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The company has been excelentant cam micreased his x Data Table iati Description of cost pool Machine maintenance costs Engineering change orders Hazardous waste disposal Total overhead cost Estimated Cost Cost driver $ 600,000 Number of machine hours $ 60,000 Number of change orders 1,430,000 kg of hazardous materials generated $ 2,090,000 Estimated activity for this year 10,000 3,000 5,500 $ $ Print Done More Info Requirements -X 1. 310 kg of direct materials @ $70 per kg 55 direct labour hours used @ $30 per labour hour 105 machine hours used 12 change orders 75 kg of hazardous waste generated 2. 3. Calculate the cost of Job 352 using the traditional plantwide manufacturing overhead rate based on machine hours. Calculate the cost of Job 352 using activity based costing. If you were a manager, which cost estimate would provide you more useful information? How might you use this information? Print Done Print Done Sorrentino Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing Company management wants to implement an activity based costing system so that managers know the cost of each product, overhead rate based on machine hours to allocate manufacturing overhead to its products. The company estimates that it will including its hazardous waste disposal costs. Expected usage and costs for manufacturing overhead activities for the upcoming incur $2,090,000 in total manufacturing overhead costs in the upcoming year and will use 10,000 machine hours. Up to this year are as follows: 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 E (Click the icon to view the expected usage and costs.) waste disposal fees for hazardous waste generated by certain products, and as a result, profit margins on all products have During the year, Job 352 is started and completed. Usage for this job follows: been negatively impacted. (Click the icon to view the usage for Job 352.) Requirements Requirement 1. Calculate the cost of Job 352 using the traditional plantwide manufacturing overhead rate based on machine hours. Begin by calculating the predetermined manufacturing overhead rate. First, identify the formula used to compute the predetermined manufacturing overhead rate, then compute the rate. (Abbreviations used: MOH = manufacturing overhead) = Predetermined manufacturing overhead rate 1 Calculate the cost of Job 352. Job Cost Record JOB 352 Manufacturing Costs Total job cost Requirement 2. Calculate the cost of Job 352 using activity-based costing. Begin by calculating the allocation rate for each activity. First, determine the formula to compute the allocation rate in an activity-based costing system, then compute the rate for each activity. (Abbreviations used: est. = estimated, MH=machine hours) Activity cost allocation rate Mach, maintenance per MH Eng. change orders = per order Waste disposal = per kg Calculate the cost of Job 352 using activity-based costing. Job Cost Record JOB 352 Manufacturing Costs Total job cost Total job cost --- Requirement 3. If you were a manager, which cost estimate would provide you more useful information? How might you use th The cost estimate based on the would provide more useful information beca Choose from any list or enter al activity-based costing rates traditional plantwide manufacturing overhead rate ext question Save for Late Type here to search HA ate takes into account This information can be used the machine hours used by each product the specific resources used by each product a ENG 5:18 PM 2020-09-13 determine competitive direct labour rates price jobs based on more accurate costs schedule production estimate would provide you more useful information? How would provide more useful Choose from any list or enter any number in the input fields and then continue to the next question Type here to search