Sivret 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 M598 was completed with the following characteristics:
-If the company marks up its unit product costs by 40% then the selling price for a unit in Job M598 is closest to:
Definitions:
Variable Manufacturing Cost
Costs that vary in direct proportion to the changes in production volume, including direct materials, direct labor, and variable manufacturing overhead.
Monthly Production Volume
The total number of units a company manufactures or produces in a month.
Least-squares Regression
A statistical method used to determine the line of best fit by minimizing the sum of squares of the differences between observed values and the values predicted by the model.
Cost Formula
An equation used to predict the total costs associated with producing a given level of output.
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