Question

# Required information [The following information applies to the questions displayed below.] Smithson Company uses a job-order...

Required information

[The following information applies to the questions displayed below.]

Smithson 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:

Molding Fabrication Total

Machine-hours 32,000 42,000 74,000

Manufacturing overhead costs \$ 950,000 \$ 410,000 \$ 1,360,000

During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-75 and Job C-100. It provided the following information related to those two jobs:

Job D-75: Molding Fabrication Total

Direct materials cost \$ 378,000 \$ 326,000 \$ 704,000

Direct labor cost \$ 210,000 \$ 140,000 \$ 350,000

Machine-hours 23,000 9,000 32,000

Job C-100: Molding Fabrication Total

Direct materials cost \$ 240,000 \$ 200,000 \$ 440,000

Direct labor cost \$ 140,000 \$ 280,000 \$ 420,000

Machine-hours 9,000 33,000 42,000

Smithson had no overapplied or underapplied manufacturing overhead during the year. Assume Smithson uses a plantwide overhead rate based on machine-hours.

Required:

1-a. Compute the predetermined plantwide overhead rate. (Round your answer to 2 decimal places.)

Predetermined Overhead Rate: \$18.38

1-b. Compute the total manufacturing costs assigned to Job D-75 and Job C-100. (Round your intermediate calculations to 2 decimal places.)

Total Manufacturing costs

Job D-75: \$

Job C-100: \$

1-c. If Smithson establishes bid prices that are 120% of total manufacturing costs, what bid price would it have established for Job D-75 and Job C-100? (Round your intermediate calculations to 2 decimal places.)

Bid Price

Job D-75: \$

Job C-100: \$

1-d. What is Smithson’s cost of goods sold for the year? (Round your intermediate calculations to 2 decimal places.)

Cost of goods sold: \$

#### Earn Coins

Coins can be redeemed for fabulous gifts.

##### Need Online Homework Help?

Most questions answered within 1 hours.

##### Active Questions
• The mass m1 on a smooth table is connected to the mass m2 which moves only...
asked 8 minutes ago
• Florin and Guilder are two countries separated by a narrow sea. They use currencies called, respectively,...
asked 9 minutes ago
• determine the net allowable bearing capacity for 1.1 × 1.7 m foundation with limiting settlement of...
asked 16 minutes ago
• O’Connor Ltd started business on 31 March 2010 in the recycling industry. The company balances its...
asked 17 minutes ago
• The population proportion is 0.38. What is the probability that a sample proportion will be within...
asked 19 minutes ago
• You have constructed a quinhydrone concentration cell with buffers of pH = 4.2 and pH =...
asked 20 minutes ago
• Management action and stock value   REH​ Corporation's most recent dividend was \$ 1.98 per​ share, its...
asked 22 minutes ago
• In triangle ABC , let the bisectors of angle b meet AC at D and let...
asked 36 minutes ago
• What should the return type of the following function be? [returnType] printName(string fName, string lName){ cout...
asked 37 minutes ago
• carol s smart wants to determine if her favourite gene is expressed in liver tissue. she...
asked 37 minutes ago
• In the mitochondria, NADH donates its electrons to NADH-Q oxidoreductase, and from there the electrons move...
asked 44 minutes ago
• The addiction models are these except： 1.the disease model 2.physical dependence model 3.positive reinforcement model 4.toxic...
asked 47 minutes ago