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I need to answer 1-15 for the Burnell corporations assignment. Im struggling with it massively. If your can help me with it, I will forever
I need to answer 1-15 for the Burnell corporations assignment. Im struggling with it massively. If your can help me with it, I will forever be grateful.
which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning of the year, the company provided the following estimates: Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Department Molding Painting 12,000 60,000 70,000 8,000 $497,000 $615,000 $ 1.50 2.00 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job: Direct labor-hours Machine-hours Direct materials Direct labor cost Department Molding Painting 30 84 110 20 $ 770 $1,332 $ 525 $1,470 Required: 1. Compute the predetermined overhead rates used in the Molding Department and the Painting Department 2. Compute the total overhead cost applied to Job 205. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the job contained 50 units, what would be the unit product cost? Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding 2,500 $12,000 $ 2.20 Fabrication 1,500 $16,200 $ 3.00 Total 4,000 $28,200 Job P $21,000 $27,480 Job $12,000 $10,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,500 1,400 3,900 1,600 1,700 3,300 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10-15. assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base 4. What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.) Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Moldin 2,500 $12,000 $ 2.20 Fabrication 1,500 $16,200 $ 3.00 $28,200 Job P $21,000 $27,480 Job $12,000 $10,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,500 1,400 3,900 1,600 1,700 3,300 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with machine hours as the allocation base in both departments and Job Pincluded 20 units and Job Q included 30 units. For questions 10-15. assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. 8. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Bunnell Corporation is a manufacturer that uses job order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 77,000 $ 29,000 $ 59,400 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13,25 per direct labor-hour was based on a cost formula that estimated $530,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account, $708,000, b. Raw materials used in production, $666,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $480,000; indirect labor, $150,000, selling and administrative salaries, $335,000. d. Incurred various selling and administrative expenses (eg. advertising, sales travel costs, and finished goods warehousing). $397.000 e. Incurred various manufacturing overhead costs (eg. depreciation, insurance, and utilities), $380,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year g. Jobs costing $1,606,150 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,165,000. The jobs cost $1,616,150 to manufacture according to their job cost sheets. which departmental predetermined overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning of the year, the company provided the following estimates: Direct labor-hours Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Department Molding Painting 12,000 60,000 70,000 8,000 $497,000 $615,000 $ 1.50 2.00 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job: Direct labor-hours Machine-hours Direct materials Direct labor cost Department Molding Painting 30 84 110 20 $ 770 $1,332 $ 525 $1,470 Required: 1. Compute the predetermined overhead rates used in the Molding Department and the Painting Department 2. Compute the total overhead cost applied to Job 205. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the job contained 50 units, what would be the unit product cost? Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Molding 2,500 $12,000 $ 2.20 Fabrication 1,500 $16,200 $ 3.00 Total 4,000 $28,200 Job P $21,000 $27,480 Job $12,000 $10,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,500 1,400 3,900 1,600 1,700 3,300 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments and Job P included 20 units and Job Q included 30 units. For questions 10-15. assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base 4. What was the total manufacturing cost assigned to Job P? (Do not round intermediate calculations.) Total Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Moldin 2,500 $12,000 $ 2.20 Fabrication 1,500 $16,200 $ 3.00 $28,200 Job P $21,000 $27,480 Job $12,000 $10,700 Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total 2,500 1,400 3,900 1,600 1,700 3,300 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with machine hours as the allocation base in both departments and Job Pincluded 20 units and Job Q included 30 units. For questions 10-15. assume that the company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. 8. Assume that Sweeten Company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. What selling price would the company have established for Jobs P and Q? What are the selling prices for both jobs when stated on a per unit basis? (Do not round intermediate calculations. Round your final answers to nearest whole dollar.) Bunnell Corporation is a manufacturer that uses job order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 77,000 $ 29,000 $ 59,400 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $13,25 per direct labor-hour was based on a cost formula that estimated $530,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account, $708,000, b. Raw materials used in production, $666,400. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $480,000; indirect labor, $150,000, selling and administrative salaries, $335,000. d. Incurred various selling and administrative expenses (eg. advertising, sales travel costs, and finished goods warehousing). $397.000 e. Incurred various manufacturing overhead costs (eg. depreciation, insurance, and utilities), $380,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year g. Jobs costing $1,606,150 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $3,165,000. The jobs cost $1,616,150 to manufacture according to their job cost sheets Step by Step Solution
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