Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the
Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding FabricationTotal 62,000 710,000 240,000 950,000 Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead cost per machine-hour 26,000 36,000 6.00 $ 6.00 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 Job D-70 Direct materials cost 374,000 Direct labor cost Machine-hours Molding Fabrication Total 330,000 704,000 200,000 180,000 380,000 26,000 17,000 9,000 Molding Fabrication Total $ 220,000 220,000 440,000 130,000 270,000 400,000 Job C-200: Direct materials cost Direct labor cost Machine-hours 9, 000 27,000 36,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Required: 1. Assume Delph uses a plantwide predetermined overhead rate 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 140% of total manufacturing cost, 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? Complete the question by entering your answers in the tabs given below. Req 1B Req 1A Req 1C Req 1D Assume Delph uses a plantwide predetermined overhead rate based on machine-hours. Compute the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH Req 1A Req 1B > Req 1B Req 1A Req 1C Req 1D Assume Delph uses a plantwide predetermined overhead rate 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.) Total manufacturing cost Job D-70 Job C-200 Req 1A Req 1B Req 1C Req 1D Assume Delph uses a plantwide predetermined overhead rate based on machine-hours. If Delph establishes bid prices that are 140% of total manufacturing cost, what bid prices would it have established for Job D-70 and Job C-200? (Round your intermediate calculations to 2 decimal places.) Bid price Job D-70 Job C-200 Req 1B Req 1D Req 1C Req 1D Req 1A Req 1B Assume Delph uses a plantwide predetermined overhead rate based on machine-hours. What is Delph's cost of goods sold for the year? (Round your intermediate calculations to 2 decimal places.) Cost of goods sold Req 1C Req 1D
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started