Columbo Corporation has two production departments, Forming andFinishing. The company uses a job-order costing system and computes apredetermined overhead rate in each production department. TheForming Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate isbased on direct labor-hours. At the beginning of the current year, thecompany had made the following estimates:Machine-hoursDirect labor-hoursTotal fixed manufacturing overhead costJob A948:Machine-hoursVariable manufacturing overhead per machine-hourVariable manufacturing overhead per direct labor-hourDuring the current month the company started and finished Job A948. The following data were recorded for this job:FormingDirect labor-hoursDirect materialsDirect labor cost$6,197.80$1,770.80Forming Finishing17,0001,000$ 110,500 SS 1.60O $4,427.00O $6,818.007010$650$ 380S10,0009,00078,300FinishingIf the company marks up its manufacturing costs by 40% then the sellingprice for Job A948 would be closest to: (Round your intermediatecalculations to 2 decimal places.)3050$ 330$ 1,9003.30

Job order costing is a method of costing the product. This method is used when the product…

Columbo Corporation has two production departments, Forming and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine- hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Forming Finishing 17,000 1,000 $ 110,500 S S 1.60 10,000 9,000 78,300 Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A948. The following data were recorded for this job: Job A948: Forming Finishing Machine-hours Direct labor-hours Direct materials Direct labor cost 70 10 650 $ $ 380 30 50 S 330 $ 1,900 3.30 If the company marks up its manufacturing costs by 40% then the selling price for Job A948 would be closest to: (Round your intermediate calculations to 2 decimal places.)

Columbo Corporation has two production departments, Forming and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine- hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Forming Finishing 17,000 1,000 $ 110,500 S S 1.60 10,000 9,000 78,300 Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour During the current month the company started and finished Job A948. The following data were recorded for this job: Job A948: Forming Finishing Machine-hours Direct labor-hours Direct materials Direct labor cost 70 10 650 $ $ 380 30 50 S 330 $ 1,900 3.30 If the company marks up its manufacturing costs by 40% then the selling price for Job A948 would be closest to: (Round your intermediate calculations to 2 decimal places.)

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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