2. 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 ofthe year:MoldingFabricationTotalMachine-hours20,00030,00050,000Fixed manufacturing overhead costVariable manufacturing overhead cost permachine-hour$700,000$210,000$910,000$3.00$1.00During 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 followinginformation related to those two jobs:Job D-70Direct materials costDirect labor costMachine-hoursMolding$375,000$200,00014,000Fabrication$325000Total$700000$360,00020,000$160,0006,000Job C -200Direct materials costDirect labor costMachine-hoursMolding$300,000$175,0006,000Fabrication$250,000$225,00024,000Total$550,000$400,00030,000Delph had no underapplied or overapplied manufacturing overhead during the year. Required:I.Assume Delph uses a plantwide predetermined overhead rate based on machine-hours.a. Compute the plantwide predetermined overhead rate.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 bidprices would it have established for Job D-70 and Job C-200?d. What is Delph's cost of goods sold for the year?

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Description: 2. 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 ofthe year:MoldingFabricationTotalMachine-hours20,00030,00050,000Fixed man

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2. 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 o: the year: Molding Fabrication Total Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per 20,000 $700,000 30,000 50,000 $210,000 $910,000 $3.00 $1.00 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: Job D-70 Direct materials cost Direct labor cost Machine-hours Molding $375,000 $200,000 14,000 Fabrication $325000 $160,000 6,000 Total $700000 $360,000 20,000 Job C -200 Direct materials cost Direct labor cost Molding $300,000 $175,000 6,000 Fabrication $250,000 $225,000 24,000 Total $550,000 $400,000 30,000 Machine-hours Delph had no underapplied or overapplied manufacturing overhead during the year.

2. 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 o: the year: Molding Fabrication Total Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per 20,000 $700,000 30,000 50,000 $210,000 $910,000 $3.00 $1.00 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: Job D-70 Direct materials cost Direct labor cost Machine-hours Molding $375,000 $200,000 14,000 Fabrication $325000 $160,000 6,000 Total $700000 $360,000 20,000 Job C -200 Direct materials cost Direct labor cost Molding $300,000 $175,000 6,000 Fabrication $250,000 $225,000 24,000 Total $550,000 $400,000 30,000 Machine-hours Delph had no underapplied or overapplied manufacturing overhead during the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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