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Category > Accounting Posted 19 Aug 2017 My Price 11.00

Folsom Company

Problem 5-50  Overhead Rates, Unit Costs

Folsom Company manufactures specialty tools to customer order. There are three producing departments. Departmental information on budgeted  overhead  and  various activity measures for the coming year is as follows:

 

 

 

 

Welding

Assembly

Finishing

Estimated overhead

$220,000

$62,000

$150,000

Direct labor hours

4,500

10,000

6,000

Direct labor cost

$90,000

$150,000

$120,000

Machine hours

5,000

1,000

2,000

 

Currently, overhead is applied on the basis of machine hours using a plantwide rate. How- ever, Janine, the controller, has been wondering whether it might be worthwhile to use depart- mental overhead rates. She has analyzed the overhead costs and drivers for the various departments and decided that Welding and Finishing should base their overhead rates on machine hours and that Assembly should base its overhead rate on direct labor  hours.

(Continued)

 

 

 

 

                                                                          

 

 

Janine has been asked to prepare bids for two jobs with the following information:

 

 

Job 1

Job 2

Direct materials

$6,725

$9,340

Direct labor cost

$1,800

$3,100

Direct labor hours:

 

 

Welding

20

10

Assembly

60

20

Finishing

20

70

Number of machine hours:

 

 

Welding

50

50

Assembly

60

25

Finishing

90

125

The typical bid price includes a 35% markup over full manufacturing cost. Round all overhead rates to the nearest cent. Round all bid prices to the nearest  dollar.

Required:

1.       Calculate a plantwide rate for Folsom Company based on machine hours. What is the bid price of each job using this rate?

2.       Calculate departmental overhead rates for the producing departments. What is the bid price of each job using these rates?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 02:08 PM My Price 11.00

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