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Question: 1. ABC is a job-order costing manufacturer that uses a plantwide overhead rate based on direct labor hours. Estimations for the year include $800,000 in overhead and 50,000 direct labor hours. ABC produced five products in March. Data are as follows:
Product89
Product90
Product91
Product92
Product93
Balance, 3/1
$30,000
$40,000
$ 10,000
$0
Direct materials
15,000
17,000
25,000
18,000
10,000
Direct labor cost
$10,000
$8,000
$16,000
$9,000
$5,000
Direct labor hours - for month
1,000
800
1,600
900
500
By March 31, Jobs 89 and 91 were completed and sold. The rest of the jobs remained in process.
A. Calculate the plantwide overhead rate.
B. Calculate the Work in Process on March 31.
C. Calculate the cost of goods sold for March.
D. Assume ABC marks up cost by 40%. What is the selling price of Jobs 89 and 91?
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