Answer:
The selling price for Job A is $75,978.00
Explanation:
Molding Finishing Totals
Machine hours 4000 1000 5000
Fixed mnf. overheads 19600 2400 22000
Variable manufacturing
Overheads per machine hours 1.1 2.1
<u> JOB A</u> <u>JOB B</u>
Direct materials 13,600 7500
Direct labour costs 20,700 7400
Molding machines 2700*1.1= 2,970
Finishing 400*2.1= 840
Fixed mnf: molding 19600*4000/5000= 15,680
Fixed mnf: finishing 2400*1000/5000= <u> 480 </u>
Total cost (sum of all the above) $54,270
Mark up = 40%
Mark up=gross profit (GP)*100/cost
40%= GP*100/54270
40*54270/100= GP
GP= 21,708
Sales= cost + GP
Sales= 21,708+54,270
Sales= $75,978.00
Under- or Over-Applied Manufacturing Overhead:
Under- or Over-Applied Manufacturing Overhead refers to the balance in the manufacturing overhead control account after the actual overhead costs that were incurred and the applied overhead for the period has been recorded
1 .The appleid overhead is the predetermined rate of $2.40 per machine hour multiplied by the actual number of machine hours (75,000), so it is $180,000.
The applied overhead is debited to work-in-process inventory and credited to the manufacturing overhead account.
2. The underapplied or overapplied overhead for the year is the difference between the actual and applied overhead. We can show it in the T-account like this:
3. The company estimated its total overhead cost to be $192,000 and its total machine hours to be 80,000. The actual overhead cost was $184,000 and the actual machine hours were 75,000. We can see that the main reason why the manufacturing overhead was underapplied was the fact that it worked fewer machine hours than anticipated with a proportional decrease in the manufacturing overhead costs incurred. This is normal because an element of manufacturing overhead is fixed.
To know more about overhead applied manufacturing overhead:
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Answer:
Effect on income= $15,000 increase
Explanation:
Giving the following information:
A business received an offer from an exporter for 10,000 units for $13.50 per unit.
Unit manufacturing costs:
Variable 12
<u>Because it is a special offer and there is unused capacity, we will not take into account the fixed costs.</u>
Effect on income= number of units*unitary contribution margin
Effect on income= 10,000*(13.5 - 12)
Effect on income= $15,000 increase
This is answer could be true I think
Answer:
Cash is credited for $89
Supplies Expense is debited for $40
Delivery Expense is debited for $49.
Explanation:
The journal entry is shown below:
Delivery expenses $49
Supplies expenses $49
To Cash $89
(Being the replenish of the account is recorded)
While recording this journal entry we debited the delivery expenses, supplies expenses and credited the cash account so that the proper posting could be done
