Reference no: EM13912056
Your company estimates current overhead costs based on the prior year overhead cost. Allowances are made for significant increases in costs and volume if any. 2014 actual overhead costs included $1,500,000 of fixed costs and $600,000 of variable costs. 250,000 direct labor hours were incurred. Overhead is applied using direct labor hours charged to jobs. Volume produced and sold during 2014 was 1 million units.
Your Company estimates for 2015 that fixed overhead will be$1,600,000 and variable costs will be $660,000. Sales volume is projected to be 1.1 million units. All units produced are expected to be sold. Estimated direct labor hours are expected to total 275,000 hours.
Instructions:
Compute the overhead rate to be used for 2015.
Compute the cost assigned to Job 61 if the following costs were charged: direct material $10,000 and direct labor cost $16,000 @$10 per hour. Manufacturing overhead is applied using the rate computed in 1 above.
If the selling price is computed as total cost plus 60% what would be the selling price of Job 61?
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