Amason Corporation has two production departments, Forming and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine-hours and the Assembly Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates:
During the current month the company started and finished Job A950. The following data were recorded for this job:
Required:Calculate the selling price for Job A950 if the company marks up its unit product costs by 30% to determine selling prices.
Definitions:
Standard Deviation
An indicator that measures the level of disparity or distribution of values in a dataset from its mean.
Sampling Distribution
The probability distribution of a given random sample-based statistic.
Sample Statistics
Measures or values calculated from a sample of data used to estimate population parameters.
Population Parameters
Quantitative characteristics or attributes defining a whole population, such as mean or standard deviation.
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