Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please andwer all parts and lable thank you Speedy Auto Repairs uses a job-order costing system. The company's direct materials consist of replacement parts installed

Please andwer all parts and lable thank you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Speedy Auto Repairs uses a job-order costing system. The company's direct materials consist of replacement parts installed in customer vehicles, and its direct labor consists of the mechanics hourly wages. Speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance, and magazine subscriptions and refreshments for the walting room The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the following estimates Direct labor hours required to support estimated output 48,000 Fixed overhead cost $ 864,000 Variable overhead cost per direct labor-hour $ 1.00 Required: 1. Compute the predetermined overhead rate. 2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information was available with respect to his job: Direct materials $699 Direct labor cost $ 236 Direct labor-hours used 5 Compute Mr. Wilkes total job cost, 3. If Speedy establishes its selling prices using a markup percentage of 50% of its total job cost, then how much would it have charged Mi Wilkes? Complete the question by entering your answers in the tabs given below. The company applies all of its overhead costs to Jobs based on direct labor hours. At the beginning of the year it made the following estimates Direct labor hours required to support esticated output 48,000 Fixed overhead cost $ 864,000 Variable overhead cost per direct labor hour $ 1.00 Required: 1. Compute the predetermined overhead rate. 2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following information was available with respect to his job: Direct materials Direct labor cost Direct labor hours used $ 699 $ 236 5 Compute Mr. Wilkes totaljob cost 3. If Speedy establishes its selling prices using a markup percentage of 50% of its total job cost, then how much would it have charged Mc Wilkes? Complete the question by entering your answers in the tabs given below. Required 1 Required 2 Required Compute the predetermined overhead rate. (Round your answer to 2 decimal places) Predetermined ovuntieadrato por DLH Srey 3 or Next $ 236 5 Direct labor cost Direct labor-hours used Compute Mr. Wilkes total job cost. 3. If Speedy establishes its selling prices using a markup percentage of 50% of its total job cost, then how much would Mr. Wilkes? Complete the question by entering your answers in the tabs given below. Required 1 Required 2 Required 3 Compute Mr. Wilkes' total job cost. (Round your intermediate calculations to 2 decimal places.) Direct materials Direct labor Overhead applied Total cost assigned to Mr Wilkes Direct materials Direct labor cost Direct labor-hours used $699 $ 236 5 Compute Mr. Wilkes' total job cost. 3. If Speedy establishes its selling prices using a markup percentage of 50% of its total job cost, then how much would it have charged Mc Wilkes? Complete the question by entering your answers in the tabs given below. Required 1 Required 2 Required 3 If Speedy establishes its selling prices using a markup percentage of 50% of its total job cost, then how much would it have charged Mr Wilkes? (Round your intermediate calculations to 2 decimal places.) Amount charged to Mr Wies

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

Intermediate Accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

6th edition

978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163

More Books

Students also viewed these Accounting questions

Question

What year did the American civil war begin?

Answered: 1 week ago

Question

American colonies independent from the British rule ?

Answered: 1 week ago

Question

Who was the principles author of the declaration of independence?

Answered: 1 week ago

Question

Main issue that caused the American civil war?

Answered: 1 week ago

Question

Which event marked the official end of the American civil war ?

Answered: 1 week ago