Required information Skip to question [The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding Fabrication Total Machine - hours 22,000 35,000 57,000 Fixed manufacturing overhead cost $ 740,000 S 240,000 S 980,000 Variable manufacturing overhead cost per machine-hour $ 3.00 $ 1.50 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Job D-70 Molding Fabrication Total Direct materials cost $ 370,000 $320,000 $ 690,000 Direct labor cost $ 200, 000 $ 140, 000 $ 340,000 Machine - hours 14,000 8,000 22,000 Job C-200 Molding Fabrication Total Direct materials cost $ 280, 000 $ 300,000 S 580,000 Direct labor cost $ 140,000 $ 280,000 S 420,000 Machine - hours 8,000 27,000 35,000 Delph had not underapplied or overapplied manufacturing overhead during the year. Required: 1. Assume Delph uses departmental predetermined overhead rates based on machine - hours. a. Compute the departmental predetermined overhead rates. b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. c. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D -70 and Job C-200? d. What is Delph's cost of goods sold for the year?
Required information Skip to question [The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding Fabrication Total Machine - hours 22,000 35,000 57,000 Fixed manufacturing overhead cost $ 740,000 S 240,000 S 980,000 Variable manufacturing overhead cost per machine-hour $ 3.00 $ 1.50 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It provided the following information related to those two jobs: Job D-70 Molding Fabrication Total Direct materials cost $ 370,000 $320,000 $ 690,000 Direct labor cost $ 200, 000 $ 140, 000 $ 340,000 Machine - hours 14,000 8,000 22,000 Job C-200 Molding Fabrication Total Direct materials cost $ 280, 000 $ 300,000 S 580,000 Direct labor cost $ 140,000 $ 280,000 S 420,000 Machine - hours 8,000 27,000 35,000 Delph had not underapplied or overapplied manufacturing overhead during the year. Required: 1. Assume Delph uses departmental predetermined overhead rates based on machine - hours. a. Compute the departmental predetermined overhead rates. b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. c. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D -70 and Job C-200? d. What is Delph's cost of goods sold for the year?
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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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![Required information Skip to question [The following information applies to the questions displayed below.] Delph Company uses a job - order costing system and has two manufacturing departments-Molding and
Fabrication. The company provided the following estimates at the beginning of the year: Molding Fabrication Total Machine - hours 22, 000 35,000 57,000 Fixed manufacturing overhead cost $ 740,000 $ 240,000 $980,000
Variable manufacturing overhead cost per machine - hour $ 3.00 $ 1.50 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It
provided the following information related to those two jobs: Job D-70 Molding Fabrication Total Direct materials cost $ 370,000 $320, 000 $ 690,000 Direct labor cost $ 200,000 $ 140,000 $340,000 Machine - hours
14,000 8,000 22,000 Job C-200 Molding Fabrication Total Direct materials cost $ 280,000 $ 300, 000 $ 580,000 Direct labor cost $ 140,000 $ 280, 000 $ 420,000 Machine - hours 8,000 27, 000 35,000 Delph had no
underapplied or overapplied manufacturing overhead during the year. Required: 1. Assume Delph uses departmental predetermined overhead rates based on machine - hours. a. Compute the departmental predetermined
overhead rates. b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. c. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D
-70 and Job C-200? d. What is Delph's cost of goods sold for the year?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F623e1f2d-693f-4884-94cf-48714dc0b0a5%2Fb198dc6b-a11e-4f4a-a63f-60657c87cc5f%2Fbzjto2k_processed.png&w=3840&q=75)
Transcribed Image Text:Required information Skip to question [The following information applies to the questions displayed below.] Delph Company uses a job - order costing system and has two manufacturing departments-Molding and
Fabrication. The company provided the following estimates at the beginning of the year: Molding Fabrication Total Machine - hours 22, 000 35,000 57,000 Fixed manufacturing overhead cost $ 740,000 $ 240,000 $980,000
Variable manufacturing overhead cost per machine - hour $ 3.00 $ 1.50 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs-Job D-70 and Job C-200. It
provided the following information related to those two jobs: Job D-70 Molding Fabrication Total Direct materials cost $ 370,000 $320, 000 $ 690,000 Direct labor cost $ 200,000 $ 140,000 $340,000 Machine - hours
14,000 8,000 22,000 Job C-200 Molding Fabrication Total Direct materials cost $ 280,000 $ 300, 000 $ 580,000 Direct labor cost $ 140,000 $ 280, 000 $ 420,000 Machine - hours 8,000 27, 000 35,000 Delph had no
underapplied or overapplied manufacturing overhead during the year. Required: 1. Assume Delph uses departmental predetermined overhead rates based on machine - hours. a. Compute the departmental predetermined
overhead rates. b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. c. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D
-70 and Job C-200? d. What is Delph's cost of goods sold for the year?
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