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Teahen Products manufactures its products in two separate departments Machining and Assembly Total manufacturing overhead costs for the year are budgeted at $1,100,000 of this amount, the Machining Department incurs $680,000 (primarily for machine operation and depreciation) while the Assembly Department incurs $420,000. The company estimates that it will incur 10,000 machine hours (all in the Machining Department) and 22,000 direct labor hours (8,000 in the Machining Department and 14,000 in the Assembly Department) during the year Click the icon to view the additional information.) Read the requirements Requirement 5. Compute the total amount of overhead allocated to each job if the company uses departmental overhead rates i Data Table - X Overhead allog Overhead allo Total overhead Requirement The single plan assign Requirement rate. (Round a Teahen Products currently uses a plantwide overhead rate based on direct labor hours to allocate overhead However, the company is considering refining its overhead allocation system by using departmental overhead rates The Machining Department would allocate its overhead using machine hours (MH), but the Assembly Department would allocate its overhead using direct labor (DL) hours. The following chart shows the machine hours (MH) and direct labor (DL) hours incurred by Jobs 500 and 501 in each production department Machining Assembly Department Department Job 500 10 MH 12 DL hours 5 DL hours Job 501 20 MH 12 DL hours 5 DL hours Both Jobs 500 and 501 used $1800 of direct materials Wages and benefits total $30 per direct labor hour Teahen Products prices its products at 110% of total manufacturing costs overhead Direct materiall Choose from a Type here to search a Teahen Products manufactures its products in two separate departments Machining and Assembly Total manufacturing overhead costs for the year are budgeted at $1,100,000 of this amount, the Machining Department incurs $680.000 (primarily for machine operation and depreciation) while the Assembly Department incurs $420,000. The company estimates that it will incur 10,000 machine hours (all in the Machining Department) and 22,000 direct labor hours (8,000 in the Machining Department and 14,000 in the Assembly Department) during the year Click the icon to view the additional information) Read the requirements Requirement 5. Compute the total amount of overhead allocated to each job if the company uses departmental overhead rates Job 500 Job 501 Overhead allocation Machining Department Overhead allocation - Assembly Department Total overhead allocation Requirement 6. Do both of the allocation systems accurately reflect the resources each job used? Explain The single plantwide overhead rate assigned of overhead to both jobs. The departmental rates assign to Job 501 than Job 500 due to the used. This seems Requirement 7. Compute the total manufacturing cost and sales price of each job using the company's current plantwide overhead rate (Round amounts to the nearest dollar Enter the percentage as a whole number) Job 500 Job 501 Direct materials Choose from any list or enter any number in the input fields and then continue to the next question. 2 Teahen Products manufactures its products in two separate departments Machining and Assembly Total manufacturing overhead cos for the year are budgeted at $1,100,000 of this amount, the Machining Department incurs $680,000 (primarily for machine operation and depreciation) while the Assembly Department incurs $420,000 The company estimates that it will incur 10,000 machine hours (all in the Machining Department) and 22,000 direct labor hours (8,000 in the Machining Department and 14.000 in the Assembly Department) during the year Click the icon to view the additional information) Read the requirements Requirement 7. Compute the total manufacturing cost and sales price of each job using the company's current plantwide overhead rate (Round amounts to the nearest dollar. Enter the percentage as a whole number) Job 500 Job 501 Direct materials Direct labor Manufacturing overhead Total manufacturing costs Markup for pricing (%) Sales price Requirement 8. Based on the current (plantwide) allocation system how much profit did the company think it earned on each job? Calculate the gross profit using the current costing system Job 500 Job 501 Choose from any list or enter any number in the input fields and then continue to the next question Teahen Products manufactures its products in two separate departments Machining and Assembly Total manufacturing overhead cos for the year are budgeted at $1,100,000 of this amount, the Machining Department incurs $680,000 (primarily for machine operation and depreciation) while the Assembly Department incurs $420,000 The company estimates that it will incur 10,000 machine hours (all in the Machining Department) and 22,000 direct labor hours (8,000 in the Machining Department and 14,000 in the Assembly Department) during the year. Click the icon to view the additional information) Read the requirements Sales price Requirement 8. Based on the current (plantwide) allocation system how much profit did the company think it earned on each job? Calculate the gross profit using the current costing system Job 500 Job 501 Sales price Less. Total manufacturing costs Gross profit (loss) Based on the departmental overhead rates and the sales price determined in Requirement 7 how much profit did the company really earn on each job? Calculate the gross profit using the departmental rate costing system (Use parentheses or a minus sign to show losses.) Job 500 Job 501 Sales price Choose from any list or enter any number in the input fields and then continue to the next question ? Teahen Products manufactures its products in two separate departments Machining and Assembly Total manufacturing overhead costs for the year are budgeted at $1,100,000 of this amount, the Machining Department incurs $680,000 (primarily for machine operation and depreciation) while the Assembly Department incurs $420,000. The company estimates that it will incur 10,000 machine hours (all in the Machining Department) and 22,000 direct labor hours (8,000 in the Machining Department and 14,000 in the Assembly Department) during the year Click the icon to view the additional information) Read the requirements earn on each job? Calculate the gross profit using the departmental rate costing system (Use parentheses or a minus sign to show losses) Job 500 Job 501 Sales price Less Total manufacturing costs Direct materials Direct labor Manufacturing overhead Gross profit (loss) Requirement 9. Compare and comment on the results you obtained in Requirements 7 and 8 When utlizing a single rate allocation method, Teahen believes that When utilizing a refined costing method, Teahon realizes that Choose from any list or enter any number in the input fields and then continue to the next