Answered step by step
Verified Expert Solution
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
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 21,000 33,000 $ 780,000 $ 200,000 $ $ 1.50 Total 54,000 $ 980,000 4.00 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 Direct labor cost Machine - hours Molding Fabrication Total $ 370,000 $ 320,000 $ 690,000 $ 240,000 $ 160,000 $400,000 14,000 7,000 21,600 Job C-200: Direct materials cost Direct labor cost Machine-hours Molding Fabrication Total $ 280,000 $ 280,000 $ 560,000 $ 140,000 $260, 000 $ 400,000 7,000 26,000 33,000 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. 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 Delph's cost of goods sold for the year? 2. 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 costs, 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
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0bad5eeba_636669c0bacc0272.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0bae3f862_637669c0bada6c2e.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c0baf043f4_638669c0bae83649.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started