Giannacopoulos SA uses a job-costing system at its Korinthos plant. The plant has a Machining…

Giannacopoulos SA uses a job-costing system at its Korinthos 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 labour) and two manufacturing overhead cost pools (the Machining Department, allocated using actual machine hours, and the Assembly Department, allocated using actual labour cost). The 2015 budget for the plant is as follows:
View complete question »Machining DepartmentAssembly DepartmentManufacturing overhead€1,800,000€3,600,000Direct manufacturing labour costGiannacopoulos SA uses a job-costing system at its Korinthos 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 labour) and two manufacturing overhead cost pools (the Machining Department, allocated using actual machine hours, and the Assembly Department, allocated using actual labour cost). The 2015 budget for the plant is as follows:Machining DepartmentAssembly DepartmentManufacturing overhead€1,800,000€3,600,000Direct manufacturing labour cost€1,400,000€2,000,000Direct manufacturing labour-hours€100,000€200,000Machine-hours50,000200,000Required:1.Present an overview diagram ofGiannacopoulos’sjob-costing system.What is the budgeted overhead rate that should be used in the Machining Department? In the Assembly Department???? [10 marks]2.During the month of February, the cost record for Job 494 shows the following:Machining DepartmentAssembly DepartmentDirect material used€45,000€70,000Direct manufacturing labour cost€14,000€15,000Direct manufacturing labour-hours1,0001,500Machine-hours2,0001,000What is the total manufacturing overhead allocated to Job 494??[10 mars]3.Balances at the end of 2015 are as follows:Machining DepartmentAssembly DepartmentManufacturing overhead incurred€2,100,000€3,700,000Direct manufacturing labour cost-€2,200,000Machine-hours55,000-Calculate the under- and over-allocated manufacturing overhead for each?department.???????? [10 marks]

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