2.
Harnett Corporation has two manufacturing departments--Molding and Assembly. The company used the following data at the beginning of the period to calculate predetermined overhead rates: Molding 5,000 $ 15,000 Assembly 5,000 29,500 Total Estimated total machine-hours (MHs) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH 10,000 $ 44,500 $ 2.00 4.00 During the period, the company started and completed two jobs-Job E and Job M. Data concerning those two jobs follow: Job M Job E Direct materials $16,200 $9,500 $22,900 $9,900 2,700 Direct labor cost Molding machine-hours Assembly machine-hours 2,300 400 4,600 Required: a. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate that overhead rate. (Round your answer to 2 decimal places.) b. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the amount of manufacturing overhead applied to Job E. (Do not round intermediate calculations.) c. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the total manufacturing cost assigned to Job E. (Do not round intermediate calculations.) d. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 80% on manufacturing cost to establish selling prices. Calculate the selling price for Job E. (Do not round intermediate calculations.) e. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. What is the departmental predetermined overhead rate in the Molding department? (Round your answer to 2 decimal places.) f. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. What is the departmental predetermined overhead rate in the Assembly department? (Round your answer to 2 decimal places.) g. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. How much manufacturing overhead will be applied to Job E? (Do not round intermediate calculations.) h. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. Further assume that the company uses a markup of 80% on manufacturing cost to establish selling prices. Calculate the selling price for Job E. (Do not round intermediate calculations.) Predetermined overhead rate . per MH Manufacturing overhead applied b. Manufacturing cost Selling price Molding predetermined overhead rate f.Assembly predetermined overhead rate Manufacturing overhead applied job E Selling price for job E . d. . per MH per MH g. h. The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Work In Process 0 (b) 0(f) Bal 158,000 Bal 526,000 (b) (a) 174,000 134,000 172,000 (c) 16,000 220,000 (e) 0 Finished Goods Manufacturing Overhead 0 (g) 24,000 (e) Bal 480,000 (b) (c) (d) 220,000 (f) 526,000 28,000 160,000 46,000 8,000 Cost of Goods Sold 480,000 (g) Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year
