1. Assume Delph uses departmental predetermined overhead rates based on machine-hours. a. Compute the departmental predetermined overhead rates. b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. c. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 an Job C-200? d. What is Delph's cost of goods sold for the year? Complete the question by enterin dow
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Exercise 2-15 (Algo) Plantwide and Departmental Predetermined Overhead Rates; Job Costs [LO2-1, LO2-
2, LO2-3, LO2-4]
[The following information applies to the questions displayed below.]
Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The
company provided the following estimates at the beginning of the year;
Job D-70
Direct materials cost
Direct labor cost
Machine-hours
Molding
370,000
$
$ 220,000
15,000
Molding
23,000
$ 780,000
$ 4.00
Machine-hours
Fixed manufacturing overhead cost
Variable manufacturing overhead cost per machine-hour
During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-
Job D-70 and Job C-200. It provided the following information related to those two jobs:
Fabrication
$ 320,000
$ 160,000
8,000
Fabrication
33,000
$ 200,000
$ 1.50
Total
$ 690,000
$ 380,000
23,000
Total
$ 980,000
56,000
Job C-200
Direct materials cost
Molding
$ 260,000
Total
$ 500,000
Direct labor cost
Machine-hours
Fabrication
$ 240,000
$ 240,000
25,000
$ 100,000
8,000
$ 340,000
33,000
Delph had no underapplied or overapplied manufacturing overhead during the year.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2Fa9f1ceda-a4a6-42d6-88ab-2f7a96d8ae75%2Fyfgkop_processed.jpeg&w=3840&q=75)
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