Welcome to the article Newhard Company assigns overhead cost to jobs on the basis of 112 of direct labor cost The job cost sheet for Job 313 includes 25. On this page, you will learn the essential and logical steps to better understand the topic being discussed. We hope the information provided helps you gain valuable insights and is easy to follow. Let’s begin the discussion!
Answer :
a. The total manufacturing cost assigned to Job 313 is $48,000.
b. The unit product cost for Job 313 is $32.
a. The overhead cost assigned to Job 313 will be calculated as follows: Direct labor cost = $10,700
Overhead cost assigned = 112% of $10,700 = $11,984
Total manufacturing cost assigned = Direct materials cost + Direct labor cost + Overhead cost assigned= $25,316 + $10,700 + $11,984= $48,000
Therefore, the total manufacturing cost assigned to Job 313 is $48,000.
b. To calculate the unit product cost for Job 313, we will divide the total manufacturing cost assigned to Job 313 by the number of units produced in Job 313. The calculation is as follows:
Unit product cost = Total manufacturing cost assigned / Number of units produced= $48,000 / 1,500= $32
Therefore, the unit product cost for Job 313 is $32.
The total manufacturing cost assigned to Job 313 is $48,000. The unit product cost for Job 313 is $32.
In the given scenario, Newhard Company assigns overhead costs to jobs on the basis of 112% of direct labor costs. The job cost sheet for Job 313 includes $25,316 in direct materials cost and $10,700 in direct labor cost. A total of 1,500 units were produced in Job 313. The overhead cost assigned to Job 313 is calculated by multiplying the direct labor cost by the overhead rate (112%). Afterward, the total manufacturing cost assigned is calculated by adding the direct materials cost, direct labor cost, and overhead cost assigned. The total manufacturing cost assigned to Job 313 is $48,000. To calculate the unit product cost, divide the total manufacturing cost assigned to Job 313 by the number of units produced in Job 313. Therefore, the unit product cost for Job 313 is $32.
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Rewritten by : Brahmana