Hultquist Corporation has two manufacturing departments--Forming 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 C and Job L.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 L.
c.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job L.
d.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job L.
e.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.What is the departmental predetermined overhead rate in the Forming department?
f.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.What is the departmental predetermined overhead rate in the Customizing department?
g.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.How much manufacturing overhead will be applied to Job L?
h.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.Further assume that the company uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job L.

Question

Hultquist Corporation has two manufacturing departments--Forming 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 C and Job L.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 L.
c.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job L.
d.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job L.
e.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.What is the departmental predetermined overhead rate in the Forming department?
f.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.What is the departmental predetermined overhead rate in the Customizing department?
g.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.How much manufacturing overhead will be applied to Job L?
h.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.Further assume that the company uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job L.

Quizplus · Accepted Answer

The Answer of Hultquist Corporation has two manufacturing departments--Forming 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 C and Job L.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 L.
c.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours.Calculate the total manufacturing cost assigned to Job L.
d.Assume that the company uses a plantwide predetermined manufacturing overhead rate based on machine-hours and uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job L.
e.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both departments.What is the departmental predetermined overhead rate in the Forming department?
f.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.What is the departmental predetermined overhead rate in the Customizing department?
g.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.How much manufacturing overhead will be applied to Job L?
h.Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments.Further assume that the company uses a markup of 80% on manufacturing cost to establish selling prices.Calculate the selling price for Job L.

Hultquist Corporation Has Two Manufacturing Departments--Forming and Customizing