Olmscheid Corporation has two manufacturing departments--Molding and Customizing.The company used the following data at the beginning of the period to calculate predetermined overhead rates:
During the period,the company started and completed two jobs--Job F and Job K.There were no beginning inventories.Data concerning those two jobs follow:
Required:
a.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate that overhead rate.
b.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job F.
c.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job K.
d.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job F.
e.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job K.
f.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job F.
g.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job K.
h.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.If both jobs were sold during the month,what was the company's cost of goods sold for the month?

Question

Olmscheid Corporation has two manufacturing departments--Molding and Customizing.The company used the following data at the beginning of the period to calculate predetermined overhead rates:
  During the period,the company started and completed two jobs--Job F and Job K.There were no beginning inventories.Data concerning those two jobs follow:
  Required:
a.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate that overhead rate.
b.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job F.
c.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job K.
d.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job F.
e.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job K.
f.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job F.
g.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job K.
h.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.If both jobs were sold during the month,what was the company's cost of goods sold for the month?

Quizplus · Accepted Answer

The Answer of Olmscheid Corporation has two manufacturing departments--Molding and Customizing.The company used the following data at the beginning of the period to calculate predetermined overhead rates:
  During the period,the company started and completed two jobs--Job F and Job K.There were no beginning inventories.Data concerning those two jobs follow:
  Required:
a.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate that overhead rate.
b.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job F.
c.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the amount of manufacturing overhead applied to Job K.
d.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job F.
e.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job K.
f.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job F.
g.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 30% on manufacturing cost to establish selling prices.Calculate the selling price for Job K.
h.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.If both jobs were sold during the month,what was the company's cost of goods sold for the month?

Olmscheid Corporation Has Two Manufacturing Departments--Molding and Customizing