**Lupo Corporation's Job-Order Costing System**Lupo Corporation employs a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The predetermined overhead rate for the current year is derived from the following data:- **Total machine-hours**: 30,000- **Total fixed manufacturing overhead cost**: $252,000- **Variable manufacturing overhead per machine-hour**: $2.10**Job T687 Details:**Recently, Job T687 was completed with the following characteristics:- **Number of units in the job**: 10- **Total machine-hours**: 30- **Direct materials**: $675- **Direct labor cost**: $1,050**Overhead Calculation:**The amount of overhead applied to Job T687 is to be determined. Please round your intermediate calculations to two decimal places.**Multiple Choice Options:**- $315- $252- $378- $63**Explanation:**To determine the overhead applied, calculate the predetermined overhead rate and multiply it by the total machine-hours for Job T687.

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

Answered: Lupo Corporation uses a job-order…

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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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…
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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
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A labor rate variance is due solely to the difference Between budgeted materials price and actual materials price Between budgeted direct labor hours and actual direct labor hours Between budgeted sales volume and actual sales volume Between budgeted labor price and actual labor price
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Delph Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine- hours. At the beginning of the year, the company estimated that 56,000 machine-hours would be required for the period's estimated level of production. It also estimated $1,000,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per machine-hour. Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following information to enable calculating departmental overhead rates: Machine-hours Molding 21,000 Fabrication 35,000 Total 56,000 Fixed manufacturing overhead cost $ 780,000 $220,000 $1,000,000 Variable manufacturing overhead cost per machine-hour $ 4.00 $1.00 During the year, the company had no beginning or ending inventories and it started, completed, and…

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