Required information [The following information applies to the questions displayed below.] 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: Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Job D-70 Direct materials cost Direct labor cost Machine-hours Job C-200 Direct materials cost Direct labor cost Machine-hours Molding $ 370,000 $ 200,000 14,000 Molding $ 280,000 $ 140,000 6,000 Molding 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: Fabrication $ 320,000 $ 180,000 6,000 20,000 $ 720,000 $ 4.00 Total $ 690,000 $ 380,000 20,000 Fabrication 34,000 $ 260,000 $ 1.50 Fabrication $ 220,000 Total $ 500,000 $360,000 34,000 $ 220,000 28,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Total 54,000 $ 980,000 sume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based achine-hours. mpute the plantwide predetermined overhead rate. mpute the total manufacturing cost assigned to Job D-70 and Job C-200. elph establishes hid prices that are 150% of total manufacturing costs what hid prices would it have established for Job D-70 and

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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33.

Subject :- Accounting 

 

Required information
[The following information applies to the questions displayed below.]
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:
Machine-hours
Fixed manufacturing overhead cost
Variable manufacturing overhead cost per machine-hour
Job D-70
Direct materials cost
Direct labor cost
Machine-hours
Job C-200
Direct materials cost
Direct labor cost
Machine-hours
Molding
$ 370,000
$ 200,000
14,000
Molding
Fabrication
$ 320,000
$ 180,000
6,000
20,000
$ 720,000
$ 4.00
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:
Total
$ 690,000
$ 380,000
20,000
Fabrication
34,000
$ 260,000
$ 1.50
Fabrication
$ 220,000
Molding
$ 280,000
$ 140,000
6,000
Total
$ 500,000
$360,000
34,000
$ 220,000
28,000
Delph had no underapplied or overapplied manufacturing overhead during the year.
Total
54,000
$ 980,000
2. Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based
on machine-hours.
a. Compute the plantwide predetermined overhead rate.
b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200.
c. If Delph establishes bid prices that are 150% of total manufacturing costs, what bid prices would it have established for Job D-70 and
Job C-200?
d. What is Delph's cost of goods sold for the year?
Complete the question by entering your answers in the tabs given below.
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] 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: Machine-hours Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Job D-70 Direct materials cost Direct labor cost Machine-hours Job C-200 Direct materials cost Direct labor cost Machine-hours Molding $ 370,000 $ 200,000 14,000 Molding Fabrication $ 320,000 $ 180,000 6,000 20,000 $ 720,000 $ 4.00 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: Total $ 690,000 $ 380,000 20,000 Fabrication 34,000 $ 260,000 $ 1.50 Fabrication $ 220,000 Molding $ 280,000 $ 140,000 6,000 Total $ 500,000 $360,000 34,000 $ 220,000 28,000 Delph had no underapplied or overapplied manufacturing overhead during the year. Total 54,000 $ 980,000 2. Assume Delph chooses to combine its departmental rates from requirement 1 into a plantwide predetermined overhead rate based on machine-hours. a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost assigned to Job D-70 and Job C-200. c. If Delph establishes bid prices that are 150% of total manufacturing costs, what bid prices would it have established for Job D-70 and Job C-200? d. What is Delph's cost of goods sold for the year? Complete the question by entering your answers in the tabs given below.
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