Question
Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company...
| 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: |
| Molding | Fabrication | Total | ||||
| Machine-hours | 24,000 | 34,000 | 58,000 | |||
| Fixed manufacturing overhead costs | $ | 790,000 | $ | 250,000 | $ 1,040,000 | |
| Variable manufacturing overhead per machine-hour | $ | 5.80 | $ | 5.80 | ||
| 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: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 375,000 | $ | 326,000 | $ | 701,000 |
| Direct labor cost | $ | 200,000 | $ | 140,000 | $ | 340,000 |
| Machine-hours | 15,000 | 9,000 | 24,000 | |||
| Job C-200: | Molding | Fabrication | Total | |||
| Direct materials cost | $ | 200,000 | $ | 230,000 | $ | 430,000 |
| Direct labor cost | $ | 170,000 | $ | 260,000 | $ | 430,000 |
| Machine-hours | 9,000 | 25,000 | 34,000 | |||
| 1-b. | Compute the total manufacturing costs assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places.) |
| Assume Delph uses departmental overhead rates based on machine-hours. |
| 2-a. | Compute the predetermined departmental overhead rates. (Round your answer to 2 decimal places.) |
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| 2-b. | Compute the total manufacturing costs assigned to Job D-70 and Job C-200. (Round your intermediate calculations to 2 decimal places.) | ||||||
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| 2-c. | If Delph establishes bid prices that are 130% of total manufacturing costs, what bid price would it have established for Job D-70 and Job C-200? (Round your intermediate calculations to 2 decimal places.) |
| 2-d. | What is Delph’s cost of goods sold for the year? (Round your intermediate calculations to 2 decimal places.) |
Answers
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Answers are highlighted in yellow: Rounding instruction is not given, answer can be highlighted in blue: Solution: 1)b Particulars Direct Material Direct Labor Manufacturing overhead (24000*23.73); (34000*23.73) Total Manufacturing cost Job D70 701000 340000 569520 1610520 Job C200 430000 430000 806820 1666820 2) Predtermined overhead rate = Estimated overhead / Base Overhead rate - Molding Department: Fixed Overhead (790000/24000) Variable overhead Predetermined Overhead rate - Molding Department $ $ $ 32.92 5.80 38.72 a) Overhead rate - Fab Department: Fixed Overhead (250000/34000) Variable overhead Predetermined Overhead rate - Fab Department $ $ $ 7.35 5.80 13.15 a) Particulars Direct Material Direct Labor Applied overhead (Molding) Applied overhead (Fab) Total Manufacturing cost Mark up - 130% Bid Price of the Job (15000*38.72) (9000*38.72) (9000*13.15) (25000*13.15) job D-70 701000 340000 580800 118350 1740150 522045 2262195 job C-200 job D-70 job C-200 430000 701000 430000 430000 340000 430000 348480 554338 346462 328750 138556 360244 1537230 1733894 1566706 461169 1998399 2254062 2036718 b) d) Cost of goods sold (1740150+1537230) 3277380 3300600
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