Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the...
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Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Job Cost Sheet Job Number: 1324 Date Started: July 8 Date Completed: September 9 Description: Drayna Pool Direct Materials Requisition Direct Labor Applied Manufacturing Overhead Number Amount Ticket Hours Amount Hours Rate Amount MR 3345 $ 1,510 TT 335 27 $ 561.60 MR 3372 1,030 TT 340 32 665.60 MR 4251 1,320 TT 385 31 644.80 MR 4263 1,720 TT 425 39 811.20 es MR 5236 2,050 TT 445 30 624.00 $ $ 7,630 159 ? ? ? 3,307.20 Cost Summary $ 7,630.00 3,307.20 ? Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost The company applies overhead to jobs at a rate of $10.40 per direct labor hour. Required: 1. Calculate how much overhead would be applied to Job 1324. 2. Compute the total cost of Job 1324. 3. Assume the company bids its pools at total manufacturing cost plus an additional 28 percent. If actual costs were the same as estimated, determine how much revenue the company would report on the sale of Job 1324. 4. Calculate how much gross profit Aquazona made on the sale of the Drayna pool, before any adjustment for over- or underapplied manufacturing overhead. Aquazona Pool Company is a custom pool builder. The company recently completed a pool for the Drayna family (Job 1324) as summarized on the incomplete job cost sheet below. Job Cost Sheet Job Number: 1324 Date Started: July 8 Date Completed: September 9 Description: Drayna Pool Direct Materials Requisition Direct Labor Applied Manufacturing Overhead Number Amount Ticket Hours Amount Hours Rate Amount MR 3345 $ 1,510 TT 335 27 $ 561.60 MR 3372 1,030 TT 340 32 665.60 MR 4251 1,320 TT 385 31 644.80 MR 4263 1,720 TT 425 39 811.20 es MR 5236 2,050 TT 445 30 624.00 $ $ 7,630 159 ? ? ? 3,307.20 Cost Summary $ 7,630.00 3,307.20 ? Direct Materials Cost Direct Labor Cost Applied Manufacturing Overhead Total Cost The company applies overhead to jobs at a rate of $10.40 per direct labor hour. Required: 1. Calculate how much overhead would be applied to Job 1324. 2. Compute the total cost of Job 1324. 3. Assume the company bids its pools at total manufacturing cost plus an additional 28 percent. If actual costs were the same as estimated, determine how much revenue the company would report on the sale of Job 1324. 4. Calculate how much gross profit Aquazona made on the sale of the Drayna pool, before any adjustment for over- or underapplied manufacturing overhead.
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1 To calculate the overhead applied to Job 1324 we need to multiply the total direct labor hours by ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
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