Answers
2 a) Calculation of Departmental predetermined overhead rates:- (Amount in $)
| Molding | Fabrication | |
| Fixed Manufacturing Overhead Rates (A) | 790,000 | 220,000 |
| Machine Hours (B) | 29,000 | 39,000 |
| Departmental predetermined overhead rate per machine hour (A/B) | 27.24138 | 5.64103 |
b) Calculation of Total Manufacturing Cost assigned to job D-70 and Job C-200:-
i)Job D-70:- (Amount In $)
| Job D-70 | Molding | Fabrication | Total |
| Director Material Cost | 380,000 | 324,000 | 704,000 |
| Director Labor Cost | 210,000 | 120,000 | 330,000 |
| Variable Manufacturing Overhead (Machine Hours* variable overhead rate) | 117,300 (23,000*5.10) | 30,600 (6,000*5.10) | 147,900 |
| Fixed Manufacturing Overhead (Machine Hours* fixed overhead rate) | 626,552 (23,000*27.24138) | 33,846 (6,000*5.64103) | 660,398 |
| Total Manufacturing Cost | 1,333,852 | 508,446 | 1,842,298 |
ii)Job C-200:- (Amount In $)
| Job C-200 | Molding | Fabrication | Total |
| Director Material Cost | 230,000 | 290,000 | 520,000 |
| Director Labor Cost | 140,000 | 230,000 | 370,000 |
| Variable Manufacturing Overhead (Machine Hours* variable overhead rate) | 30,600 (6,000*5.10) | 168,300 (33,000*5.10) | 198,900 |
| Fixed Manufacturing Overhead (Machine Hours* fixed overhead rate) | 163,448 (6,000*27.24138) | 186,154 (33,000*5.64103) | 349,602 |
| Total Manufacturing Cost | 564,048 | 874,454 | 1,438,502 |
C) Calculation of Bid Price:- (Amount In $)
| Job D-70 | Job C-200 | |
| Total Manufacturing Cost (A) | 1,842,298 | 1,438,502 |
| Bid Price(A*130%) | 2,394,987 | 1,870,053 |
D)Calculation of Cost of Goods Sold:- (COGS) (Amount In $)
COGS= Opening Inventory + Total manufacturing cost - Closing Inventory
As there is no opening and closing Inventory,Cost of goods sold will be same as total manufacturing cost for both the jobs.
So COGS for Job D-70 is 1,842,298. And COGS for Job C-200 is 1,438,502.
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