Mcewan Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 44,000 direct labor-hours, total fixed manufacturing overhead cost of $369,600, and a variable manufacturing overhead rate of $4.00 per direct labor-hour. Job X941, which was for 50 units of a custom product, was recently completed. The job cost sheet for the job contained the following data: Total direct labor-hours Direct materials Direct labor cost 300 $ 600 $7,000 Required: Calculate the selling price for Job X941 if the company marks up its unit product costs by 20%. (Round intermediate calculations and final answer to 2 decimal places.) Selling price per unit

Mcewan Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on 44,000 direct labor-hours, total fixed manufacturing overhead cost of $369,600, and a variable manufacturing overhead rate of $4.00 per direct labor-hour. Job X941, which was for 50 units of a custom product, was recently completed. The job cost sheet for the job contained the following data: Total direct labor-hours Direct materials Direct labor cost 300 $ 600 $7,000 Required: Calculate the selling price for Job X941 if the company marks up its unit product costs by 20%. (Round intermediate calculations and final answer to 2 decimal places.) Selling price per unit

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Description: 6Mcewan Corporation uses a job-order costing system with a single plantwidepredetermined overhead rate based on direct labor-hours. The company based itspredetermined overhead rate for the current year on 44,000 direct labor-hours, totalfixed manufa

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

6
Mcewan Corporation uses a job-order costing system with a single plantwide
predetermined overhead rate based on direct labor-hours. The company based its
predetermined overhead rate for the current year on 44,000 direct labor-hours, total
fixed manufacturing overhead cost of $369,600, and a variable manufacturing
overhead rate of $4.00 per direct labor-hour. Job X941, which was for 50 units of a
custom product, was recently completed. The job cost sheet for the job contained the
following data:
Total direct labor-hours
Direct materials
Direct labor cost.
300
$ 600
$7,000
Required:
Calculate the selling price for Job X941 if the company marks up its unit product costs
by 20%. (Round intermediate calculations and final answer to 2 decimal places.)
Selling price per unit

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