Scofield Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will incur $1,320,000 in total manufacturing overhead costs in the upcoming year and will use 12,000 machine hours. Click the icon to view the additional information about the hazardous waste disposal fees.) Expected usage and costs for manufacturing overhead activities for the upcoming year are as follows: (Click the icon to view the expected usage and costs.) During the year, Job 350 is started and completed. Usage for this job follows: (Click the loon to view the usage for Job 350.) Read the requirements. - X More Info Requirement 1. Calculate the cost of Job 350 using the traditional plan Begin by calculating the plantwide overhead rate. First identify the form Total estimated manufacturing costs Estimated total m $ 1.320,000 12,00 manufacturing overhead; mig, = manufacturing) Up to this point, hazardous waste disposal fees have been absorbed into the plantwide manufacturing overhead rate and allocated to all products as part of the manufacturing overhead process. Recently, the company has been experiencing significantly increased waste disposal fees for hazardous waste generated by certain products, and as a result, profit margins on all products have been negatively impacted. Company management wants to implement an activity-based costing system so that managers know the cost of each product, including its hazardous waste disposal costs. Calculate the cost of Job 350. Manufacturing Costs Job Cost Record JOB 350 Direct materials Direct labor Print 12100 Done Manufacturing overhead allocated Totaljob cost Scofield Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will incur $1,320,000 in total manufacturing overhead costs in the upcoming year and will use 12,000 machine hours. Click the icon to view the additional information about the hazardous waste disposal fees.) Expected usage and costs for manufacturing overhead activities for the upcoming year are as follows: (Click the icon to view the expected usage and costs.) During the year, Job 350 is started and completed. Usage for this job follows: B (Click the loon to view the usage for Job 350.) Read the requirements. Data Table Requirement 1. Calculate the cost of Job 36 mig, = manufacturing) Begin by calculating the plantwide overhead Total estimated manufacturing costs $ 1,320,000 Estimated Activity for this Year 12,000 Description of Cost Pool Estimated Cost Cost Driver Machine maintenance costs ......S 480,000 Number of machine hours Engineering change orders ..... S 180.000 umber of change orders S Hazardous waste disposal ...... 660,000 Pounds of hazardous materials generated S 1,320,000 Total overhead cost...... Calculate the cost of Job 350. 6,000 2.000 Job Cost Record JOB 350 Direct materials Direct labor Print Done Manufacturing overhead allocated Total job cost Scofield Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will incur $1,320,000 in total manufacturing overhead costs in the upcoming year and will use 12,000 machine hours. Click the icon to view the additional Information about the hazardous waste disposal fees.) Expected usage and costs for manufacturing overhead activities for the upcoming year are as follows: (Click the icon to view the expected usage and costs.) During the year, Job 350 is started and completed. Usage for this job follows: (Click the icon to view the usage for Job 350.) Read the requirements. Data Table Requirement 1. Calculate the cost of Job 350 using the traditional plantwide ma Begin by calculating the plantwide overhead rate. First identify the formula used Total estimated manufacturing costs Estimated total machine hol $ 1.320,000 12,000 MOH = manufacturing overhead; mig, = manufacturing) 310 pounds of direct materials at $65 per pound 50 direct labor hours used at $40 per labor hour 110 machine hours used 11 change orders 30 pounds of hazardous waste generated Calculate the cost of Job 350. Manufacturing Costs Job Cost Record JOB 350 Direct materials Direct labor Print Done Manufacturing overhead allocated 12100 Totaljob cost Scofield Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will incur $1,320,000 in total manufacturing overhead costs in the upcoming year and will use 12,000 machine hours. Click the icon to view the additional information about the hazardous waste disposal fees.) Expected usage and costs for manufacturing overhead activities for the upcoming year are as follows: (Click the loon to view the expected usage and costs.) During the year, Job 350 is started and completed. Usage for this job follows: (Click the loon to view the usage for Job 350.) Read the requirements. X Requirement 1. Calculate the cost of Job 350 using the traditional plan Begin by calculating the plantwide overhead rate. First identify the form Requirements manufacturing overhead; mig. = manufacturing) Estimated totalm Total estimated manufacturing costs $ 1.320,000 1. 12,00 2 Calculate the cost of Job 350 using the traditional plantwide manufacturing overhead rate based on machine hours. Calculate the cost of Job 350 using activity-based costing. If you were a manager, which cost estimate would provide you more useful information? How might you use this information? Calculate the cost of Job 350. 3 Manufacturing Costs Job Cost Record JOB 350 Direct materials Direct labor Print Done Manufacturing overhead allocated 12100 Totaljob cost