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 $380 $ 270 39 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 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. 152,000 $ 657,000 $4.80 Required 1 Required 2 Required 3 Required 4 If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? (Round your intermediate calculations and final answer to 2 decimal places.) Selling price per unit $ 46.27 < 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 $380 $ 270 39 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 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? Complete this question by entering your answers in the tabs below. 152,000 $ 657,000 $4.80 Required 1 Required 2 Required 3 Required 4 If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400? (Round your intermediate calculations and final answer to 2 decimal places.) Selling price per unit $ 46.27 < Required 3 Required 4 >
Chapter1: Financial Statements And Business Decisions
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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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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
$380
$ 270
39
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 130% of its total manufacturing cost, then what selling price per unit would it have
established for Job 400?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Required 3 Required 4
152,000
$ 657,000
$ 4.80
46.27
If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have
established for Job 400? (Round your intermediate calculations and final answer to 2 decimal places.)
Selling price per unit
$
< Required 3
Required 4 >
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VIEWStep 2: 1. Calculation of Plantwide Predetermined overhead rate
VIEWStep 3: 2. Calculation of Total Manufacturing Cost assigned to Job 400
VIEWStep 4: 3. Calculation of Unit Product Cost of Job 400 if 50 units are included
VIEWStep 5: 4. Calculation of Selling price per unit if 130% mark up on its total Manufacturing Cost
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