i Requirements The Luke Company uses a normal job-costing system at its Minneapolis plant. The plant has a machining depan labor) and two manufacturing overhead cost pools (the machining department overhead, allocated to jobs based costs). The 2017 budget for the plant is as follows: (Click the icon to view the budget data. Read the requirements, 1 J } J Direct Costs K Direct Materials L L Direct Manufacturing Labor 1. Identify the components of the overview diagram of Luke's job-costing system. Compute the budgeted manufacturing overhead rate for each department. 2. During February, the job-cost record for Job 494 contained the following: Machining Department Assembly Department Direct material used $ 49,000 S 78,000 Direct manufacturing labor costs S 14,000 S 18,000 Direct manufacturing labor-hours 1,000 1,500 Machine-hours 2.000 1,500 Compute the total manufacturing overhead costs allocated to Job 494. 3. At the end of 2017, the actual manufacturing overhead costs were $2,300,000 in machining and $4,300,000 in assembly. Assume that 55,000 actual machine-hours were used in machining and that actual direct manufacturing labor costs in assembly were $2,100,000. Compute the over- or underallocated manufacturing overtiead for each department Enter the formula, then enter the budgeted manufacturing overhead and cost allocation bases to solve for the b manuf. = manufacturing, DM = direct manufacturing.) Budgeted manut. overhead | Budgeted cost allocation base = Budgeted manufacturing og Machining $ 2,000,000 /S 50,000 = S 40 per Assembly $ 4,000,000 1S 2,000,000 200 % of = Requirement 2. Review the February job-cost record for Job 494. Compute the total manufacturing overhead Print Done Enter the formula to calculate the manufacturing overhead to allocate to a job. Budgeted overhead rate x Actual cost allocation base MOH allocated to job i Data Table Compute the total manufacturing overhead costs allocated to Job 494. (do not round Intermediary calculations.) MOH allocated to job Machining overhead Assembly overhead Manufacturing overhead Direct manufacturing labor costs Direct manufacturing labor-hours Machine-hours Machining Department Assembly Department $ 2,000,000 S 4,000,000 $ 1,300,000 S 2,000,000 150,000 230,000 50,000 230,000 Total manufacturing costs allocated to job 494 Enter any number in the edit fields and then click Check Answer. Print Done 1 part remaining Clear All Hamilton Music Society is a not-for-profit organization that brings guest artists to the community's greater metropolitan area. The music society just bought a small concert hall in the center of town to house its performances. The lease payments on the concert hall are expected to be $3,000 per month. The organization pays Its guest performers $1,400 per concert and anticipates corresponding ticket sales to be $3,500 per concert. The music society also incurs costs of approximately $500 per concert for marketing and advertising. The organization pays its artistic director $44.000 per year and expects to receive $40,000 in donations in addition to its ticket sales. Read the requirements Requirements 1 and 2. Determine the formula used to calculate the breakeven point, then enter the amounts in the formula to calculate the number of concerts needed in order to break even under the scenarios presented in requirement 1 and requirement 2. (Abbreviations used: CM = Contribution margin, Var. = Variable) Fixed costs Fixed income = Concerts needed to break even CM per concert 1.600 $ 40.000 25 Req. 1 ($ Req, 2 { $ 80,000 112.000 ) + S 1 + $ $ 40.000 1,600 45 What is the music society's operating income/{loss) if it hires the new marketing director and holds 42 concerts per year? Requirements The music society would have an operating loss of 1. 2. If the Hamilton Music Society just breaks even, how many concerts does it hold? In addition to the organization's artistic director, the music society would like to hire a marketing director for $32,000 per year. What is the breakeven point? The music society anticipates that the addition of a marketing director would allow the organization to increase the number of concerts to 42 per year. What is the music society's operating income/(loss) if it hires the new marketing director The music society expects to receive a grant that would provide the organization with an additional $32,000 toward the payment of the marketing director's salary. What is the breakeven point if the music society hires the marketing director and receives the grant? 3. Print Done Choose from any list or enter any number in the input fields and then click Check