Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates:Direct labor-hours required to support estimated production140,000Machine-hours required to support estimated production70,000Fixed manufacturing overhead cost$784,000Variable manufacturing overhead cost per direct labor-hour$2.00Variable manufacturing overhead cost per machine-hour$4.00During the year, Job 550 was started and completed. The following information is available with respect to this job:Direct materials$175Direct labor cost$225Direct labor-hours15Machine-hours5Required:1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach:a. Compute the plantwide predetermined overhead rate.b. Compute the total manufacturing cost of Job 550.c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550

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01-04-2021
Business

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Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates:Direct labor-hours required to support estimated production140,000Machine-hours required to support estimated production70,000Fixed manufacturing overhead cost$784,000Variable manufacturing overhead cost per direct labor-hour$2.00Variable manufacturing overhead cost per machine-hour$4.00During the year, Job 550 was started and completed. The following information is available with respect to this job:Direct materials$175Direct labor cost$225Direct labor-hours15Machine-hours5Required:1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach:a. Compute the plantwide predetermined overhead rate.b. Compute the total manufacturing cost of Job 550.c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550

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