Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:

Machine-hours required to support estimated production

158,000

Fixed manufacturing overhead cost

$

656,000

Variable manufacturing overhead cost per machine-hour

$

4.90

Required:

1. Compute the plantwide predetermined overhead rate.

2. During the year, Job 400 was started and completed. The following information was available with respect to this job:

Direct materials

$

380

Direct labor cost

$

240

Machine-hours used

35

Compute the total manufacturing cost assigned to Job 400.

3. If Job 400 includes 50 units, what is the unit product cost for this job?

4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Required 1 Required 2 Required 3 Required 4 Compute the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH Required 1 Required 2 Required 3 Required 4 Compute the total manufacturing cost assigned to Job 400. (Round your intermediate calculations to your final answer to the nearest dollar amount.) Total manufacturing cost Required 1 Required 2 Required 3 Required 4 If Job 400 includes 50 units, what is the unit product cost for this job? (Round your intermediate calcu to the nearest whole dollar.) Unit product cost Required 1 Required 2 Required 3 Required 4 If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling pricep established for Job 400? (Round your intermediate calculations and final answer to the nearest whole Selling price per unit

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

SEO Competitor Audit Journal

Authors: Nelz Plummer

1st Edition

B09DDWJGRC, 979-8459748123

More Books

Students also viewed these Accounting questions

Question

6. Does your speech have a clear and logical structure?

Answered: 1 week ago