Madison Inc. uses a job-order costing for its brand new line of sewing machines. The cost incurred for production during 2010 totaled $19,000 of materials, $10,000 of direct labor costs, and $7,000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year. Beginning work in process totaled $16,000, and the ending balance is $10,000. During the year, the company completed 40 machines. How much is the cost per machine?

Madison Inc. uses a job-order costing for its brand new line of sewing machines. The cost incurred for production during 2010 totaled $19,000 of materials, $10,000 of direct labor costs, and $7,000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year. Beginning work in process totaled $16,000, and the ending balance is $10,000. During the year, the company completed 40 machines. How much is the cost per machine?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 10E: Compute the total job cost for each of the following scenarios: a. If the direct labor cost method...

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Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories. It started, completed, and sold only two jobs during the year—Job P and Job Q. The company uses a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, it estimated that 4,000 machine-hours would be required for the period’s estimated level of production. Sweeten also estimated $25,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $1.70 per machine-hour. Because Sweeten 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 additional information to enable calculating departmental overhead rates: Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 10,000…