Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 151,000 Fixed manufacturing overhead cost $ 653,000 Variable manufacturing overhead cost per machine-hour $ 4.20

Required: A. Compute the plantwide predetermined overhead rate.

B. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $ 310 Direct labor cost $ 240 Machine-hours used 38 Compute the total manufacturing cost assigned to Job 400.

C. If Job 400 includes 50 units, what is the unit product cost for this job?
D. If Moody uses a markup percentage of 110% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?

1.Revenue and profit are the same thing.

a.True

b.False

2.In the short run for a particular market, there are 300 firms. Each firm has a marginal cost of $30 when it produces 200 units of output. $30 is above every firm's average variable cost. One point on the market supply curve is

3.Profit maximizing quantity is the level of quantity where

4.Most of the firms in today's world are perfectly competitive.

a.True

b.False

5.For firms operating in a perfectly competitive market, price must always be greater than marginal revenue.

a.True

b.False

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:

Required:

1. Compute the plantwide predetermined overhead rate.

2. During the year, Job 400 was started and completed. The following information was available with respect to this job:

Compute the total manufacturing cost assigned to Job 400.

3. If Job 400 includes 50 units, what is the unit product cost for this job?

4. If Moody uses a markup percentage of 110% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:

Required:

1. Compute the plantwide predetermined overhead rate.

2. During the year, Job 400 was started and completed. The following information was available with respect to this job:

Compute the total manufacturing cost assigned to Job 400.

3. If Job 400 includes 50 units, what is the unit product cost for this job?

4. If Moody uses a markup percentage of 110% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?

1) Which of the following statements is true?

A) Organizations all have the same set of budgets

B) Budgets should not be used as part of performance evaluation.

C) Budgets are a quantitative expression of an organization’s goals and objectives.

D) Organizations are all required to budget

2) A total labor variance is best defined as the difference between total:

A) actual cost and the standard cost for the standard hours allowed to produce the output that was made

B) standard cost for the actual quantity of hours worked and the standard cost for the standard hours allowed to produce the output that was made

C) actual cost and the standard cost for the actual quantity of hours worked

3) A materials price variance would not be caused by:

A) not taking a quantity discount

B) ordering from a new supplier who is located farther from our factory resulting in higher freight charges

C) requiring laborers to work overtime

D) ordering the wrong quality of materials

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 159,000 Fixed manufacturing overhead cost $ 653,000 Variable manufacturing overhead cost per machine-hour $ 4.10

Required:

1. Compute the plantwide predetermined overhead rate.

2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials $ 370 Direct labor cost $ 220 Machine-hours used 32 Compute the total manufacturing cost assigned to Job 400.

3. If Job 400 includes 50 units, what is the unit product cost for this job?

4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?

Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:

Required:

1. Compute the plantwide predetermined overhead rate.

2. During the year, Job 400 was started and completed. The following information was available with respect to this job:

Compute the total manufacturing cost assigned to Job 400.

3. If Job 400 includes 50 units, what is the unit product cost for this job?

4. If Moody uses a markup percentage of 130% of its total manufacturing cost, then what selling price per unit would it have established for Job 400?

. The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job.

Determine the total cost on the job cost sheet for Job 9-1005

Campbell Chemical Company makes three products, B7, K6, and X9, which are joint products from the same materials. In a standard batch of 339,500 pounds of raw materials, the company generates 75,300 pounds of B7, 162,100 pounds of K6, and 102,100 pounds of X9. A standard batch costs $2,037,000 to produce. The sales prices per pound are $5, $15, and $20 for B7, K6, and X9, respectively.

Required

1. Allocate the joint product cost among the three final products using weight as the allocation base.

2. Allocate the joint product cost among the three final products using market value as the allocation base

FILL IN CHARTS

Classifying Cost Behavior
For each of the graphs displayed below, select the most appropriate cost behavior pattern where the lines represent the cost behavior pattern, the vertical axis represents total costs, the horizontal axis represents total volume, and the dots represent actual costs. Each pattern may be used more than once.

Using the drop-down box next to each cost description below, select the number to the graph that best depicts the cost behavior pattern.