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For Step 1, using the cost table and the information given, calculate the total amount of Direct Labor and number of statues produced in each
For Step 1, using the cost table and the information given, calculate the total amount of Direct Labor and number of statues produced in each job. For Step 2, calculate the Plantwide Predetermined Overhead rate per Direct Labor hour worked using Job 2 (since the Manufacturing Overhead Applied value is already provided) once you have calculated the total direct labor cost. For Step 3, calculate the manufacturing overhead applied using the plantwide predetermined overheard rate and the information that you already calculated. For Step 4, determine the cost of material per statue from the cost table and then apply it to the number of statues completed.) Corey spent the month of December talking to various suppliers in order to figure out how much all of the components of his business would cost. He added cost information to the information in the table below. Cost Information Assume that Corey decided to use a Job Order Costing system. Golden Wolves Statue Company's plantwide predetermined overhead rate uses direct labor-hours as the allocation base. Corey pays Carl and Julie the hourly wage specified in the table above. During the first year of operations, the company started and completed three large jobs for 3 different retailers. One retailer wanted only small profile statues, another wanted only large profile statues and the third wanted the large forward-facing statues. Some of the details of each job are as follows: Job 1: Small profile statues, Carl worked 240 direct labor-hours. Julie did not work on Job 1. Job 2: Large profile statues, 1080 statues were completed, Manufacturing Overhead Applied equals $3,240. Carl worked on these, Julie did not. Job 3: Forward facing statues with t shirts, 900 statues were completed. Carl and Julie each worked on these for the times, per statue, listed in the table above. Assignment: Complete the job cost sheets for the three jobs by calculating the Direct materials, Direct labor and Manufacturing overhead applied for each of the 3 jobs given the information in the cost table above and calculate the plantwide predetermined overhead rate. *Hints For Step 1, using the cost table and the information given, calculate the total amount of Direct Labor and number of statues produced in each job
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