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 $ 450 $ 210 40 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 52 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Required 1 Required 2 Complete this question by entering your answers in the tabs below. 100,000 $ 650,000 $ 3.00 > Answer is complete but not entirely correct. Required 3 Required 4 24.00 If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? (Round your intermediate calculations to the nearest whole number and final answer to 2 decimal places.) Selling price per unit < Required 3 Required 4 >
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 $ 450 $ 210 40 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 52 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Required 1 Required 2 Complete this question by entering your answers in the tabs below. 100,000 $ 650,000 $ 3.00 > Answer is complete but not entirely correct. Required 3 Required 4 24.00 If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? (Round your intermediate calculations to the nearest whole number and final answer to 2 decimal places.) Selling price per unit < Required 3 Required 4 >
Chapter1: Financial Statements And Business Decisions
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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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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
$ 450
$ 210
40
Compute the total manufacturing cost assigned to Job 400.
3. If Job 400 includes
units, what is the unit product cost for this job?
4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have
established for Job 400?
100,000
$ 650,000
$ 3.00
Complete this question by entering your answers in the tabs below.
$ 24.00 X
X Answer is complete but not entirely correct.
Required 1 Required 2 Required 3 Required 4
If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have
established for Job 400? (Round your intermediate calculations to the nearest whole number and final answer to 2 decimal
places.)
Selling price per unit
< Required 3
Required 4 >
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