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Smithson Company uses a job-order costing syst...

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Smithson 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 33,000 43,000 76,000 Fixed manufacturing overhead costs $ 710,000 $ 210,000 $ 920,000 Variable manufacturing overhead per machine-hour $ 5.00 $ 5.00 -------------------------------------------------------------------------------- During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs?Job D-75 and Job C-100. It provided the following information related to those two jobs: Job D-75: Molding Fabrication Total Direct materials cost $ 372,000 $ 327,000 $ 699,000 Direct labor cost $ 240,000 $ 170,000 $ 410,000 Machine-hours 25,000 8,000 33,000 -------------------------------------------------------------------------------- Job C-100: Molding Fabrication Total Direct materials cost $ 260,000 $ 280,000 $ 540,000 Direct labor cost $ 110,000 $ 300,000 $ 410,000 Machine-hours 8,000 35,000 43,000 -------------------------------------------------------------------------------- Smithson had no overapplied or underapplied manufacturing overhead during the year. 3. value: 25.00 points Assume Smithson uses a plantwide overhead rate based on machine-hours. Required: 1-a. Compute the predetermined plantwide overhead rate. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Predetermined overhead rate $ per MH 1-b. Compute the total manufacturing costs assigned to Job D-75 and Job C-100. (Round your intermediate calculations to 2 decimal places. Omit the "$" sign in your response.) Total Manufacturing Cost Job D-75 $ Job C-100 $ -------------------------------------------------------------------------------- 1-c. If Smithson establishes bid prices that are 120% of total manufacturing costs, what bid price would it have established for Job D-75 and Job C-100? (Round your intermediate calculations to 2 decimal places. Omit the "$" sign in your response.) Bid price Job D-75 $ Job C-100 $ -------------------------------------------------------------------------------- 1-d. What is Smithson?s cost of goods sold for the year? (Round your intermediate calculations to 2 decimal places. Omit the "$" sign in your response.) Cost of goods sold $ check my workeBook Links (3)references

 

Paper#6222 | Written in 18-Jul-2015

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