TIME AND MATERIAL PRICING! • Total budgeted Time Charges are $345,600. • Total budgeted Material Loading Charges are $165,060. Total expected labor hours are 12,000 hours. Total expected materials cost is $1,260,000. Profit margin per hour on labor is $40. Profit margin on materials is 80%. • Determine the total price of a job that requires 150 hours of labor...
need help with exercise 1 parts 1-3 Exercise Oro Company has two departments with the following production data. It has historically used a single-plant-wide overhead rate based on direct labor cost Welding Fabrication Manufacturing overhead cos $ 120,000 $ 180,000 Direct labor cost $ 25,000 $ 6,250 Direct labor hours 2,500 625 Machine hours 100 2,000 a) Single Plant-Wide Overhead...
Antuan Company set the following standard costs for one unit of its product. Direct materials (3.0 Ibs. @ $4.00 per Ib.) Direct labor (1.7 hrs. @ $11.00 per hr.) Overhead (1.7 hrs. @ $18.50 per hr.) Total standard cost $12.00 18.70 31.45 $62.15 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75%...
Antuan Company set the following standard costs for one unit of its product. Direct materials (5.0 Ibs. @ $5.00 per Ib.) $ 25.00 Direct labor (1.9 hrs. @ $10.00 per hr.) 19.00 Overhead (1.9 hrs. @ $18.50 per hr.) 35.15 Total standard cost $ 79.15 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume...
Antuan Company set the following standard costs for one unit of its product. Direct materials (3.0 Ibs. @ $5.00 per Ib.) Direct labor (1.6 hrs. @ $11.00 per hr.) Overhead (1.6 hrs. e $18.50 per hr.) Total standard cost $15.00 17.60 29.60 $62.20 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75%...
Antuan Company set the following standard costs for one unit of its product. Direct materials (6 lbs. @ $5 per Ib.) Direct labor (2 hrs. $17 per hr.) Overhead (2 hrs. $18.50 per hr.) Total standard cost $ 30 34 37 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the...
Oxnard Industries produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is .3 pounds and .1 pounds, respectively. The purchase price is $2 per pound, but a 2% discount is usually taken. Freight costs are $.10 per pound, and receiving and handling costs are $.07 per pound. The hourly wage...
Predetermined Overhead Application Rate (POHAR) = Estimated total Annual Overhead Costs/ Estimated total Annual overhead application base. The application the allocation base has traditionally been Direct Labor hours or Machine hours. For example, the formula above can be translated into numbers as $3,000,000/ 300,000 = $10 per Direct labor hour. This formula is interpreted as follows: A product or a...
question 4 4) K company production was working on Job 1 and Job 2 during the month. Of the $780 in direct materials, $350 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $25 per hour, and employees worked 16 hours on Job 1 and 39 hours on Job 2. Overhead is applied at the...
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 7.5 ounces $ 3.00 per ounce $ 22.50 Direct labor 0.9 hours $ 19.00 per hour $ 17.10 Variable overhead 0.9 hours $ 8.00 per hour $ 7.20 The company reported the following results concerning this...