Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Speedy Auto Repairs uses a job-order costing system. The company's direct materials consist of replacement parts Installed in customer vehicles, and its direct labor consists

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Speedy Auto Repairs uses a job-order costing system. The company's direct materials consist of replacement parts Installed in customer vehicles, and its direct labor consists of the mechanics' hourly wages. Speedy's overhead costs include various items, such as the shop manager's salary, depreciation of equipment, utilities, insurance and magazine subscriptions and refreshments for the waiting room. The company applies all of its overhead costs to jobs based on direct labor-hours. At the beginning of the year, it made the following estimates: Direct labor-hours cuired to support teated output Fived overhead cost Variable overhead cost per direct labor-hour 26.0 $325,00 Required: 1 Compute the predetermined overhead rate 2 During the year. M Wilkes brought in his vehicle to replace his brokes, spark plugs and tires. The following information was valable with respect to his job Direct states Direct labor Comoute M Wilkes total cost 3 Speedyetishes its ser ng or ces using a markup percentage of 60% of total Mr West cost then how much would have chargeo Complete the question by entering your answers in the tabs given below. 2. During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following available with respect to his job: Direct materials Direct labor cost Direct labor-hours used Compute Mr. Wilkes' total job cost. 3. If Speedy establishes its selling prices using a markup percentage of 60% of its total job cost, then how much w Mr. Wilkes? Complete the question by entering your answers in the tabs given below. Required Reguired 2 Required 3 Compute the predetermined overhead rate. (Round your 2 decimal places.) Predetermined ovethesdrate Required 2 > available with respect to his job: Direct materials Direct labor cost Direct labor-hours used $ 610 120 Compute Mr. Wilkes' total Job cost. 3. If Speedy establishes its selling prices using a markup percentage of 60% of its total job cost, then Mr. Wilkes? Complete the question by entering your answers in the tabs given below. Required 1 Required 2 Required 3 Compute Me Wilkes' total job cost. (Round your intermediate calculations to 2 decimal places Direct materiais Cheme Tota : 11 nedtoMWO 2 During the year, Mr. Wilkes brought in his vehicle to replace his brakes, spark plugs, and tires. The following infor available with respect to his job. $ 618 Direct materiais Direct labor cost Direct labor-hours used eBook Print Compute Mr. Wilkes total job cost. 3. If Speedy establishes its selling prices using a markup percentage of 60% of its total job cost, then how much would Mr. Wilkes? references Complete the question by entering your answers in the tabs given below. uired 1 Required 2 of Speedy establishes its selling prices using markup percentage of 60% of its total job cost, then how much would it have charged Me Wilkes? Round your intermediate calculations to 2 decimal places.) mount charged to West

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

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

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

Students also viewed these Accounting questions