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1.
The formula for calculating the Manufacturing Overhead rate per Machine Hour is:
Manufacturing Overhead / Total Machine Hours
In the given case:
Budgeted Manufacturing Overhead = $3,600,000
Budgeted Machine Hours = 80000 hours
= 3600000 / 80000
= 45 per hour
Hence the Manufacturing Overhead rate per Machine Hour is $45 per hour.
2.
The Amount of Manufacturing Overhead would Optic Vision have applied to jobs till 30th November is:
Actual Machine Hours till 30th November: 73000 hours
Budgeted Machine Hour Rate: $45 per hour
Amount of Manufacturing Overhead = 73000 x 45
= $3,285,000
Hence the amount of Manufacturing Overhead applied to jobs till 30th November is $3,285,000.
3.
The Amount of Manufacturing Overhead would Optic Vision have applied to jobs during the month of December is:
Actual Machine Hours in the month of December: 6000 hours
Budgeted Machine Hour Rate: $45 per hour
Amount of Manufacturing Overhead = 6000 x 45
= $270,000
Hence the amount of Manufacturing Overhead to be applied to jobs for the month of December are $270,000.
4.
As at 31st December the Applied Manufacturing Overhead rate is: $3,555,000 (270000+3285000)
As at 31st December the Actual Manufacturing Overhead rate is: $3,588,000 (3300000+288000)
Hence the Manufacturing Overhead rate has been underapplied by $33000.
5.
The formula for calculating the value of the Finished goods Inventory Balance of Optic Vision as on 31st December is:
Since it is given that at the end of December, Job Number N11-013 was the only job whose finished product was not delivered to the customer. Hence the Closing Stock will contain the Cost incurred in this job number only. Since the cost incurred includes both the direct material cost and the indirect material cost as well, the value of closing inventory is:
= $298800
Hence the value of closing inventory as on 31st December is $298,800.
6.
The Schedule of Cost of Goods Manufactured for the Optic Vision for the year is as under:
    Particulars
    Amount
    Raw Material Purchased
    3189000
    Direct Labour Cost
    2775000
    Absorbed Overheard
    3555000
    Unabsorbed Overhead
    33000
     
     
    Total Cost of Goods Manufactured
    9552000
Hence the total cost of the goods manufactured by the company during the year is $9,552,000.
7.
The total cost of the completed jobs is:
    Particulars
    T11-007
    N11-013
    N11-015
    Opening Balance
    261000
    165000
    0
    Direct Material
    4500
    12000
    76800
    Direct Labour
    13500
    76800
    80100
    Overhead @ 45 / Hour
    13500
    45000
    63000
     
    
    
     
    Total Cost
    292500
    298800
    219900
Hence the total cost of the Job Number T11-007 is $292,500.
The total cost of the Job Number N11-013 is $298,800.
The total cos of the Job Number N11-015 is $219,900.
8.
Activity based costing method is the costing method of allocating the overheads, indirect costs relating to the production of goods and services incurred by the company during a year on the basis of the activities of the company. An Activity can be defined as any event, unit of work or task with...