rates that differed from the standard rates. The actual direct labour hours worked and the actual direct labour rates per hour for April were as follows. Actual direct labour rate per hour Actual direct labour hoursLabour class III $30.00 1,100Labour class II…Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predicts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700. Complete the following journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
