Homework Answers
Solution:
Predetermined overhead rate = Estimated overhead / Estimated capacity of Jointer
= $16,995 / 330 = $51.50 per hour
Overhead applied = 300 * $51.50 = $15,450
Total cost of job = Direct materials + Direct labor + Overhead applied = $17,700 + $16,310 + $15,450 = $49,460
Gross margin = sales - Cost of goods sold = $76,300 - $49,460 = $26,840
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