Chapter 2: Applying Excel Data Markup on job cost. Machine-hours Direct labor-hours Total fixed manufacturing overhead cost. Variable manufacturing overhead per machine-hour 2 Variable manufacturing overhead per direct labor-hour 3 4 Cost summary for Job 407 5 6 Machine-hours 7 Direct labor-hours 8 Direct materials 9 Direct labor cost 20 21 Enter a formula into each of the cells marked with a ? below 22 75% Department Milling Assembly 60,000 3,000 8,000 80,000 $390,000 $500,000 $2.00 $3.75 Department Milling Assembly 90 4 5 20 $800 $370 $70 $280 23 Step 1: Calculate the estimated total manufacturing overhead cost for each department 24 25 Total fixed manufacturing overhead cost 26 Variable manufacturing overhead per machine-hour or direct labor-hour 27 Total machine-hours or direct labor-hours 28 Total variable manufacturing overhead 29 Total manufacturing overhead 30 31 Step 2: Calculate the predetermined overhead rate in each department 32 33 Total manufacturing overhead Miling Assembly ? ? ? ? ? ? ? ? ? ? Milling Assembly 2 ? 34 Total machine-hours or direct labor-hours ? ? 35 Predetermined overhead rate per machine-hour or direct labor-hour ? 2 36 37 Step 3: Calculate the amount of overhead applied from both departments to Job 407 38 Milling Assembly 39 Predetermined overhead rate per machine-hour or direct labor-hour 7 ? ? ? 2 ? 40 Machine-hours or direct labor-hours for the job 41 Manufacturing overhead applied 42 43 Step 4: Calculate the total job cost for Job 407 44 45 Direct materials 46 Direct labor cost 47 Manufacturing overhead applied 48 Total cost of Job 407 49 50 Step 5: Calculate the selling price for Job 407 51 Total cost of Job 407 52 Markup 53 Selling price of Job 407. 54 55 56 57 Milling Assembly Total ? 12 ? 2 ? ? 2 ? ? ? 2 2 ?