Welcome to the article Newhard Company assigns overhead costs to jobs on the basis of 116 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 :
Final answer:
For Job 313 at Newhard Company, the total manufacturing cost is $47,850, calculated by summing direct materials, labor, and overhead costs. The unit product cost comes to $38.28, achieved by dividing the total manufacturing cost by the number of units produced.
Explanation:
The question asks for the calculation of total manufacturing cost and unit product cost for Job 313 at Newhard Company, which uses 116% of direct labor cost to assign overhead costs. To find the total manufacturing cost, add direct materials cost, direct labor cost, and overhead cost (calculated as 116% of direct labor cost). For the unit product cost, divide the total manufacturing cost by the number of units produced.
Calculation Details:
- Direct Materials Cost: $25,170
- Direct Labor Cost: $10,500
- Overhead Cost (116% of Direct Labor Cost): $10,500 x 116% = $12,180
- Total Manufacturing Cost: $25,170 (Direct Materials) + $10,500 (Direct Labor) + $12,180 (Overhead) = $47,850
- Unit Product Cost: $47,850 / 1,250 units = $38.28 per unit
Therefore, the total manufacturing cost assigned to Job 313 is $47,850, and the unit product cost is $38.28.
The complete question is:
Newhard Company assigns overhead cost to jobs on the basis of 116% of direct labor cost. The job cost sheet for Job 313 includes $25,170 in direct materials cost and $10,500 in direct labor cost. A total of 1,250 units were produced in Job 313.
Required:
a. What is the total manufacturing cost assigned to Job 313?
b. What is the unit product cost for Job 313?
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Rewritten by : Brahmana