Number 4 Grand Company Uses A Granite Company Uses X(GChe99Study Guided Sex 7166
ID: 2341413 • Letter: N
Question
Number 4
Grand Company Uses A Granite Company Uses X(GChe99Study Guided Sex 71667/Vievw Page 3 During the month of March, Nale Co. used $460,000 of direct materials. On March 1, the direct materials inventory was $60,000. At March 31, Nale's direct materials inventory was $75,000. Direct material purchases during the month of March amounted to: 4. Granite Company uses a job order cost system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor- hours were estimated at $940,000 and 16,000 hours respectively, for the year 5. a. Determine the predetermined overhead rate for the year b. In June, job #315 was completed. Materials costs on the job totaled $66,000 and labor costs totaled $41,400 at $18 per hour. Overhead was applied based on the rate you calculated in part a. What is the total cost of Job #3157(Hint: You will need back into direct labor hours) C. Assuming that this Job #315 has 500 units and the company marks it up 20% to determine selling price. What is the cost per unit and what allinn nrire, will thev 11 ? t413Explanation / Answer
Ending Material = Beginning Material + Purchases - material used
$ 75,000 = $ 60,000 + Purchases - $ 460,000
Dirct Materials purchased during the month of March amounted to = $ 475,000
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