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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 of the year: Job D-70 Direct materials cost Direct labor cost Machine-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per 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: Molding $ 370,000 $ 220,000 13,000 Molding 22,000 $760,000 $ 3.00 Fabrication $ 320,000 $ 180,000 9,000 Molding $ 280,000 $ 140,000 9,000 old for Total $ 690,000 $ 400,000 22,000 Job C-200 Fabrication $ 260,000 Direct materials cost Direct labor cost Machine-hours $ 240,000 25,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Fabrication 34,000 $ 260,000 $ 2.00 Total $ 540,000 $ 380,000 34,000 Total 56,000 $1,020,000 2. Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate basec 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 costs, what bid prices would it have established for Job D-70 am Job C-200? d. What is Delph'r

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 of the year: Job D-70 Direct materials cost Direct labor cost Machine-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per 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: Molding $ 370,000 $ 220,000 13,000 Molding 22,000 $760,000 $ 3.00 Fabrication $ 320,000 $ 180,000 9,000 Molding $ 280,000 $ 140,000 9,000 old for Total $ 690,000 $ 400,000 22,000 Job C-200 Fabrication $ 260,000 Direct materials cost Direct labor cost Machine-hours $ 240,000 25,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Fabrication 34,000 $ 260,000 $ 2.00 Total $ 540,000 $ 380,000 34,000 Total 56,000 $1,020,000 2. Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate basec 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 costs, what bid prices would it have established for Job D-70 am Job C-200? d. What is Delph'r

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 of the year: Machine-hours Job D-70 Direct materials cost Direct labor cost Machine-hours Molding $ 370,000 $ 220,000 13,000 Fixed manufacturing overhead cost Variable manufacturing overhead cost per 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: Molding 22,000 $ 760,000 $ 3.00 Fabrication $ 320,000 $ 180,000 9,000 Molding $ 280,000 $ 140,000 9,000 Fabrication 34,000 $ 260,000 $ 2.00 Total $ 690,000 $ 400,000 22,000 Job C-200 Fabrication $ 260,000 Total $ 540,000 Direct materials cost Direct labor cost Machine-hours $ 240,000 25,000 $ 380,000 34,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Total 56,000 $1,020,000 2. Assume Delph chooses to combine its departmental rates from requirement 1 into 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 costs, what bid prices would it have established for Job D-70 and Job C-200? d. What is Delph's cost of goods sold for the year?
Transcribed Image Text: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 of the year: Machine-hours Job D-70 Direct materials cost Direct labor cost Machine-hours Molding $ 370,000 $ 220,000 13,000 Fixed manufacturing overhead cost Variable manufacturing overhead cost per 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: Molding 22,000 $ 760,000 $ 3.00 Fabrication $ 320,000 $ 180,000 9,000 Molding $ 280,000 $ 140,000 9,000 Fabrication 34,000 $ 260,000 $ 2.00 Total $ 690,000 $ 400,000 22,000 Job C-200 Fabrication $ 260,000 Total $ 540,000 Direct materials cost Direct labor cost Machine-hours $ 240,000 25,000 $ 380,000 34,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Total 56,000 $1,020,000 2. Assume Delph chooses to combine its departmental rates from requirement 1 into 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 costs, what bid prices 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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