Question

Ehrlich Company applies manufacturing overhead by using a predetermined rate of 50% of direct labor cost....

Ehrlich Company applies manufacturing overhead by using a predetermined rate of 50% of direct labor cost. The data that follow pertain to job no. 5:
direct material=$55,000
direct labor=$80,000
Ehrlich adds a 40% markup on total cost to calculate the sales price.
Showing your calculations, what is Ehrlich's cost of goods sold?
Showing your calculations, what is Ehrlich's sales price?
Showing your calculation, what is Ehrlich's gross margin?
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor...
Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at $1,015,000, and they estimated total direct labor costs at $1,400,000. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job #...
Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor...
Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at $1,015,000, and they estimated total direct labor costs at $1,400,000.   The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job #...
Osborn Manufacturing uses a predetermined overhead rate of $19.70 per direct labor-hour. This predetermined rate was...
Osborn Manufacturing uses a predetermined overhead rate of $19.70 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $265,950 of total manufacturing overhead for an estimated activity level of 13,500 direct labor-hours. The company incurred actual total manufacturing overhead costs of $260,000 and 13,000 total direct labor-hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assuming that the entire amount of the underapplied or overapplied...
Osborn Manufacturing uses a predetermined overhead rate of $18.90 per direct labor-hour. This predetermined rate was...
Osborn Manufacturing uses a predetermined overhead rate of $18.90 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $240,030 of total manufacturing overhead for an estimated activity level of 12,700 direct labor-hours. The company actually incurred $237,000 of manufacturing overhead and 12,200 direct labor-hours during the period. Required: 1. Determine the amount of underapplied or overapplied manufacturing overhead for the period. 2. Assume that the company's underapplied or overapplied overhead is closed to Cost of...
Your Company uses a predetermined overhead rate based on direct labor cost. The POR is 80%...
Your Company uses a predetermined overhead rate based on direct labor cost. The POR is 80% of direct labor costs. Use the following information to determine by how much the manufacturing overhead cost for the current year will be over or under applied.                     Direct labor-hours: Estimated for the year................ 24,000 Actual hours worked.................. 19,500 Direct labor cost: Estimated for the year................ $300,000 Actual cost incurred................... $210,000 Manufacturing overhead: Estimated for the year................ $240,000 Actual cost incurred................... $185,000 The manufacturing overhead...
Benner Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined...
Benner Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours. Manufacturing overhead and direct labor hours were estimated at $66,000 and 22,000 hours, respectively. In June, Job #461 was completed. Materials costs on the job totaled $4,923 and labor costs totaled $2,325 at $7.50 per hour (310 hours worked on this job). At the end of the year, it was determined that the company worked 23,975 direct...
5. Assume (1) a company’s plantwide predetermined overhead rate is $13.00 per direct labor-hour, and (2)...
5. Assume (1) a company’s plantwide predetermined overhead rate is $13.00 per direct labor-hour, and (2) its job cost sheet for Job X shows that this job incurred direct materials and direct labor charges of $500 and $360, respectively. If Job X’s total job cost is $1,289, how many direct labor-hours were worked on this job? 6. Assume (1) actual machine-hours worked during the period of 54,000 hours, (2) estimated machine-hours to be worked during the period of 55,600 hours,...
JD Corporation uses a job-order cost system and applies manufacturing overhead to jobs using a predetermined...
JD Corporation uses a job-order cost system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor dollars. The rate for the current year is 200 percent of direct labor dollars. This rate was calculated last November and will be used throughout the current year. During September, direct labor added co jobs was as follows: Job #1 Job #2 Job#3 Direct labor $1,000 $4,500 $2,000 Actual manufacturing overhead for the month of September was $17,500....
Fairfield Company applies manufacturing overhead to products at a predetermined rate of $66 per direct labor...
Fairfield Company applies manufacturing overhead to products at a predetermined rate of $66 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Item Description Total Cost Direct materials Used on Jobs 101 and 102 72,000 Indirect materials Used on multiple jobs 14,600 Hourly labor wages 920 hours @ $33 per hour 170 hours for Job 101 = $ 5,610 320 hours for Job 102 = 10,560 430 hours for Job 103 = 14,190...
XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate...
XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR70,000; Estimated direct labor hours 20,000; Actual direct labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: a. OMR1,500 underapplied b. None of the answers given c. OMR5,500 overapplied d. OMR5,000 overapplied e. OMR5,000 underapplied f. OMR1,500...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT