Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Skip to question [The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing

Required information

Skip to question

[The following information applies to the questions displayed below.]

Delph Company uses a job-order costing system and has two manufacturing departmentsMolding and Fabrication. The company provided the following estimates at the beginning of the year:

Molding Fabrication Total
Machine-hours 21,000 32,000 53,000
Fixed manufacturing overhead cost $ 800,000 $ 260,000 $ 1,060,000
Variable manufacturing overhead cost per machine-hour $ 3.00 $ 2.00

During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobsJob D-70 and Job C-200. It provided the following information related to those two jobs:

Job D-70 Molding Fabrication Total
Direct materials cost $ 370,000 $ 320,000 $ 690,000
Direct labor cost $ 220,000 $ 180,000 $ 400,000
Machine-hours 16,000 5,000 21,000

Job C-200 Molding Fabrication Total
Direct materials cost $ 280,000 $ 260,000 $ 540,000
Direct labor cost $ 120,000 $ 280,000 $ 400,000
Machine-hours 5,000 27,000 32,000

Delph had no underapplied or overapplied manufacturing overhead during the year.

rev: 07_21_2020_QC_CS-217627, 09_03_2020_QC_CS-225692

Required: 1. Assume Delph uses departmental predetermined overhead rates based on machine-hours.

a. Compute the departmental predetermined overhead rates.

b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200.

c. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 and Job C-200?

d. What is Delphs cost of goods sold for the year?

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Complete the question by entering your answers in the tabs given below. Required 1A Required 1B Required 10 Required 1D Assume Delph uses departmental predetermined overhead rates based on machine-hours. Compute the departmental predetermined overhead rates. (Round the final answers to 2 decimal places.) Predetermined overhead rates Molding Department Fabrication Department per MH per MH Complete the question by entering your answers in the tabs given below. Required 1A Required 1B Required 1C Required 1D Assume Delph uses departmental predetermined overhead rates based on machine-hours. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places. Round your final answers to nearest whole dollar amount.) Total manufacturing cost Job D-70 Job C-200 Complete the question by entering your answers in the tabs given below. Required 1A Required 1B Required 1C Required 1D Assume Delph uses departmental predetermined overhead rates based on machine-hours. If Delph establishes bid prices that are 150% of total manufacturing cost, what bid prices would it have established for Job D-70 and Job C-200? (Round your intermediate calculations to 2 decimal places. Round your final answers to nearest whole dollar amount.) Bid price Job D-70 Job C-200 Complete the question by entering your answers in the tabs given below. Required 1A Required 1B Required 10 Required 10 Assume Delph uses departmental predetermined overhead rates based on machine-hours. What is Delph's cost of goods sold for the year? (Round your intermediate calculations to 2 decimal places. Round your final answer to nearest whole dollar amount.) Cost of goods sold

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_2

Step: 3

blur-text-image_3

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

Accounting For Non Accounting Students

Authors: John Dyson, Ellie Franklin

10th Edition

1292286938, 9781292286938

More Books

Students also viewed these Accounting questions

Question

Can you see what limitations your purpose imposes on your strategy?

Answered: 1 week ago