Exercise 4-15 Plantwide and Departmental Overhead Rates; Job Costs [LO4-1, LO4-2, L04-3] [The following information applies to the questions displayed below.) Smithson 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 Fabrication Total Machine-hours 32,000 42,000 74,000 Fixed manufacturing overhead costs $ 740,000 $ 290,000 $ 1,030,000 Variable manufacturing overhead per machine-hour $ 5.00 $ 5.00 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobsJob D-75 and Job C-100. It provided the following information related to those two jobs: Job D-75: Direct materials cost Direct labor cost Machine-hours $ $ Molding Fabrication 374,000 $ 326,000 $ 240,000 $ 140,000 $ 24,000 8,000 Total 700,000 380,000 32,000 Job C-100: Direct materials cost Direct labor cost Machine-hours $ Molding 210,000 $ 160,000 $ 8,000 Fabrication Total 230,000 $440,000 240,000 $400,000 34,000 42,000 Exercise 4-15 Part 1 Assume Smithson uses a plantwide overhead rate based on machine-hours. Required: 1-a. Compute the predetermined plantwide overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead S 18.24 per MH 1-b. Compute the total manufacturing costs assigned to Job D-75 and Job C-100. (Round your intermediate calculations to 2 decimal places.) Total manufacturing cost $ 1.663,680 Job D-75 Job C-100 $ 848,000: 1-c. If Smithson establishes bid prices that are 120% of total manufacturing costs, what bid price would it have established for Job D-75 and Job C-100? (Round your intermediate calculations to 2 decimal places.) Bid price Job D-75 $ 1,996,416 Job C-100 $ 1,017,600 1-d. What is Smithson's cost of goods sold for the year? (Round your intermediate calculations to 2 decimal places.) Cost of goods sold $ 2,511,680