Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $458,800, variable manufacturing overhead of $3.00 per machine-hour, and 74,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost $ 10 80 $ 780 1,560 If the company marks up its unit product costs by 20% then the selling price for a unit in Job X455 is closest to: (Round your intermediate calculations to 2 decimal places.)

Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $458,800, variable manufacturing overhead of $3.00 per machine-hour, and 74,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost $ 10 80 $ 780 1,560 If the company marks up its unit product costs by 20% then the selling price for a unit in Job X455 is closest to: (Round your intermediate calculations to 2 decimal places.)

Name: OO$389.12$61.52$369.12$307.60 Cull Corporation uses a job-order costi
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: OO$389.12$61.52$369.12$307.60 Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based itspredetermined overhead rate for the current year on total fixed manufactu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Meenach Corporation uses a job-order costing system with a single plantwide pres hours. The company…

A: The application of overhead entails the allocation of indirect production expenses to a company's…

Q: Beat Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…

Q: Kalp Corporation has two production departments, Machining and Finishing. The company uses a…

A: Step 1:The first step is to Calculate the predetermined overhead rate: Predetermined overhead rate…

Q: following estimates: Machine - hours required to support estimated production 160, 000 Fixed…

A: The pre-determined overhead rate is calculated as the estimated overhead costs divided by the…

Q: Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate bas…

A: Solution Formula used Plant wide predetermined overhead rate =estimated overhead cost…

Q: Dravid Corporation uses a job-order costing system with a single plantwide predetermined overhead…

A: A rate that is used to allocate the manufacturing overhead is known as the predetermined overhead…

Q: The unit product cost for Job F2412 is approximately:

A: Predetermined Overhead Rate Formula: = Total Manufacturing Overhead Cost / Total Machine Hours Total…

Q: Landen Corporation uses a job-order costing system. At the beginning of the year, the company made…

A: A system in which a manufacturing firm calculate its cost of goods as per job basis is called job…

Q: po Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: Overhead -The term "overhead" describes the continuous expenses of operating a firm that are not…

Q: Landen Corporation uses a job-order costing system. At the beginning of the year, the company made…

A: Direct material cost is the cost of raw material produced or purchased to produce the final…

Q: ANO Corporation uses a job-order costing system with a predetermined overhead rate based on direct…

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…

Q: Direct labor-hours required to support estimated production Machine-hours required to support…

A: The overhead is applied to the production on the basis of predetermined overhead rate. The…

Q: Landen Corporation uses a job-order costing system. At the beginning of the year, the company made…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: A Company uses a job-order costing system witha single plantwide predetermined overhead rate based…

A: Job Order Costing:-It helps in detecting prime cost which is assigned direct material and direct…

Q: Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on…

A: Predetermined overhead rate is computed in order to determine the estimated overhead for a specific…

Q: Reed Corporation has two production departments, Machining and Finishing. The company uses a…

A: The Numerical has covered the concept of Predetermined Overhead and Computation of Total Cost for a…

Q: BryceHarper Corporation uses a job-order costing system with a single plantwide predetermined…

A: Manufacturing Overhead = Predetermined overhead rate x Actual direct labor hours.Total cost =…

Q: Session Corporation uses a job-order costing system with a single plantwide predetermined overhead…

A: Let's start by computing the predetermined fixed overhead per direct labor hours. Divide the given…

Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: The predetermined overhead rate is a key component in the allocation of manufacturing overhead costs…

Q: Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based…

A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: [The following information applies to the questions displayed below.] Delph Company uses a job-order…

A: The plant wide predetermined overhead rate is computed by dividing the total overhead by the…

Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: Plantwide Predetermined overhead rate = ($252,000 / 30,000 MHs) + $2.10 Plantwide Predetermined…

Q: ate for the current year on total fixed manufacturing overhead cost of $237,000, variable…

A: Product cost refers to the total cost incurred in factory for the production of goods and thus…

Q: Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: e total job cost for Job

A: Total estimated fixed manufacturing overhead cost (A) $285,000 Total estimated direct labor-hours…

Q: Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis…

A: Direct Material8500Direct Labor12955Overhead 120% of Direct Labor15545Ending Work in Progress37000…

Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its
predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $458,800, variable manufacturing overhead of $3.00 per
machine-hour, and 74,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed:
Number of units in the job
Total machine-hours
Direct materials
Direct labor cost
10
80
$ 780
$ 1,560
If the company marks up its unit product costs by 20% then the selling price for a unit in Job X455 is closest to: (Round your intermediate calculations
to 2 decimal places.)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Royal Furniture Co. uses a job - order costing system with a single plantwide predetermined overhead rate based on machine - hours. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $ 600,000 and 40,000 machine - hours. The job sheet of Job F2412 shows that the number of units produced in this job order is 25 units. This job required 225 machine - hours and incurred direct materials cost of $ 350 and direct labor costs of $ 1,250. The unit product cost for Job F2412 is approximately: a. $ 375 b. $ 79 C. $ 73 d. None of the given answers. e. $ 199
Harootunlan Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Recently, Job T629 was completed with the following characteristics: Number of units in the job Total machine-hours The amount of overhead applied to Job T629 is closest to: Multiple Choice $1,620 $780 O $1,200 50 200 O $420 80,000 $ 312,000 $ 2.10 K
Muscat Sayarati Co. uses a job-order costing system with a single plantwide predetermined overhead rate based on labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $525,000, variable manufacturing overhead of $6.00 per labor-hour, and 35,000 labor-hours. The job sheet of Job G828 shows that the number of units in this job order is 45 units which incurred total of 90 labor-hours. This job consumed $14/unit of direct materials cost and $64/unit of direct labor costs. What would be the total ?cost for Job G828 approximately $4,185 .a O $5,400 .b O $4,860 .C $4,455 .d O None of the given answers .e XYZ has two production departments, Forming and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production denartment The Forming Denartment's
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $ 400 $ 270 34 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. 156,000 $ 651,000 4.70 S Required 1 Required 2 If Job 400…
Muscat Sayarati Co. uses a job-order costing system with a single plantwide predetermined overhead rate based on labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $665,000, variable manufacturing overhead of $6.00 per labor-hour, and 35,000 labor-hours. The job sheet of Job G828 shows that the number of units in this job order is 45 units which incurred total of 90 labor-hours. This job consumed $14/unit of direct materials cost and $64/unit of direct labor costs. What would be the total cost for Job G828 approximately? O a. $5,760 O b. None of the given answers. O c. $4,635 O d. $4,365 O e. $5,220
Please give me answer immediately.
Thatch corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufactruing overhead cost of $665,000, variable manufacturing overhead of $3.00 per machine-hour, and 70,000 machine-hours. Recently, Job T321 was completed with the following characteristics: Number of units in the job 30 Total machine0hours 90 Direct materials $630 Direct labor cost $2,880 The unit product cost for Job T321 is closest to $154.50. How was this answer achieved? Can I see the breakdown of the formula?
Kostelnik Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $237,000, variable manufacturing overhead of $3.90 per machine-hour, and 30,000 machine-hours. The company has provided the following data concerning Job A496 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost If the company marks up its unit product costs by 40% then the selling price for a unit in Job A496 is closest to: Note: Round your intermediate calculations to 2 decimal places. Multiple Choice о O O O $186.20 $272.28 $72.08 20 80 $ 500 $ 2,160 $252.28
Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year: manufacturing overhead cost : 200,000 direct material cost: 160,000 Raw materials purchased: $86,000.Raw materials requisitioned for use in production (all direct materials): $98,000.What is the journal entry for"Manufacturing overhead cost was applied to jobs as per company policy."
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $380 $ 270 39 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 50 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 152,000 $ 657,000…
Muscat Sayarati Co. Uses a job - order costing system with a single plantwide predetermined overhead rate based on labor - hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $ 525,000, variable manufacturing overhead of $ 6.00 per labor hour, and 35,000 labor - hours. The job sheet of Job G828 shows that the number of units in this job order is 45 units which incurred total of 90 labor - hours. This job consumed $ 14 / unit of direct materials cost and $ 64 / unit of direct labor costs. What would be the total cost for Job G828 approximately? a. $ 4,860 b. $ 4,455 C. $ 5,400 d. $ 4.185
Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $231,200, variable manufacturing overhead of $2.40 per machine-hour, and 34,000 machine-hours. The company has provided the following data concerning Job X455 which was recently completed: Number of units in the job Total machine-hours Direct materials Direct labor cost $ 20 80 $ 990 1,980 If the company marks up its unit product costs by 25% then the selling price for a unit in Job X455 is closest to: Note: Round your intermediate calculations to 2 decimal places.