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. 20 80 Direct materials. $ 990 Direct labor cost $ 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:

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. 20 80 Direct materials. $ 990 Direct labor cost $ 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:

Name: Multiple ChoiceO$256.63$185.30$46.33$231.63 Cull Corporation uses a j
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Multiple ChoiceO$256.63$185.30$46.33$231.63 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 ratefor the current year on total f

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

A: Overhead Rate -When indirect costs, also referred to as overhead, are totaled and divided by an…

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

A: Solution: Manufacturing overheads are indirect manufacturing cost of the company that is part of…

Q: Question 25 of 30 . True or False - When creating a time slip in Sage 50, you can only enter the…

A: Time slip represents the records of the time spent by the employees on the activities of the…

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

A: Predetermined plantwide overhead can be calculated as: = Variable manufacturing overhead rate +…

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: Bogs Company uses a job-order costing system. The company applies manufacturing overhead to jobs…

A: predetermined overhead rate based on direct labor hours = Budgeted manufacturing overhead/estimated…

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

A: Job cost is a method of ascertaining the total cost of a specific job. It can be calculated on the…

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

A: The pre-determined overhead rate is calculated as the estimated overhead costs divided by 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: Mcewan Corporation uses a job-order costing system with a single plantwide predetermined overhead…

A: Introduction:- Calculation of Predetermined overhead rate as follows under:- Predetermined overhead…

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

A: Job costing is a method of costing that determines the costs associated with each job or project.

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: Predetermined Overhead rate = Manufacturing Overheads ÷ Activity

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…

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

Multiple Choice
O
$256.63
$185.30
$46.33
$231.63

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.

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: Introduction

VIEW

Step 2: Calculation of pre-determined overhead rate:

VIEW

Step 3: Calculation for Job X455:

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 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

Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $105,600 of manufacturing overhead for an estimated allocation base of $88,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect labor Property taxes Depreciation of equipment Maintenance Insurance Rent, building $ 137,000 $ 84,000 $ 98,200 $ 8,400 $ 16,000 $ 15,000 $ 8,300 $ 40,000 Ending Beginning Raw Materials $30,000 $ 15,000 Work in Process $ 47,000 $ 37,000 Finished Goods $ 71,000 $ 55,000 Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead for the year. 3. Prepare a schedule of cost of goods…
Lupo 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 T687 was completed with the following characteristics: Number of units in the job Total machine-hours Direct materials Direct labor cost Multiple Choice If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: Note: Round your intermediate calculations to 2 decimal places. O O $113.60 $754.00 $397.60 10 30 $ 690 $ 1,370 $288.40 30,500 $ 610,000 $ 6.00
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
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…
Please give me answer immediately.
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $800,000 of manufacturing overhead for an estimated allocation base of $500,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials $ 510,000 Direct labor cost $ 90,000 Manufacturing overhead costs: Indirect labor $170,000 Property taxes $ 48,000 Depreciation of equipment $ 260,000 Maintenance $ 95,000 Insurance $ 7,000 Rent, building $ 180,000 Beginning Ending Raw Materials $ 20,000 $ 80,000 Work in Process $ 150,000 $ 70,000 Finished Goods $ 260,000 $ 400,000 Required: 1. Compute the predetermined overhead rate for the year. 2. Compute the amount of underapplied or overapplied overhead…
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
Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $21.50 per hour. During the year, the company started and completed only two jobs-Job Alpha, which used 64,900 direct labor-hours, and Job Omega. The job cost sheets for these two jobs are shown below: Job Alpha Direct materials Direct labor Manufacturing overhead applied Total job cost Job Omega Direct materials Direct labor Manufacturing overhead applied Total job cost $ 2,806,000 $ 443,900 571,900 385,700 $ 1,401,500 Required: 1. Calculate the plantwide predetermined overhead rate. 2. Complete the job cost sheet for Job Alpha. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Calculate the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Plantwide predetermined overhead rate Eper DLH
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…
Lupo 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 $ 6 Recently, Job T687 was completed with the following characteristics: Number of units in the job Total machine-hours Direct materials Direct labor cost 31,700 $ 253,600 10 30 $ 690 S 1,380 The amount of overhead applied to Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $420.00 $253.60 $519.60 $84.00