Homework Answers
Working notes
Calculation of Pre- determined overhead rate
Variable manufacturing overhead = Rate X machine hours
Molding = $2.70* 2500 = $ 6750
Fabrication = $3.5* 1500 = $ 5,250
Variable manufacturing overhead = $6750 + $5250 =$12000
Total manufacturing overhead = $12000+ $13250+$16950 = $42200
Hence, Pre- determined overhead rate = Total manufacturing overhead/machine hours =$42200/4000=$10.55
Calculation of applied overhead on each job
|
Job P |
Job Q |
|
|
Machine hours (actual) |
4900 |
4300 |
|
X Pre- determined Overhead rate |
$10.55 |
$10.55 |
|
Overheads applied |
$51695 |
$45365 |
Calculation of Total price and selling price per unit
|
Job P |
Job Q |
|
|
Direct materials |
$26000 |
$14500 |
|
Direct labor cost |
$31480 |
$12700 |
|
Overheads applied |
$51695 |
$45365 |
|
Total manufacturing cost |
$109175 |
$72565 |
| Add : Mark up @ 80% |
$87340 |
$58052 |
| Total price of job | $196515 | $130617 |
| No.of units | 20 | 30 |
| Selling price | $9826 | $4354 |
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Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding Fabrication Total 2,500 1,500 4,000 $13,250 $16,95€ $30, 200 $ 2.70 $ 3.50 Job P $26,000 $31,400 Job O $14,500 $12,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 3,000 1,900 4,900 2,100 2,200 4,300 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-8, assume that Sweeten Company uses a plantwide predetermined overhead...
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