Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Harnett Corporation has two manufacturing beginning of the period to calculate predetermined overhead rates departments Molding and Assembly The company used the following data at

image text in transcribed

image text in transcribed

Harnett Corporation has two manufacturing beginning of the period to calculate predetermined overhead rates departments Molding and Assembly The company used the following data at the 10 points Estimated total machine-hours (MHs) Estimated total fixed $ 62,188 $7,8e0 $ 69,988 PiD During the period. the company started and completed two jobs-Job E and Job M. Data concerning those two jobs follow Direct materials Direct labor cost Molding machine-hours Assembly machine-hours Job E Job M $21,280$ 7,880 $23,508 $ 8,488 2,508 6,580 Required: a. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate that overhead rate. (Round your answer to 2 decimal places.) b. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours. Calculate the amount of manufacturing overhead applied to Job E (Do not round intermediate calculations.) c. Assume that the company uses a plantwide predetermined manufacturing o total manufacturing cost assigned to Job E. (Do not round intermediate calculations.) d. Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 20% on manufacturing cost to establish selling prices. Calculate the selling price for Job E. (Do not round intermediate calculations.) e. Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments. What is the cepartmental predetermined verhead rate in the Molding department? (Round your answer to 2 decimal places.) f Assume that the company uses departm rate based on machine-hours. Calculate the ental predetermined overhead rates with machine-hours as the allocation base in both hat is the departmental predetermined overhead rate in the Assembly department? (Round your answer to 2 decimal places.) g. Assume that the company uses departmental predetermined o verhead rates with machine-hours as the allocation base in both ion departments. How much manufacturing bverhead willbe applied to Job E? (Do not round inter Assume that the company uses departmental predetermine d overhead rates with machine-hours as the allocation base in both ction departments. Further assume that the company}uses a markup of 20% on manufacturing cost to establish selling prices Calculate the selling price for Job E (Do not round intermediate calculations.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Iso 9000 Auditors Companion

Authors: Kent A. Keeney

1st Edition

0873893247, 978-0873893244

More Books

Students also viewed these Accounting questions