Homework answers / question archive / Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours

Accounting

Share With

Moody Corporation uses a job-order costing system with a plantwide

predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:
 
   Machine-hours required to support estimated production 155,000Fixed manufacturing overhead cost$654,000Variable manufacturing overhead cost per machine-hour$4.20
 
Required:
1)Compute the plantwide predetermined overhead rate.
2) During the year, Job 400 was started and completed. The following information was available with respect to this job:
 
 Direct materials$350Direct labor cost$240Machine-hours used 37
 
Compute the total manufacturing cost assigned to Job 400.
3 If Job 400 includes 60 units, what is the unit product cost for this job?
4) If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?