Question
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours....
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 155,000 $ 660,000 $ 4.30 Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials Direct labor cost Machine-hours used $ 350 $ 300 3e Compute the total manufacturing cost assigned to Job 400, 3. If Job 400 includes 60 units, what is the unit product cost for this job? 4. If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the plantwide predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined overhead rate per MH < Required 1 Required 2 >
Answers
Requirement 1
Plantwide overhead rate is the sum of variable overhead rate and fixed overhead rate.
Variable manufacturing overhead rate = $ 4.30
Machine hours required = 155,000
Fixed manufacturing overhead cost = 660,000
Fixed manufacturing overhead rate = 660,000 /155,000 = $ 4.258 rounded off to 4.26
Plantwide overhead rate = 4.30 +4.26 = $ 8.56
Requirement 2
Direct materials
350
Direct labor cost
300
Manufacturing overhead (30*8.56)
256.80
Total manufacturing cost
906.80
Requirement 3
Unit cost = 906.80/60 = 15.11
Requirement 4
Unit cost = $ 15.11
Markup = 130% of 15.11 = 19.643
Selling price = 15.11 +19.643 = $ 34.75
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