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James Industries uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assembly and Sanding. The Assembly Department uses a departmental overhead rate of $34 per machine hour,while the Sanding Department uses a departmental overhead rate of $24 per direct labor hour. Job 603 used the following direct labor hours and machine hours in the two departments:
Assembly Department
Sanding Department
Direct labor hours used
8
5
Machine hours used
10
7
The cost for direct labor is $34 per direct labor hour and the cost of the direct materials used by Job 603 is $1392.
What was the total cost of Job 603 if James Industries used the departmental overhead rates to allocate manufacturing overhead?
How do the content and verification of the reports differ between managerial and financial accounting?
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