Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lumber: 50 units at $10 per unit Padding: 15 yards at $19 per yard Upholstery fabric: 24 yards at $25 per yard Jeff Inglis: 16
Lumber: 50 units at $10 per unit Padding: 15 yards at $19 per yard Upholstery fabric: 24 yards at $25 per yard Jeff Inglis: 16 hours at $18 per hour Kevin Ohlmstead: 14 hours at $15 per hour 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record. 2. Job 310 consists of four recliners. If each recliner sells for $850, what is the gross profit per recliner? Lounge Lizard Furniture started and finished Job 310 during December. The company's records show that the following direct materials were requisitioned for Job 310: (Click the icon to view the direct materials for Job 310.) Labor time records show the following employees (direct labor) worked on Job 310: (Click the icon to view the labor time records for Job 310.) Lounge Lizard allocates manufacturing overhead at a rate of $13 per direct labor hour. Read the fequirements ..... Requirement 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record. Job Cost Record for Job 310 Direct Materials: Total Lumber units at per unit yards at per yard Padding Upholstery fabric Total Direct Materials yards at per yard Direct Labor: Jeff Inglis hours at per hour Kevin Ohlmstead hours at per hour Total Direct Labor hours Manufacturing Overhead Allocated: $ 13 Per direct labor hour Total Job Cost Requirement 2. Job 310 consists of four recliners. If each recliner sells for $850, what is the gross profit per recliner? Identify the formula and then compute the gross profit. (Round your answers to the nearest whole number.) Gross profit (per unit)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started