Branin Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $160,000, variable manufacturing overhead of $3.40 per direct labor-hour, and 80,000 direct labor-hours. The company has provided the following data concerning Job A578 which was recently completed:
-The amount of overhead applied to Job A578 is closest to:
Definitions:
Total Period Cost
The sum total of all expenses incurred by a business within a specific period, not directly tied to the production process.
Variable Costing
An accounting method that includes only variable production costs—direct materials, direct labor, and variable manufacturing overhead—in the cost of a unit of product.
Unit Product Cost
The total cost associated with producing a single unit of product, including direct materials, direct labor, and allocated overhead.
Absorption Costing
An accounting practice that aggregates all costs related to making a product, including the expenses for direct materials, the wages for direct labor, and every overhead cost, fixed or changing, into the product’s pricing.
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