Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
Machine-hours required to support estimated production | 156,000 | |
Fixed manufacturing overhead cost | $ | 652,000 |
Variable manufacturing overhead cost per machine-hour | $ | 4.80 |
Required:
1. Compute the plantwide predetermined overhead rate.
2. During the year, Job 400 was started and completed. The following information was available with respect to this job:
Direct materials | $ | 370 |
Direct labor cost | $ | 230 |
Machine-hours used | 38 | |
Compute the total manufacturing cost assigned to Job 400.
3. If Job 400 includes 50 units, what is the unit product cost for this job?
4. If Moody uses a markup percentage of 110% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
1) | Plant wide predetermined overhead rate | = | Variable overhead cost per machine hour+(Total fixed manufacturing cost/Total machine hours) | |||||
= | $ 4.80 | + | (652000/156000) | |||||
= | $ 4.80 | + | $ 4.18 | |||||
= | $ 8.98 per machine hour | |||||||
2) | Direct Materials | $ 370.00 | ||||||
Direct Labor cost | $ 230.00 | |||||||
Manufacturing overhead | $ 341.22 | |||||||
Total Manufacturing cost | $ 941.22 | |||||||
Working: | ||||||||
Manufacturing overhead | = | Machine hours | * | Overhead rate per machine hour | ||||
= | 38 | * | $ 8.98 | |||||
= | $ 341.22 | |||||||
3) | Unit product cost | = | Total Manufacturing cost | / | Total Units manufactured | |||
= | $ 941.22 | / | 50 | |||||
= | $ 18.82 | |||||||
4) | Selling price per unit | $ 39.53 | ||||||
Working: | Per unit | |||||||
Manufacturing cost | a | $ 18.82 | ||||||
Mark up | b=a*110% | $ 20.71 | ||||||
Selling price | c=a+b | $ 39.53 | ||||||
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours....
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 153,000 Fixed manufacturing overhead cost $ 652,000 Variable manufacturing overhead cost per machine-hour $ 4.40 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 157,000 Fixed manufacturing overhead cost $ 652,000 Variable manufacturing overhead cost per machine-hour $ 4.40 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 154,000 Fixed manufacturing overhead cost $ 652,000 Variable manufacturing overhead cost per machine-hour $ 4.20 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 150,000 $ 652,000 $ 4.20 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 151,000 $ 650,000 $ 4.10 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 158,000 652,000 $ 4.40 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job Direct materials Direct labor...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 156,000 Fixed manufacturing overhead cost $ 658,000 Variable manufacturing overhead cost per machine-hour $ 4.60 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 159,000 Fixed manufacturing overhead cost $ 654,000 Variable manufacturing overhead cost per machine-hour $ 4.80 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 157,000 $ 655,000 4.80 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor...
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: ots Machine-hours required to support estimated production 152, eee Fixed manufacturing overhead cost $659,800 Variable manufacturing overhead cost per machine-hour $ 4.30 - eBook Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job!...