Hultquist Corporation has two manufacturing departments--Forming and Customizing. The company used the following data at thebeginning of the period to calculate predetermined overhead rates:CustomizingForming7, 000$ 25,900$ 2.50TotalEstimated total machine-hours (MHs)Estimated tot al fixed manufacturing overhead costEstimated variable manufacturing overhead cost per MH3, 000$ 7, 200$ 5.0010, 000$ 33,100During the period, the company started and completed two jobs-Job C and Job L. Data concerning those two jobs follow:Job CJob L$ 16,900 $ 10,300$ 23,600 $ 10, 600Direct materialsDirect labor costForming machine-hoursCustomizing machine-hours1,2501,2505,7501,750Required:a. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate thatoverhead rate. (Round your answer to 2 decimal places.)b. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate theamount of manufacturing overhead applied to Job L. (Do not round intermediate calculations.)C. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the totalmanufacturing cost assigned to Job L. (Do not round intermediate calculations.)d. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markupof 20% on manufacturing cost to establish selling prices. Calculate the selling price for Job L. (Do not round intermediate calculations.)e. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in bothdepartments. What is the departmental predetermined overhead rate in the Forming department? (Round your answer to 2 dec imalplaces.)f. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in bothproduction departments. What is the departmental predetermined overhead rate in the Customizing department? (Round your answer to2 dec imal places.)g. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in bothproduction departments. How much manufacturing overhead will be applied to Job L? (Do not round intermediate calculations.)h. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in bothproduction departments. Further assume that the company uses a markup of 20% on manufacturing cost to establish selling prices.Calculate the selling price for Job L. (Do not round intermediate calculations.)a. Predetermined overhead rateper MHb. Manufacturing overhead appliedc. Manufacturing costd. Selling pricee. Forming predetermined overhead ratef. Customizing predetermined overhead rateg. Manufacturing overhead applied job Lh. Selling price for job Lper MHper MH

Name: Hultquist Corporation has two manufacturing departments--Forming and
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Description: Hultquist Corporation has two manufacturing departments--Forming and Customizing. The company used the following data at thebeginning of the period to calculate predetermined overhead rates:CustomizingForming7, 000$ 25,900$ 2.50TotalEstimated total

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beginning of the period to calculate predetermined overhead rates: Forming 7, 000 $ 25,900 $ 2.50 Customizing 3, 000 $ 7, 200 $ 5.00 Total Estimated total machine-hours (MHs ) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH 10, 000 $ 33,100 During the period, the company started and completed two jobs--Job C and Job L. Data concerning those two jobs follow: Job C Job L $ 16,900 $ 10, 300 $ 23,600 $ 1e, 600 1, 250 1, 250 Direct materials Direct labor cost Forming machine-hours Customizing machine-hours 5,750 1,750 Required: a. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate that overhead rate. (Round your answer to 2 decimal places.) b. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the amount of manufacturing overhead applied to Job L. (Do not round intermediate calculations.) C. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the total manufacturing cost assigned to Job L. (Do not round intermediate calc ulations.)

beginning of the period to calculate predetermined overhead rates: Forming 7, 000 $ 25,900 $ 2.50 Customizing 3, 000 $ 7, 200 $ 5.00 Total Estimated total machine-hours (MHs ) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH 10, 000 $ 33,100 During the period, the company started and completed two jobs--Job C and Job L. Data concerning those two jobs follow: Job C Job L $ 16,900 $ 10, 300 $ 23,600 $ 1e, 600 1, 250 1, 250 Direct materials Direct labor cost Forming machine-hours Customizing machine-hours 5,750 1,750 Required: a. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate that overhead rate. (Round your answer to 2 decimal places.) b. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the amount of manufacturing overhead applied to Job L. (Do not round intermediate calculations.) C. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the total manufacturing cost assigned to Job L. (Do not round intermediate calc ulations.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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