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Playtime Industries manufactures custom-designed playground equipment for schools and city parks. Playtime expected to incur $533,000 of manufacturing overhead cost, 41,000 of direct labor hours, and $1,394,000 of direct labor cost during the year (the cost of direct labor is $34 per hour). The company allocates manufacturing overhead on the basis of direct labor hours. During August, Playtime completed Job 301. The job used 155 direct labor hours and required $12,700 of direct materials. The City of Northville has contracted to purchase the playground equipment at a price of 29% over manufacturing cost. Requirement 1. Calculate the manufacturing cost of Job 301. First identify the formula, then calculate the predetermined overhead rate. = Predetermined overhead rate per hour Calculate the manufacturing cost of Job 301. Total job cost Requirement 2. How much will the City of Northville pay for this playground equipment? (Round your answers to the nearest whole number.) Total price to charge

Playtime Industries manufactures custom-designed playground equipment for schools and city parks. Playtime expected to incur $533,000 of manufacturing overhead cost, 41,000 of direct labor hours, and $1,394,000 of direct labor cost during the year (the cost of direct labor is $34 per hour). The company allocates manufacturing overhead on the basis of direct labor hours. During August, Playtime completed Job 301. The job used 155 direct labor hours and required $12,700 of direct materials. The City of Northville has contracted to purchase the playground equipment at a price of 29% over manufacturing cost. Requirement 1. Calculate the manufacturing cost of Job 301. First identify the formula, then calculate the predetermined overhead rate. = Predetermined overhead rate per hour Calculate the manufacturing cost of Job 301. Total job cost Requirement 2. How much will the City of Northville pay for this playground equipment? (Round your answers to the nearest whole number.) Total price to charge

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Playtime Industries manufactures custom-designed playground equipment for schools and city parks. Playtime expected to incur $533,000 of manufacturing overhead cost, 41,000 of direct labor hours, and $1,394,000 of direct labor cost during the year (the cost of direct labor is $34 per hour). The company allocates manufacturing overhead on the basis of direct labor hours. During August, Playtime completed Job 301. The job used 155 direct labor hours and required $12,700 of direct materials. The City of Northville has contracted to purchase the playground equipment at a price of 29% over manufacturing cost. Requirement 1. Calculate the manufacturing cost of Job 301. First identify the formula, then calculate the predetermined overhead rate. Predetermined overhead rate per hour Calculate the manufacturing cost of Job 301. Total job cost Requirement 2. How much will the City of Northville pay for this playground equipment? (Round your answers to the nearest whole number.) Total price to charge
Transcribed Image Text:Playtime Industries manufactures custom-designed playground equipment for schools and city parks. Playtime expected to incur $533,000 of manufacturing overhead cost, 41,000 of direct labor hours, and $1,394,000 of direct labor cost during the year (the cost of direct labor is $34 per hour). The company allocates manufacturing overhead on the basis of direct labor hours. During August, Playtime completed Job 301. The job used 155 direct labor hours and required $12,700 of direct materials. The City of Northville has contracted to purchase the playground equipment at a price of 29% over manufacturing cost. Requirement 1. Calculate the manufacturing cost of Job 301. First identify the formula, then calculate the predetermined overhead rate. Predetermined overhead rate per hour Calculate the manufacturing cost of Job 301. Total job cost Requirement 2. How much will the City of Northville pay for this playground equipment? (Round your answers to the nearest whole number.) Total price to charge
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