Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company

12 answers
Question:

Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 32,300 Total fixed manufacturing overhead cost$581,400 Variable manufacturing overhead per machine-hour$2.00 Recently, Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 40 Direct materials$630 Direct labor cost$1,260 If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to

Answers

$316.80

Explanation:

First the total cost for the product = Direct material + Direct labor + Total overhead

Total Overhead;

Estimated Variable Overhead = 4 * 30,300 =  $‭121,200‬

Total Overhead = Estimated Variable Overhead + Total fixed manufacturing overhead cost

= ‭121,200‬ + 575,700

= $‭696,900‬

Predetermined Overhead rate = Total Overhead/ Machine hours = ‭696,900‬/30,300

= $23 per hour

Overhead for Job T687 = 23 * 30 = $‭690‬

Total cost = 730 + 1,460 + 690

= $‭2,880‬

Sales price with 40% markup = 2,880 * (1 + 40%)

= $‭3,168‬

Selling price per unit in Job T687;

= ‭3,168‬/10

= $316.80

$2,880

Explanation:

Given that,

Total machine-hours = 30,300

Total fixed manufacturing overhead cost = $ 575,700

Variable manufacturing overhead per machine-hour = $ 4.00

For Job T687:

Number of units in the job = 10

Total machine-hours = 30

Direct materials = $730

Direct labor cost = $1,460

Total variable overhead estimated:

= Variable manufacturing overhead per machine-hour × Total machine-hours

= $4 × 30,300

= $121,200

Total overhead estimated:

= Total variable overhead estimated + Total fixed overhead estimated

= $121,200 + $575,700

= $696,900

Predetermined overhead rate:

= Total overhead estimated ÷ Total machine-hours

= $696,900 ÷  30,300

= $23 per machine hour

Total overhead applied:

= predetermined overhead rate × Total machine hours for Job T687

= $23 × 30

= $690

Total job cost:

= Direct material + Direct labor + Total overhead

= $730 + $1,460 + $690

= $2,880

$2575

Explanation:

Total variable overhead estimated=(6*31,500)= $189,000

Hence total overhead estimated=Total variable overhead estimated+Total fixed overhead estimated = $189,000 + $220,500 = $409,500

Hence, predetermined overhead rate = $409,500 / 31,500 = $13 per machine hour  

Hence, total overhead applied=(13*400) = $520

Hence, total job cost=Direct material+Direct labor+Total overhead = $685 + $1,370 + $520 = $2575

a. $259.70

Explanation:

Note: The full question is attached as picture below

Predetermined overhead rate = 2 + (294300/32700)

Predetermined overhead rate = $11

Job T687 Total cost = Direct materials cost + Direct labor cost + Overhead applied

Job T687 Total cost = 545 + 1090 + (20*11)

Job T687 Total cost = 545 + 1090 + 220

Job T687 Total cost = 1855

Cost per unit = $1,855 / $10

Cost per unit = $185.5

Selling price per unit = Cost per unit + Mark-up price

Selling price per unit = $185.5 + $185.5*40%

Selling price per unit = $185.5 + $74.20

Selling price per unit = $259.70


[tex]Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate[/tex]
[tex]Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate[/tex]

job T687 total cost 2,151‬ dollars

Explanation:

[tex]\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate[/tex]

425,600 / 30,400 = 14 fixed overhead rate

14 fixed  + 5 variable = 19

Job T687

applied overhead:

ovehread 20 machine hours x 19 = 381

now we add the three cost components for the total cost:

direct materials       590

direct Labor            1,180

overhead                 381

              total         2,151‬

Manufacturing overhead applied 315

Total cost of Job T687 $2,040

Explanation:

Lupo Corporation

Estimated total manufacturing overhead cost = Estimated total fixed manufacturing overhead cost + Estimated variable overhead cost per unit of the allocation base × Estimated total amount of the allocation base

Hence:

$252,000 + ($2.10 per machine-hour × 30,000 machine-hours) = $252,000 + $63,000 = $315,000

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base

= $315,000 ÷ 30,000 machine-hours = $10.50 per machine-hour

Overhead applied to a particular job = Predetermined overhead rate × Amount of the allocation base incurred by the job

= $10.50 per machine-hour × 30 machine-hours = $315

Direct materials$ 675

Direct labor 1,050

Manufacturing overhead applied 315

Total cost of Job T687 $2,040

Therefore the estimated total manufacturing overhead is closest to $315 and the Total cost of Job T687 is $2,040

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Explanation:

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Selling price= $273

Explanation:

Giving the following information:

The company based its predetermined overhead rate for the current year on the following data: Total machine-hours 32,600 Total fixed manufacturing overhead cost $ 195,600 Variable manufacturing overhead per machine-hour $ 4.00.

Job T687 was completed with the following characteristics: Number of units in the job 10 Total machine-hours 30 Direct materials $ 550 Direct labor cost $ 1,100

First, we need to calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= (195,600/32,600) + 4= $10 per machine hour

Now, we need to calculate the total cost per unit:

Unitary cost= direct material + direct labor + allocated overhead

Unitary cost= (550/10) + (1,100/10) + (10*30)/10= $195

Selling price= 195*1.4= $273

Selling price= 240*1.4= $336

Explanation:

First, we need to calculate the predetermined overhead rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (252,000/30,000) + 2.1

Predetermined manufacturing overhead rate= $10.5 per machine hour

Job T687:

Number of units in the job 10

Total machine-hours 30

Direct materials $ 675

Direct labor cost $1,050

Now, we need to allocate overhead and determine the total cost:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 10.5*30= $315

Total cost= 675 + 1,050 + 315= $2,040

Finally, the unitary cost and selling price:

Unitary cost= 2,040/10= $240

Selling price= 240*1.4= $336

The amount of overhead applied to Job T687 is closest to: $280.

Explanation:

Predetermined rate = Budgeted Overheads / Budget Activity

                                 = $ 425,600 /  30,400

                                 = $14.00 per machine-hour

Applied overheads to job T687 = Predetermined rate × Actual machine hours used

                                                     =  $14.00 × 20

                                                     =  $280

Conclusion :

The amount of overhead applied to Job T687 is closest to: $280.

b is the correct answer

answer; realistic job preview;

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