Answered Essay: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on mac

Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on the following data:

Total machine-hours 32,000
Total fixed manufacturing overhead cost $ 352,000
Variable manufacturing overhead per machine-hour $ 3.00

Recently, Job T687 was completed with the following characteristics:

Number of units in the job 10
Total machine-hours 40
Direct materials $ 675
Direct labor cost $ 1,350

If the company marks up its unit product costs by 40% then the selling price for a unit in Job T687 is closest to: (Round your intermediate calculations to 2 decimal places.)

Garrison 16e Rechecks 2017-06-22, 2017-08-01

Multiple Choice





Expert Answer


Pre-determined overhead rate = Total fixed overhead cost-Total machine hours 352,00032,000 11 per MH Calculate the selling price as follows Particulars Amount 675 1,350 Direct material Direct labor Overhead cost Fixed overhead (40 x 11 Variable cost (40 x 3) Total job cost Add: 40% mark up Selling price Number of units Unit cost 440 120 2,585 1,034 3,619 10 361.90 The correct answer is $361.90

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