info in images 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:Forming Customizing7,000$14,7002$TotalEstimated total machine-hours (MHs)Estimated total fixed manufacturing overhead costEstimated variable manufacturing overhead cost per MH3,000$8,100$ 4.0010,000$22,8002.00During the period, the company started and completed two jobs--Job C and Job L. Data concerning those two jobs follow:Job CJob LDirect materials$14,800 $ 8,500$21,700 $ 8,600Direct labor costForming machine-hoursCustomizing machine-hours2,5004,5002,500500Required: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 thetotal manufacturing 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 amarkup of 20% on manufacturing cost to establish selling prices. Calculate the selling price for Job L. (Do not round intermediatecalculations.)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 decimalplaces.)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 answerto 2 decimal 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.)la. Predetermined overhead rateper MH Required: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 thetotal manufacturing 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 amarkup of 20% on manufacturing cost to establish selling prices. Calculate the selling price for Job L. (Do not round intermediatecalculations.)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 decimalplaces.)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 answerto 2 decimal 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 calulations.)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 appliedManufacturing costС.d. Selling pricee.Forming predetermined overhead rateper MHf.Customizing predetermined overhead rateper MHg. Manufacturing overhead applied job Lh. Selling price for job L

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Hultquist Corporation has two manufacturing departments-Forming and Customizing. The company used the following data at the beginning of the period to calculate predetermined overhead rates: Total Estimated total machine-hours (MHs) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH Forming Customizing 3,000 $8,100 $ 4.00 7,000 10,e00 $22,800 $14,700 24 2.00 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 Direct materials $14,800 $ 8,500 $21,700 $ 8,600 2,500 2,500 Direct labor cost Forming machine-hours Customizing machine-hours 4,500 500 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 calculations.)

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q