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What is the price of each chair

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Reference no: EM132711263

Layboy manufactures chairs. The company allocates manufacturing overhead based on the labour hours eacch job uses. LayBoy reports the followingg cost data as December 2019.

                                                 Estimated                actual

Direct labour hours               28,000 hours             29,000 hours

Machine hours                    13,500 hours         12,600 hours

Manufacturing overhead         $420,000            $406,000

Layboy started and finished job 3729 during september 2019. The following direct materials were requisitione for job 3729:

Lumber 37 board feet at $10.50 per board foot

Foam 8 cubic metres at $17.75 per cubic metre

Fabric 12 square metres at $12.00 per square metre

  • Employee Time Cards show the following employees worked on job 3729
  • Victor Smith 8 hours at $32.00/hour
  • Steven Sly 6 hours at $29.00/hour

Required

Problem 1) Compute the total cost of job 3729

Problem 2) Job 3729 consisted of 2 chairs. If LayBoy charges its customers a markup of 30% of total manufacturing cost, what is the price of each chair?

Reference no: EM132711263

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