Question

Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the...

Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below.

Job Cost Sheet
Job Number: 1324
Date Started: 7/8/2018
Date Completed: 8/30/2018
Description: Drayna Pool
Applied
Direct Materials Direct Labor Manufacturing Overhead
Req. No Amount Ticket Hours Amount Hours Rate Amount
MR 3345 $ 1,600 TT 335 27 $ 553.50
MR 3372 930 TT 340 46 943.00
MR 4251 1,290 TT 385 25 512.50
MR 4263 1,770 TT 425 31 635.50
MR 5236 2,000 TT 445 34 697.00
$ 7,590 163 $ 3,341.50 ? ? ?
Cost Summary
Direct Materials Cost $ 7,590.00
Direct Labor Cost 3,341.50
Applied Manufacturing Overhead ?
Total Cost

The company applies overhead to jobs at a rate of $10.25 per direct labor hour.

Required:
1. Calculate how much overhead would be applied to Job 1324.

2. Compute the total cost of Job 1324.

3. Assume the company bids its pools at total manufacturing cost plus an additional 28 percent. If actual costs were the same as estimated, determine how much revenue the company would report on the sale of Job 1324.

4. Calculate how much gross profit Aquazona made on the sale of the Drayna pool, before any adjustment for over- or underapplied manufacturing overhead.

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Answer #1

1. Calculate how much overhead would be applied to Job 1324.

Manufacturing overhead applied= Total direct labor hours*Rate

= 163*$10.25= $1670.75

2. Compute the total cost of Job 1324

Direct materials $7590
Direct labor 3341.50
Manufacturing overhead applied 1670.75
Total cost of Job 1324 $12602.25

3. Assume the company bids its pools at total manufacturing cost plus an additional 28 percent. If actual costs were the same as estimated, determine how much revenue the company would report on the sale of Job 1324.

Revenue= $12602.25*128%= $16130.88

4. Calculate how much gross profit Aquazona made on the sale of the Drayna pool, before any adjustment for over- or underapplied manufacturing overhead.

Gross profit= Revenue-Total cost

= $16130.88-12602.25= $3528.63

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