Just for the Halibut, Inc. designs and manufactures custom made fishing rods. On June 1, it...
Just for the Halibut, Inc. designs and manufactures custom made fishing rods. On June 1, it had one job started with a beginning Work in Process balance of
$565565.
During June the job was finished and sold. Direct labor for the job in June was $75 and direct materials used were $60. Direct laborers are paid a wage rate of $15 per hour and manufacturing overhead is applied to production at a rate of
$99
per direct labor hour. The company marks up costs 35% to determine the selling price. What was the selling price of the job?
Homework Answers
| Calculation of selling price of job is shown below | |||
| Work in process | $565.00 | ||
| Direct material used | $60.00 | ||
| Direct labor | $75.00 | ||
| Manufacturing overhead applied | $45.00 | (75/15)*9 | |
| Total job costs | $745.00 | ||
| Add: Mark-up @ 35% | $260.75 | ||
| Selling price of job | $1,005.75 | ||
| Thus, selling price of job is $1,005.75 | |||
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