Company uses job-order costing to estimate their costs and also set their prices. The following...
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Accounting
Company uses job-order costing to estimate their costs and also set their prices. The following information is available:
Estimated total budgeted overhead $300,000
Estimated total budgeted machine hours 10,000
Estimated total budgeted direct labor hours 20,000
Estimated budgeted direct labor costs $75,000
is bidding on a job and has the following estimated information for that specific job:
Direct Materials Needed $9,000
Direct Labor Costs Needed $1,000
Direct Labor Hours Needed 225
Machine Hours Needed 100
The company uses machine hours to allocate overhead.,
Required
Calculate the following amounts:
| Questions | Answers |
| Calculate the overhead rate |
|
| Calculate the amount of overhead costs allocated to this specific job |
|
| Calculate the total costs of this specific job |
|
| Calculate the selling price of the specific job assuming that Porter adds 10% to the total cost of the job |
|
Calculations:
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