Machine-hours60,0003,000 Direct labor-hours8,00080,000 Total fixed manufacturing overhead cost$390,000$500,000 Variable manufacturing overhead per machine-hour$2.00 Variable manufacturing overhead per direct labor-hour $3.75 Cost summary for Job 407Department MillingAssembly Machine-hours904 Direct labor-hours520 Direct materials$800$370 Direct labor cost$70$280 Enter a formula into each of the cells marked with a ? below Step 1: Calculate the estimated total manufacturing overhead cost for each department MillingAssembly Total fixed manufacturing overhead cost?? Variable manufacturing overhead per machine-hour or direct labor-hour?? Total machine-hours or direct labor-hours?? Total variable manufacturing overhead?? Total manufacturing overhead?? Step 2: Calculate the predetermined overhead rate in each department MillingAssembly Total manufacturing overhead?? Total machine-hours or direct labor-hours?? Predetermined overhead rate per machine-hour or direct labor-hour?? Step 3: Calculate the amount of overhead applied from both departments to Job 407 MillingAssembly Predetermined overhead rate per machine-hour or direct labor-hour?? Machine-hours or direct labor-hours for the job?? Manufacturing overhead applied?? Step 4: Calculate the total job cost for Job 407 MillingAssemblyTotal Direct materials??? Direct labor cost??? Manufacturing overhead applied??? Total cost of Job 407 ? Step 5: Calculate the selling price for Job 407 Total cost of Job 407 ? Markup ? Selling price of Job 407 Machine-hours60,0003,000 Direct labor-hours8,00080,000 Total fixed manufacturing overhead cost$390,000$500,000 Variable manufacturing overhead per machine-hour$2.00 Variable manufacturing overhead per direct labor-hour $3.75 Cost summary for Job 407Department MillingAssembly Machine-hours904 Direct labor-hours520 Direct materials$800$370 Direct labor cost$70$280 Enter a formula into each of the cells marked with a ? below Step 1: Calculate the estimated total manufacturing overhead cost for each department MillingAssembly Total fixed manufacturing overhead cost?? Variable manufacturing overhead per machine-hour or direct labor-hour?? Total machine-hours or direct labor-hours?? Total variable manufacturing overhead?? Total manufacturing overhead?? Step 2: Calculate the predetermined overhead rate in each department MillingAssembly Total manufacturing overhead?? Total machine-hours or direct labor-hours?? Predetermined overhead rate per machine-hour or direct labor-hour?? Step 3: Calculate the amount of overhead applied from both departments to Job 407 MillingAssembly Predetermined overhead rate per machine-hour or direct labor-hour?? Machine-hours or direct labor-hours for the job?? Manufacturing overhead applied?? Step 4: Calculate the total job cost for Job 407 MillingAssemblyTotal Direct materials??? Direct labor cost??? Manufacturing overhead applied??? Total cost of Job 407 ? Step 5: Calculate the selling price for Job 407 Total cost of Job 407 ? Markup ? Selling price of Job 407 ?

Name: Machine-hours60,0003,000 Direct labor-hours8,00080,000 Total fix
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Machine-hours60,0003,000 Direct labor-hours8,00080,000 Total fixed manufacturing overhead cost$390,000$500,000 Variable manufacturing overhead per machine-hour$2.00 Variable manufacturing overhead per direct labor-hour $3.75 Co

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Machine-hours 60,000 3,000 Direct labor-hours 8,000 80,000 Total fixed manufacturing overhead cost $390,000 $500,000 Variable manufacturing overhead per machine-hour $2.00 Variable manufacturing overhead per direct labor-hour $3.75 Cost summary for Job 407 Department Milling Assembly Machine-hours 90 4 Direct labor-hours 5 20 Direct materials $800 $370 Direct labor cost $70 $280 Enter a formula into each of the cells marked with a ? below Step 1: Calculate the estimated total manufacturing overhead cost for each department Milling Assembly Total fixed manufacturing overhead cost ? ? Variable manufacturing overhead per machine-hour or direct labor-hour ? ? Total machine-hours or direct labor-hours ? ? Total variable manufacturing overhead ? ? Total manufacturing overhead ? ? Step 2: Calculate the predetermined overhead rate in each department Milling Assembly Total manufacturing overhead ? ? Total machine-hours or direct labor-hours ? ? Predetermined overhead rate per machine-hour or direct labor-hour ? ? Step 3: Calculate the amount of overhead applied from both departments to Job 407

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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Machine-hours	60,000	3,000
Direct labor-hours	8,000	80,000
Total fixed manufacturing overhead cost	$390,000	$500,000
Variable manufacturing overhead per machine-hour	$2.00
Variable manufacturing overhead per direct labor-hour		$3.75

Cost summary for Job 407	Department
	Milling	Assembly
Machine-hours	90	4
Direct labor-hours	5	20
Direct materials	$800	$370
Direct labor cost	$70	$280

Enter a formula into each of the cells marked with a ? below

Step 1: Calculate the estimated total manufacturing overhead cost for each department
	Milling	Assembly
Total fixed manufacturing overhead cost	?	?
Variable manufacturing overhead per machine-hour or direct labor-hour	?	?
Total machine-hours or direct labor-hours	?	?
Total variable manufacturing overhead	?	?
Total manufacturing overhead	?	?

Step 2: Calculate the predetermined overhead rate in each department
	Milling	Assembly
Total manufacturing overhead	?	?
Total machine-hours or direct labor-hours	?	?
Predetermined overhead rate per machine-hour or direct labor-hour	?	?

Step 3: Calculate the amount of overhead applied from both departments to Job 407
	Milling	Assembly
Predetermined overhead rate per machine-hour or direct labor-hour	?	?
Machine-hours or direct labor-hours for the job	?	?
Manufacturing overhead applied	?	?

Step 4: Calculate the total job cost for Job 407
	Milling	Assembly	Total
Direct materials	?	?	?
Direct labor cost	?	?	?
Manufacturing overhead applied	?	?	?
Total cost of Job 407			?

Step 5: Calculate the selling price for Job 407
Total cost of Job 407			?
Markup			?
Selling price of Job 407			Machine-hours	60,000	3,000
			Direct labor-hours	8,000	80,000
			Total fixed manufacturing overhead cost	$390,000	$500,000
			Variable manufacturing overhead per machine-hour	$2.00
			Variable manufacturing overhead per direct labor-hour		$3.75

			Cost summary for Job 407	Department
				Milling	Assembly
			Machine-hours	90	4
			Direct labor-hours	5	20
			Direct materials	$800	$370
			Direct labor cost	$70	$280

			Enter a formula into each of the cells marked with a ? below

			Step 1: Calculate the estimated total manufacturing overhead cost for each department
				Milling	Assembly
			Total fixed manufacturing overhead cost	?	?
			Variable manufacturing overhead per machine-hour or direct labor-hour	?	?
			Total machine-hours or direct labor-hours	?	?
			Total variable manufacturing overhead	?	?
			Total manufacturing overhead	?	?

			Step 2: Calculate the predetermined overhead rate in each department
				Milling	Assembly
			Total manufacturing overhead	?	?
			Total machine-hours or direct labor-hours	?	?
			Predetermined overhead rate per machine-hour or direct labor-hour	?	?

			Step 3: Calculate the amount of overhead applied from both departments to Job 407
				Milling	Assembly
			Predetermined overhead rate per machine-hour or direct labor-hour	?	?
			Machine-hours or direct labor-hours for the job	?	?
			Manufacturing overhead applied	?	?

			Step 4: Calculate the total job cost for Job 407
				Milling	Assembly	Total
			Direct materials	?	?	?
			Direct labor cost	?	?	?
			Manufacturing overhead applied	?	?	?
			Total cost of Job 407			?

			Step 5: Calculate the selling price for Job 407
			Total cost of Job 407			?
			Markup			?
			Selling price of Job 407			?

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