Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Required information [The following information applies to the questions displayed below.] Delph Company uses a job-order costing system and has two manufacturing departments-Molding and Fabrication The company provided the following estimates at the beginning of the year: Machine-hours Fixed manufacturing overhead costs Variable manufacturing overhead cost per machine-hour Molding Fabrication Total 66,000 $ 710,000 220,000 930,000 28,000 38,000 $ 5.70 5.70 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs Job D-70 and Job C-200. It provided the following information related to those two jobs Job D-70: Direct materials cost $ 374,000 325,000 Direct labor cost Machine-hours Molding Fabrication Total 699,000 $ 240,000 150,000 390,000 28,000 22,000 6,000 Molding Fabrication Total Job C-200: Direct materials cost 240,000 270,000 510,000 Direct labor cost Machine-hours $ 150,000 6,000 280,000 430,000 38,000 32,000 Delph had no underapplied or overapplied manufacturing overhead during the year Required 1. Assume Delph uses a plantwide predetermined overhead rate based on machine-hours a. Compute the plantwide predetermined overhead rate b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200 C. lf Delph establishes bid prices that are 130% of total manufacturing cost, what bid prices would it have established for Job D-70 and Job C-200? d. What is Delph's cost of goods sold for the year? Complete the question by entering your answers in the tabs given below. Required 1A Required 1BRequired 1C Required 1D Assume Delph uses a plantwide predetermined overhead rate based on machine-hours. Compute the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH Required 1A Required 1BRequired 1CRequired 1D Assume Delph uses a plantwide predetermined overhead rate based on machine-hours. What is Delph's cost of goods sold for the year? (Round your intermediate calculations to 2 decimal places.) 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

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: James D. Stice, Earl K. Stice, Fred Skousen

16th Edition

324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140

Students also viewed these Accounting questions