Temby Corporation Uses a Job-Order Costing System with a Single

question 258

Essay

Temby 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 10,000 machine-hours, total fixed manufacturing overhead cost of $88,000, and a variable manufacturing overhead rate of $3.20 per machine-hour.Job K418, which was for 50 units of a custom product, was recently completed.The job cost sheet for the job contained the following data: Required:
a.Calculate the estimated total manufacturing overhead for the year.
b.Calculate the predetermined overhead rate for the year.
c.Calculate the amount of overhead applied to Job K418.
d.Calculate the total job cost for Job K418.
e.Calculate the unit product cost for Job K418.
f.Calculate the selling price for Job K418 if the company marks up its unit product costs by 30%.

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Definitions:

Suprematism

A type of art formulated by Kazimir Malevich to convey his belief that the supreme reality in the world is pure feeling, which attaches to no object and thus calls for new, nonobjective forms in art—shapes not related to objects in the visible world.

Pure Feeling

An unalloyed emotional state that is undiluted by rational thought, often emphasized in discussions of art, music, and poetry to denote sincere or profound emotion.

Objective Reality

The concept that objects exist and have properties independent of any observer's beliefs or perceptions.

Nightingale

A small songbird known for its powerful and beautiful song, often associated with poetry and literature as a symbol of love and longing.