Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, I need some help figuring out these last two questions for this excel assignment for accounting. Please show what steps are needed to get

Hello, I need some help figuring out these last two questions for this excel assignment for accounting. Please show what steps are needed to get to the answer because I would like to have it for future reference. Thank you! Also, I already went ahead and changed the values for Question 2 where it asks to change the values in the excel sheet. I am stuck on the questions after those (the questions I am stuck on are questions 3 and 4 which I have attached images of at the end).

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Chapter 2: Applying Excel Data Markup on job cost 75% Department Enter a formula into each of the cells marked with a ? below Step 1: Calculate the estimated total manufacturing overhead cost for each department \begin{tabular}{l|r|r|} & Milling & \multicolumn{1}{c|}{ Assembly } \\ \hline Total fixed manufacturing overhead cost & $390,000 & $500,000 \\ \hline Variable manufacturing overhead per machine-hour or direct labor-hour & $2.00 & $3.75 \\ \hline Total machine-hours or direct labor-hours & 60,000 & 80,000 \\ \hline Total variable manufacturing overhead & $120,000 & $300,000 \\ \hline Total manufacturing overhead & $510,000 & $800,000 \\ \hline \end{tabular} Step 2: Calculate the predetermined overhead rate in each department \begin{tabular}{l|r|r} & \multicolumn{1}{c}{ Milling } & \multicolumn{1}{c}{ Assembly } \\ \hline Total manufacturing overhead & $510,000 & $800,000 \\ \hline Total machine-hours or direct labor-hours & 60,000 & 80,000 \\ \hline Predetermined overhead rate per machine-hour or direct labor-hour & $8.50 & $10.00 \\ \hline \end{tabular} Step 3: Calculate the amount of overhead applied from both departments to Job 407 \begin{tabular}{l|r|r} & \multicolumn{1}{r|}{ Milling } & \multicolumn{1}{c}{ Assembly } \\ \hline Predetermined overhead rate per machine-hour or direct labor-hour & $8.50 & $10.00 \\ \hline Machine-hours or direct labor-hours for the job & 80 & 20 \\ \hline Manufacturing overhead applied & $680.00 & $200.00 \\ \hline \end{tabular} Step 4: Calculate the total job cost for Job 407 \begin{tabular}{l|r|r|r|} & Milling & Assembly & \multicolumn{1}{|c|}{ Total } \\ \hline Direct materials & $890.00 & $230.00 & $1,120.00 \\ \hline Direct labor cost & $100.00 & $360.00 & $460.00 \\ \hline Manufacturing overhead applied & $680.00 & $200.00 & $880.00 \\ \hline Total cost of Job 407 & $2,460.00 \\ \hline \hline \end{tabular} Step 5: Calculate the selling price for Job 407 Total cost of Job 407 Markup Selling price of Job 407 2,460.001,845.004,305.00 2. Change the total fixed manufacturing overhead cost for the Milling Department in Data area back to $390,000, keeping other data the same as in the original example. Consider a new job, Job 408 , with the following characteristics: 3. Without changing the data for the Job from requirement 2 above, what is the selling price for Job 408 if the total number of machinehours in the Assembly Department increases from 3,000 machine-hours to 4,000 machine-hours? (Round your final answer to 2 decimal places.) 4. Restore the total number of machine-hours in the Assembly Department to 3,000 machine-hours. And keep the job data the same as it was in Requirement 2 . What is the selling price for Job 408 if the total number of direct labor-hours in the Assembly Department decreases from 80,000 direct labor-hours to 40,000 direct labor-hours? (Round your final answer to 2 decimal places.)

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

SAP Certified Application Associate Financial Accounting With SAP ERP 6 0

Authors: Kiran K ,Augustine D

1st Edition

1544118724, 978-1544118727

More Books

Students also viewed these Accounting questions

Question

assess the infl uence of national culture on the workplace

Answered: 1 week ago