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 155,000 $ 658,000 $4.10 $ 330 $ 250 35 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 110% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
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 155,000 $ 658,000 $4.10 $ 330 $ 250 35 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 110% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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I need help inputting the correct value for part 4.
Thank you.
NOTE: Only part 4 needs solving.
Transcribed Image Text: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
155,000
$ 658,000
$ 4.10
$ 330
$ 250
35
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 110% of its total manufacturing cost, then what selling price per unit would it have established
for Job 400?
Transcribed Image Text:Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3 Required 4
If Moody uses a markup percentage of 110% 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
$ 19.18 X
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