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1 Chapter 2: Applying Excel Data Markup on job cost 75% Machine hours Direct labor hours 10 Total fixed manufacturing overhead cost 11 Variable manufacturing overhead per machine hour 12 Variable manufacturing overhead per direct labor hour Department Milling Assembly 60,000 3.000 8.000 80 000 $390,000 $500,000 $2.00 $3.75 14 Cost summary for Job 407 15 16 Machine hours 17 Direct labor hours 18 Direct materials 19 Direct labor cost Department Milling Assembly 90 4 5 $800 $370 $70 $280 24 21 Entor a formula into each of the calls marked with a 7 below Step 1: Calculate the estimated total manufacturing overhead cost for each department Milling Assembly Total fixed manufacturing overhead cost $390.000 200.000 x Variable manufacturing overhead per machine hour ord $2.04 27 Total machine hours or direct labor hours Total variable manufacturing overhead =C25*C44527 Total manufacturing overhead $510.000.000 53.713 30 22 36 $8.50 31 Step 2: Calculate the predetermined overhead rate in each department Milling Assembly Total manufacturing overhead 5510,000 $800,000 Total machine hours or direct labor hours 60.000 80 000 Predetermined overhead rate per machine hour or direct $8.50 $10.00 37 Step 3: Calculate the amount of overhead applied from both departments to Job 407 Milling Assembly > Predetermined overhead rate per machine hour or direct $10.00 Machine hours or direct labor hours for the job so 20 41 Manufacturing overhead applied 5765.00 $200.00 Step 4: Calculate the total job cost for Job 407 Milling SOK! Total Direct materials $800.00 $370.00 $1,170.00 e Direct labor cost $70.00 $280.00 $350.00 Manufacturing overhead applied $765.00 $200.00 $965.00 46 Total cost of Job 407 $2485.00 30 Step 5: Calculate the selling price for Job 407 51 Total cost of Job 407 52 Markup Selling price of Job 407 2.485.00 75% 2.485.00 1.86.75 4.348.75 Chapter 2: Applying Excel: Exercise (Part 2 of 2) 2. Change the total fixed manufacturing overhead cost for the Milling Department in Data area back to $390,000, keeping all of the other data the same as in the original example. Consider a new job, Job 408, with the following characteristics: A B 1 Chapter 2: Applying Excel 2 3 Cost summary for Job 408 4 Department Milling Assembly 80 5 4 Machine-hours Direct labor-hours 6 6 40 7 Direct materials cost $ 710 $ 230 720 8 Direct labor cost $ 120 $ 3. Without changing the data for the job from requirement 2 above, what is the selling price for Job 408 if the total number of machine- hours in the Assembly Department increases from 3,000 machine-hours to 4,000 machine-hours? (Round your final answer to 2 decimal places.) Selling price for Job 408 4. Restore the total number of machine-hours in the Assembly Department to 3,000 machine-hours. And keep the job data the same as it was in Requirement 2. What is the selling price for Job 408 if the total number of direct labor-hours in the Assembly Department decreases from 80,000 direct labor-hours to 50,000 direct labor-hours? (Round your final answer to 2 decimal places.) Selling price for Job 408