[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 55,000 machine-hours would be required for the period's estimated level of production. It also estimated $980,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per machine-hour. Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following information to enable calculating departmental overhead rates: Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Job D-70 Direct materials cost Direct labor cost Machine-hours 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: Molding $ 370,000 $ 220,000 15,000 Job C-200 Total Direct materials cost Direct labor cost Machine-hours $ 520,000 $ 420,000 31,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Job D-70 Job C-200 $ $ Fabrication $ 320,000 $ 160,000 9,000 Molding $ 300,000 $ 160,000 9,000 Total Manufacturing Cost Fabrication 1,212,720 X 1,297,420 X Molding 24,000 $ 760,000 $ 4.00 $ 220,000 $ 260,000 22,000 Total $ 690,000 $ 380,000 24,000 Answer is complete but not entirely correct. Complete the question by entering your answers in the tabs given below. Required: 1. Assume Delph us plantwide predetermined overhead rates a. Compute the plantwide predetermined overhead rate. 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 costs, 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? Fabrication 31,000 $ 220,000 $ 1.50 on machine-hours. Total Required 1A Required 18 Required 10 Required 1D Assume Delph uses plantwide predetermined overhead rates based on machine-hours. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar amount.) 55,000 $ 980,000
[The following information applies to the questions displayed below.] Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that 55,000 machine-hours would be required for the period's estimated level of production. It also estimated $980,000 of fixed manufacturing overhead cost for the coming period and variable manufacturing overhead of $4.00 per machine-hour. Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following information to enable calculating departmental overhead rates: Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Job D-70 Direct materials cost Direct labor cost Machine-hours 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: Molding $ 370,000 $ 220,000 15,000 Job C-200 Total Direct materials cost Direct labor cost Machine-hours $ 520,000 $ 420,000 31,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Job D-70 Job C-200 $ $ Fabrication $ 320,000 $ 160,000 9,000 Molding $ 300,000 $ 160,000 9,000 Total Manufacturing Cost Fabrication 1,212,720 X 1,297,420 X Molding 24,000 $ 760,000 $ 4.00 $ 220,000 $ 260,000 22,000 Total $ 690,000 $ 380,000 24,000 Answer is complete but not entirely correct. Complete the question by entering your answers in the tabs given below. Required: 1. Assume Delph us plantwide predetermined overhead rates a. Compute the plantwide predetermined overhead rate. 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 costs, 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? Fabrication 31,000 $ 220,000 $ 1.50 on machine-hours. Total Required 1A Required 18 Required 10 Required 1D Assume Delph uses plantwide predetermined overhead rates based on machine-hours. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places. Round your final answers to the nearest whole dollar amount.) 55,000 $ 980,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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![[The following information applies to the questions displayed below.]
Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours.
At the beginning of the year, the company estimated that 55.000 machine-hours would be required for the period's
estimated level of production. It also estimated $980,000 of fixed manufacturing overhead cost for the coming period and
variable manufacturing overhead of $4.00 per machine-hour.
Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide
overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following
information to enable calculating departmental overhead rates:
Machine-hours
Fixed manufacturing overhead cost
Variable manufacturing overhead cost per machine-hour
Job D-70
Direct materials cost
Direct labor cost
Machine-hours
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:
Molding
$ 370,000
$ 220,000
15,000
Job C-200
Total
Direct materials cost
Direct labor cost
Machine-hours
$ 520,000
$ 420,000
31,000
Delph had no underapplied or overapplied manufacturing overhead during the year.
Job D-70
Job C-200
Molding
$ 300,000
$ 160,000
9,000
$
$
Fabrication
$ 320,000
$ 160,000
9,000
Total
Manufacturing
Cost
Molding
24,000
$ 760,000
$ 4.00
1.212.720 X
1,297,420
Fabrication
$ 220,000
$ 260,000
22,000
Answer is complete but not entirely correct.
Complete the question by entering your answers in the tabs given below.
Total
$ 690,000
$ 380,000
24,000
Required:
1. Assume Delph uses plantwide predetermined overhead rates based on machine-hours.
a. Compute the plantwide predetermined overhead rate.
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 costs, 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?
Fabrication
31,000
$ 220,000
$ 1.50
Required 1A Required 1B Required 1C Required 1D
Assume Delph uses plantwide predetermined overhead rates based on machine-hours. Compute the total manufacturing cost
assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places. Round your final answers to
the nearest whole dollar amount.)
Total
55,000
$ 980,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbd5ca586-ef73-47ac-9620-7bccb84273ae%2F846401bf-0702-461e-b76a-9d186b4fd5af%2Fo786c86_processed.png&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Delph Company uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours.
At the beginning of the year, the company estimated that 55.000 machine-hours would be required for the period's
estimated level of production. It also estimated $980,000 of fixed manufacturing overhead cost for the coming period and
variable manufacturing overhead of $4.00 per machine-hour.
Because Delph has two manufacturing departments-Molding and Fabrication-it is considering replacing its plantwide
overhead rate with departmental rates that would also be based on machine-hours. The company gathered the following
information to enable calculating departmental overhead rates:
Machine-hours
Fixed manufacturing overhead cost
Variable manufacturing overhead cost per machine-hour
Job D-70
Direct materials cost
Direct labor cost
Machine-hours
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:
Molding
$ 370,000
$ 220,000
15,000
Job C-200
Total
Direct materials cost
Direct labor cost
Machine-hours
$ 520,000
$ 420,000
31,000
Delph had no underapplied or overapplied manufacturing overhead during the year.
Job D-70
Job C-200
Molding
$ 300,000
$ 160,000
9,000
$
$
Fabrication
$ 320,000
$ 160,000
9,000
Total
Manufacturing
Cost
Molding
24,000
$ 760,000
$ 4.00
1.212.720 X
1,297,420
Fabrication
$ 220,000
$ 260,000
22,000
Answer is complete but not entirely correct.
Complete the question by entering your answers in the tabs given below.
Total
$ 690,000
$ 380,000
24,000
Required:
1. Assume Delph uses plantwide predetermined overhead rates based on machine-hours.
a. Compute the plantwide predetermined overhead rate.
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 costs, 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?
Fabrication
31,000
$ 220,000
$ 1.50
Required 1A Required 1B Required 1C Required 1D
Assume Delph uses plantwide predetermined overhead rates based on machine-hours. Compute the total manufacturing cost
assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places. Round your final answers to
the nearest whole dollar amount.)
Total
55,000
$ 980,000
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