Homework Answers
Answer
1.Plantwide Predetermined Overhead Rate = $9.16
Calculation
Predetermined Overhead rate is determined by summing up the Fixed Overheads Rate per machine hour and Variable Overheads rate per machine hour.
Fixed Overhead Rate per machine hour = Total Fixed Manufacturing Overhead Cost/Machine hours
= $653,000/157,000
= $4.15923
= $4.16 [rounded to 2 decimal places]
So,Predetermined Overhead Rate =[Fixed Manufacturing Overhead Rate per machine hour+Variable Manufacturing Overhead Rate]
= $4.16+$5.00
= $9.16
2. Total Manufacturing Cost to Job400 = $917.24
Calculation
Now,the job400 cost is computed by adding the direct material cost,direct laboour cost and total manufacturing overheads.
| Computation of Total Manufacturing Job Cost | |
| Direct Materials | $340 |
| Direct Labour | $220 |
| Manufacturing Overheads applied (39*$9.16) | $357.24 |
| Total Manufacturing Cost | $917.24 |
Note
Manufacturing Overheads= Machine hours used * PreDetermined Overhead Rate
= 39*$9.16 = $357.24
3.Unit Product Cost of Job400 = $18.34
Calculation
Unit Product Cost = Total Manufacturing Cost/No.of units
= $917.24/50
= $18.34
4.Selling Price per unit = $40.35
Calculation
Selling Price per unit = Unit Product Cost+Markup
= $18.34 + [120% * 18.34]
= $18.34+$22.01
= $40.35
Note
***Answers for questions 2,3,4 are not rounded to nearest whole number as it's not specified in the question***
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Chapter 2 Quiz Saved 8 Moody Corporation uses a job-order costing system with a plantwide predetermined...
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 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 $...
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Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours....
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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, 000 653,000 5.00 Skipped 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:...
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10 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 154,000 $651.00 4. Se Skipped 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...
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 Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 153,000 s 654,088 $ 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...
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Check m 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 152.000 $ 656,000 $ 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...
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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 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 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: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour $ $ 158, 000 653,000 5.00 Skipped 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:...
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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 153,000 s 654,088 $ 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...
Check m 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 152.000 $ 656,000 $ 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...
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...
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