Job 31 has a direct materials cost of $230 and a total manufacturing cost of $620....
Job 31 has a direct materials cost of $230 and a total manufacturing cost of $620. Overhead is applied to jobs at a rate of 200 percent of direct labor cost. Use the relationships among total manufacturing costs, conversion cost, and prime cost to determine the following costs for job 31:
1. Conversion Cost=
2. Direct Labor Cost=
3. Manufacturing Overhead Cost=
4. Prime Cost=
Homework Answers
Answer
- Relationships summarised in equations:
>Prime Cost = Direct material + Direct Labor
>Conversion Cost = Direct Labor + Manufacturing Overhead
>Direct Material cost + Conversion Cost = Total Manufacturing cost. - Requirements:
>1. Direct Material cost + Conversion Cost = Total Manufacturing cost.
$ 230 + Conversion cost = $ 620
Conversion Cost = 620 – 230
Conversion cost = $ 390
>2.Direct labor Cost
Conversion Cost = Direct Labor + Manufacturing Overhead
$ 390 = Direct Labor or DL + (DL x 200%)
390 = DL + 2.00DL
390 = 3.00DL
Direct Labor cost = $ 390 / 3.00
Direct Labor cost = $ 130
>3.Manufacturing Overhead = Total
conversion cost – direct labor cost
= $390 – 130
= $ 260
>4. Prime Cost = Direct material
cost + Direct labor cost
= $ 230 + 130
= $ 360
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Job 31 has a direct materials cost of $230 and a total
manufacturing cost of $620....
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