Mid Term Exam (Chapters 1,2, 3, 5,7 and 8) 6 6: overhead rates are used to apply

Question

Mid Term Exam (Chapters 1,2, 3, 5,7 and 8) 6 6: overhead rates are used to apply manufacturing overhead cost to jobs. The predetermined overhead rate in the Molding Department Is based on machine-hours, and the rate in the Painting Department is based on direct labor- hours. At the beginning of the year, the company provided the following estimates: 34,000 51,000 87,000 30,000 $191,400 $448,800 4.80 Job 205 was started on August 1 and completed on August 10. The company's cost records show the following information concerning the job: 134 68 932 $1,100 s 710 980 75 320 Direct 1 Direct labor cost Required: 1. Compute the predetermined overhead rates used in the Molding Department and the Painting Department. 2. Compute the total overhead cost applied to Job 205. 3-a. What would be the total manufacturing cost recorded for Job 205? 3-b. If the job contained 31 units, what would be the unit product cost? Complete this question by entering your answers in the tabs below

Explanation / Answer

Req 1:

Req 2:

Req 3:

Req 3B:

Overhead applied Molding Painting Total a Cost base        1,91,400        4,48,800 b Estimated direct labor hours           51,000 b Estimated machine hours           87,000 c= a/b Overhead rate per hour               2.20               8.80

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