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monitta
3 years ago
12

Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $199,200 of raw materials on credit

; issued materials to production of $196,000 of which $30,300 were indirect. Minstrel incurred a factory payroll of $150,600, of which $40,300 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $15,600 and $27,200 respectively. Compute the cost of jobs transferred to Finished Goods Inventory.
Business
1 answer:
Aleksandr [31]3 years ago
7 0

Answer:

$429,850

Explanation:

The computation of the cost of jobs transferred to Finished Goods Inventory is shown below:

= Beginning Work in Process Inventory + direct material + direct factory payroll + overhead cost - Ending Work in Process Inventory

Here,  

Direct material = Total material - indirect material  

                         = $196,000 - $30,300

                       = $165,700

Direct factory payroll = Total factory payroll - indirect labor

= $150,600 - $40,300

= $110,300

And, Overhead cost = 150% of direct labor cost

= 150% × $110,300

= $165,450

Now the cost of job transferred would be

= $15,600 + $165,700 + $110,300 + $165,450 - $27,200

= $429,850

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Comfy Fit Company manufactures two types of university sweatshirts, the Swoop and the Rufus, with unit contribution margins of $
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Answer:

1. Swoop = $50

Rufus = $45

2. Optima mix = 40, 000 units of Swoop and 9, 091 units of Rufus

3. $336, 365

Explanation:

We will assume that a maximum of 40, 000 units of each sweat shirts can be sold.

1. Contribution margin is the selling price minus all the variable costs associated with the product. The total contribution margin represents the amount of earnings that are available to pay for fixed costs after paying for variable costs.

                                                                   Swoop    Rufus

Contribution per margin            $ 5    $ 15

Required machine time per unit^      0.10           0.33

Contribution margin per machine time $50    $45

^ 0.10 = 6 minutes per Swoop units / 60 minutes

0.33 = 20 minutes per Rufus unit / 60 minutes

2. Optimal product mix refers to the variety of products that a business offers to its customers. Companies determine their optimal mix for their business as this optimizes the potential unit sales while maintaining or improving the company’s profitability.

Since Swoop yields the highest contribution margin per hour of machine time [$50], we will prioritize producing all pf the Swoop T-shirts that the market can take, i.e. to meet the demand.  

Machine time required for the maximum amount of Swoop = 40, 000 x 0.1 hours = 4, 000 hours needed to manufacture the Swoop t-shirts.  

The remaining machine hours will manufacture the Rufus T-shirts.

7, 000 – 4, 000 = 3, 000 hours.

3, 000 / 0.33 = 9, 091 units.

Therefore, the optimal mix is 40, 000 units of Swoop sweat shirts and 9, 091 units of Rufus sweat shirts. This will take up all the machine hours available.

3. Total contribution margin for the optima mix = (40, 000 x $5) + (9, 091 x $15) = $336, 365

3 0
3 years ago
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6 0
4 years ago
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Each year, a cyber cafe charges its customers a base rate of $25, with an additional $0.30 per visit for the first 50 visits, an
Debora [2.8K]

Answer:

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Explanation:

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The total amount the customer will pay is $25 + $15 + $2.2

=$42.2

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