punul Corporation has two manufacturing departments-Molding and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Total Finishing 1,750 $ 4,300 $ 5.00 Estimated total machine-hours (PHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH Direct materials Direct labor cost Molding machine-hours Finishing machine-hours uring the most recent month, the company started and completed two jobs-Job A and Job M. There were no beginning inventories. Data concerning those two jobs follow: Job A Job M $ 15,400 $ 9,200 $ 22,400 $ 9,100 2,000 500 Multiple Choice OO ssume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 40% on manufacturing cost to establish selling prices. The calculated selling price for Job A is closest to: ote: Round your Intermediate calculations to 2 decimal places. $23360 $57,900 Molding 3,250 $ 19,000 $ 2.50 1,250 1,250 $81,060 5,000 $ 23,300
punul Corporation has two manufacturing departments-Molding and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Total Finishing 1,750 $ 4,300 $ 5.00 Estimated total machine-hours (PHS) Estimated total fixed manufacturing overhead cost Estimated variable manufacturing overhead cost per MH Direct materials Direct labor cost Molding machine-hours Finishing machine-hours uring the most recent month, the company started and completed two jobs-Job A and Job M. There were no beginning inventories. Data concerning those two jobs follow: Job A Job M $ 15,400 $ 9,200 $ 22,400 $ 9,100 2,000 500 Multiple Choice OO ssume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 40% on manufacturing cost to establish selling prices. The calculated selling price for Job A is closest to: ote: Round your Intermediate calculations to 2 decimal places. $23360 $57,900 Molding 3,250 $ 19,000 $ 2.50 1,250 1,250 $81,060 5,000 $ 23,300
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 6E: Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November,...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Opunui Corporation has two manufacturing departments --Molding and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:
Total
5,000
Finishing
1,750
$ 4,300
$5.00
$ 23,300
Estimated total machine-hours (MHS)
Estimated total fixed manufacturing overhead cost
Estimated variable manufacturing overhead cost per MH
During the most recent month, the company started and completed two jobs--Job A and Job M. There were no beginning inventories. Data concerning those two jobs follow:
Direct materials
Direct labor cost
Molding machine-hours
Finishing machine-hours
Multiple Choice
O
Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 40% on manufacturing cost to establish selling prices. The calculated selling price for Job A is closest to:
Note: Round your Intermediate calculations to 2 decimal places.
O
O
$23,160
$57,900
$81,060
Job A
$15,400
$ 22,400
1,250
1,250
$98,075
Molding
3,250
$ 19,000
$ 2.50
Job M
$ 9,200
$ 9,100
2,000
500
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