Golden Wolves Statue Company Unit Product Costs 4 answers provided out of 15).

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 Companys 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. Equipment, Materials and other Costs Cost Standard per Statue Resin Molds $2,500 n/a Processing Machine $5,000 n/a Packaging Machine $2,000 n/a Golden Wolves Logo T-shirts $75 for 100 1 Resin $100 for 25 pounds 1 lb for small statues and 2 lbs for large statues Small Packaging box $12.50 for 50 boxes 1 box for each small statue Large Packaging box $20 for 50 boxes 1 box for each large statue Business Licenses $200/year Rent $600/month IPad Point of Sale System $1,000 Point of Sale Software $30/month Utilities (gas, electric and water) $60/month Business Cell Phone $80/month Salary Corey $500/month Carls Pay $10/hour 20 minutes per statue for all statues Julies Pay $10/hour 5 minutes per large forwardfacing statue for t-shirt placement Accountants pay $200/month Supervisors pay $100/month Assume that Corey decided to use a Job Order Costing system. Golden Wolves Statue Companys 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. Equipment, Materials and other Costs Cost Standard per Statue Resin Molds $2,500 n/a Processing Machine $5,000 n/a Packaging Machine $2,000 n/a Golden Wolves Logo T-shirts $75 for 100 1 Resin $100 for 25 pounds 1 lb for small statues and 2 lbs for large statues Small Packaging box $12.50 for 50 boxes 1 box for each small statue Large Packaging box $20 for 50 boxes 1 box for each large statue Business Licenses $200/year Rent $600/month IPad Point of Sale System $1,000 Point of Sale Software $30/month Utilities (gas, electric and water) $60/month Business Cell Phone $80/month Salary Corey $500/month Carls Pay $10/hour 20 minutes per statue for all statues Julies Pay $10/hour 5 minutes per large forwardfacing statue for t-shirt placement Accountants pay $200/month Supervisors pay $100/month 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. 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.) Job 1: Small Profile Statues Direct materials $3,060 Direct Labor Manufacturing overhead applied Total job cost # of Statues completed Job 2: Large Profile Statues Direct materials Direct Labor Manufacturing overhead applied $3,240 Total job cost # of Statues completed 1080 Job 3: Large Forward Facing Statues Direct materials Direct Labor Manufacturing overhead applied Total job cost # of Statues completed 900