Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 19 Aug 2017 My Price 9.00

hatchback automobile

Problem 5-51   Calculate Job Cost and Use It to Calculate Price

Suppose that back in the 1970s, Steve was asked to build speakers for two friends. The first friend, Jan, needed a speaker for her band. The second friend, Ed, needed a speaker built into the back of his hatchback automobile. Steve figured the following costs for each:

 

 

 

Jan’s Job

Ed’s Job

Materials

$50

$75

Labor hours

10

20

Steve knew that Jan’s job would be easier, since he had experience in building the type of speaker she needed. Her job would not require any special equipment or specialized fitting. Ed’s job, on the other hand, required specialized design and precise fitting. Steve thought he might need to build a mock-up of the speaker first, to fit it into the space. In addition, he might have to add to his tool collection to complete the job. Normally, Steve figured a wage rate of $6 per hour and charged 20% of labor and materials as an overhead  rate.

Required:

1.       Prepare job-order cost sheets for the two jobs, showing total cost.

2.       CONCEPTUAL CONNECTION Which cost do you think is more likely to be accurate? How might Steve build in some of the uncertainty of Ed’s job into a budgeted cost?

 

 

 4

Answers

Maurice Tutor
(5)
Status NEW Posted 19 Aug 2017 02:08 PM My Price 9.00

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