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Maverick Products uses a job costing system with two direct cost categories (direct materials and direct labour) and one manufacturing overhead cost pool. Maverick
Maverick Products uses a job costing system with two direct cost categories (direct materials and direct labour) and one manufacturing overhead cost pool. Maverick Products allocates manufacturing overhead costs using direct materials costs. Maverick Products provides the following information. Items Budget for 2014 Actual results for 2014 Direct materials costs $2,000,000 $1,900,000 Direct manufacturing labour costs 1,500,000 1,450,000 Manufacturing overhead costs 4,425,000 4,567,500 Required: a. Calculate the budgeted manufacturing overhead rates for 2014 b. During March, the job-cost record for 626 contained the following information: Direct materials used Direct labour costs $40,000 30,000 Calculate the cost of Job 626 using normal costing.
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