Question

Frank’s Furniture company applies overhead costs to jobs on the basis of direct labor hours. The...

Frank’s Furniture company applies overhead costs to jobs on the basis of direct labor hours. The company estimates manufacturing overhead for the year to be $330,000. The company expects its direct labor workforce to work for 20,000 hours during the year.

Job #1843 shows the following cost information:

Walnut: 350 board feet used at a cost of $17 per board foot.

Labor: 300 hours at a cost of $21 per hour.

Required:

Assuming the company marks up their price to by three times the cost, what will the company charge its customer for the table?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Manufacturing overhead rate = $   16.50
$330,000/20000
Computation of sales price
Material = 350*17 $        5,950
Labour = 300*21 $        6,300
Overhead = 300*16.5 $        4,950
a Total cost = $      17,200
b Mark up = 3*17200 $      34,400
c=a+b sales price $      51,600
Ans = $      51,600
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Alpha Company applies overhead costs to jobs on the basis of direct labor costs, Job A,...
Alpha Company applies overhead costs to jobs on the basis of direct labor costs, Job A, which was started and completed during the current period, shows charges of $10,000 for direct materials, $16,000 for direct labor, and $12,000 for overhead on its job cost sheet. Job B, which was still in process at year end, shows charges of $5,000 for direct materials and $8,000 for direct labor. Required: 1. (5 pts.) Should any overhead cost be applied to Job B...
XYZ Company applies overhead to jobs using direct labor cost as an activity. For the current...
XYZ Company applies overhead to jobs using direct labor cost as an activity. For the current year, XYZ's estimated overhead was $600,000 based on an expected 50,000 direct labor hours to be worked, with direct laborers expected to be paid $6 per hour. For the current year, actual overhead costs totaled $620,000 and actual direct labor cost totaled $325,000. For the year, overhead was:
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V,...
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $9,700 for direct labor, and $6,596 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $4,400 for direct materials and $4,400 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? Yes...
The Littlefield Company applies manufacturing overhead costs to products on the basis of direct labor-hours. The...
The Littlefield Company applies manufacturing overhead costs to products on the basis of direct labor-hours. The standard cost card shows that 12 direct labor-hours are required per unit of product. For August, the company budgeted to work 360,000 direct labor-hours and to incur the following total manufacturing overhead costs: Total fixed overhead costs $475,200 Total variable overhead costs $396,000 During August, the company completed 28,000 units of product, worked 344,000 direct labor-hours, and incurred the following total manufacturing overhead costs:...
Assigning Overhead To A Job Beta Corp. applies overhead to jobs on the basis of direct...
Assigning Overhead To A Job Beta Corp. applies overhead to jobs on the basis of direct labor costs. Job X which was started and completed during the current period shows charges of $10,000 for direct materials, $16,000 for direct labor, and $12,000 for overhead on its job cost sheet. Job Y which still was in process at year end shows charges of $5,000 for direct materials, and $8,000 for direct labor. Required: Should any overhead cost be applied to Job...
THE Company applies overhead to jobs using a pre-determined overhead rate of 70% of direct labor...
THE Company applies overhead to jobs using a pre-determined overhead rate of 70% of direct labor cost. During 2021, THE Company began work on three jobs. Information relating to these three jobs appears below: Job #1 Job #2 Job #3 direct materials ...... $39,000 $65,000 $41,000 direct labor cost ..... $54,000 $71,800 $37,300 By the end of 2021, job #1 and job #2 had been completed. Job #3 was not completed by the end of 2021. Additionally, by the end...
Junior Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Junior Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $240,600 and 5,600 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $242,600 and actual direct labor-hours were 4,900. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) Multiple Choice $32,096 overapplied $30,096 overapplied $32,096 underapplied $30,096 underapplied
Cavy Company estimates that total factory overhead costs will be $637,294 for the year. Direct labor...
Cavy Company estimates that total factory overhead costs will be $637,294 for the year. Direct labor hours are estimated to be 92,900. a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent. $................ per direct labor hour b. Determine the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,400 and to Job 999 if the amount of direct labor hours is 3,200. Job 567 $ Job 999 $...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $243,300 and 8,300 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $244,400 and actual direct labor-hours were 5,800. The overhead for the year was: (Round your intermediate calculations to 2 decimal places.) A. $74,402 overapplied B. $74,402 underapplied C. $73,302 overapplied D. $73,302 underapplied
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the...
Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead of $244,200 and 9,200 estimated direct labor-hours. Actual manufacturing overhead for the year amounted to $245,000 and actual direct labor-hours were 6,100. The applied manufacturing overhead for the year was closest to: (Round your intermediate calculations to 2 decimal places.) Garrison 16e Rechecks 2017-08-28 Multiple Choice $162,443 $161,894 $305,366 $244,976
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT