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1 1 "Don't tell me we've lost another bid!" exclaimed Janice Hudson, president of Prime Products Inc. "I'm afraid so," replied Doug Martin the operations vice president. "One of our competitors underbid us by about $11,000 on the Hastings job just can't figyse it out said Hudson. "it seems we're either too high to get the job or too low to make any money on half the jobs we bid what's happened?" Prime Products manufactures specialized goods to customers' specifications and operates a job order costing system Manufacturing overhead cost is applied to jobs on the basis of direct tabour cost. The following estimates were made at the beginning of the year Department Machine Assembly Total Plant Direct labour $ 307,500 $ 205,000 $410,000 $ 922,500 Manufacturing overhead $ 553,500 20,000 102,500 $1,475,000 Jobs require varying amounts of work in the three departments. The Hastings job, for example, would have required manufacturing costs in the three departments as follows: Direct material Direct labour Manufacturing overhead cutting $10,000 $ 9,000 Departat Hoch Ansby $ 1,400 56.000 12.700 $16.000 Total Plant $24.000 $27.00 The company uses a plantwide overhead rate to apply manufacturing overhead cost to jobs Required: 1. Assuming the use of a plantwide overhead rate: a. Compute the rate for the current year. Prodotmined overhead tate % b. Determine the amount of manufacturing overhead cost that would have been applied to the Hastings job. Manufacturing overhead cost 2 Suppose that instead of using a plantwide overhead rate, the company had used a separate predetermined overhead rate in each department. Under these conditions: a. Compute the rate for each department for the current year Cutting department Machining department Assembly department Predetermined Overhead Rate % % % b. Determine the amount of manufacturing overhead cost that would have been applied to the Hastings job. Manufacturing overhead cost 3. This part of the question is not part of your Connect assignment 4. Assume that it is customary in the industry to bid jobs at 150% of total manufacturing cost (direct materials, direct labout, and ap overhead) a. What was the company's bid price on the Hastings job? Company's bid price b. What would the bid price have been if departmental overhead rates had been used to apply overhead cost? Company's bid price 5. At the end of the year, the company assembled the following actual cost data relating to all jobs worked on during the year nanantment POV 1 of 3 !!! Next > 5. At the end of the year, the company assembled the following actual cost data relating to all jobs worked on during the fear Departeent Cutting Machining Assembly Total Plant Direct material $782,500 $ 92,500 $420,000 $1,295,000 Direct labour $330,000 $217,500 $348,000 $ 895,500 Manufacturing overhead $577,500 $859,660 $ 94,200 $1,531,300 a. Compute the underapplied or overapplied overhead for the year, assuming that a plantwide overhead rate is used