a. Predetermined overhead rateb. Manufacturing overhead appliedc. Manufacturing costd. Selling pricee.f. Customizing predetermined overhead rateg. Manufacturing overhead applied job LForming predetermined overhead rateper MHper MHper MH 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:Estimated total machine-hours (MHS)Estimated total fixed manufacturing overhead costEstimated variable manufacturing overhead cost per MHDirect materialsDirect labor costForming machine-hoursCustomizing machine-hoursDuring the period, the company started and completed two jobs-Job C and Job L. Data concerning those two jobs follow:Job C Job L$9,300$15,800$22,600 $9,500Forming3,000$10,500$ 1.002,5005002,500 4,500Customizing Total7,000 10,000$18,200 $28,700$ 2.00Required: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.)1. 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.)

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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: Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH Direct materials Direct labor cost Forming machine-hours Customizing machine-hours Forming 3,000 $10,500 $ 1.00 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 $15,800 $9,300 $22,600 $9,500 500 2,500 F00 Customizing Total 7,000 10,000 $18,200 $28,700 $ 2.00

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: Estimated total machine-hours (MHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH Direct materials Direct labor cost Forming machine-hours Customizing machine-hours Forming 3,000 $10,500 $ 1.00 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 $15,800 $9,300 $22,600 $9,500 500 2,500 F00 Customizing Total 7,000 10,000 $18,200 $28,700 $ 2.00

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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