During the year job 123 a firm fixed price contract for the, Ask an Expert

Accounting

Global CO had the following at the end of the year- (Note A is more labor intensive and B is more automated.)

Department A Department B Plant Total

Direct Material cost $338,000 $23,500 $361,500

Direct labour cost 318,000 $110,000 $ 428,000

Department Overhead $276,000 $480000 $756000

Direct labour hours 30000 10000 40000

Machine Hrs 2000 40000 42000

The base for department A is direct labour and the base for department B is machine hours. Calculate the overhead rates for Dept A and B below

Department A $318,000/30,000= $10.60ph what is the overhead rate?

Department B $110/10,000= $11.00 ph what is the overhead rate?

During the year, job 123 a firm fixed price contract for the production of 3,000 raincoats will be started and completed. Estimate the contract cost using the rates is in question 1 and the following information

Material cost totalled $3,200 for Department A and Department B $740.00

Direct labour hours 240 for Department A and Department B 80

Machine hours totalled 120 for Department A And department B 300

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9160146

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