Lamberson 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:
Recently Job P647 was completed with the following characteristics:
Required:a. Calculate the amount of overhead applied to Job P647.b. Calculate the total job cost for Job P647.c. Calculate the unit product cost for Job P647.
Definitions:
Output
The total quantity of goods or services produced by a firm, industry, or economy within a certain period.
Total Cost
The complete expenditure incurred in the production of goods or services, including fixed and variable costs.
Output
The total amount of something produced by a person, machine, or industry.
Average Variable Cost
The total variable costs (costs that change with production levels) divided by the quantity of output produced.
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