Job-Order Costing - Using the weighted procedure method setting rates, calculate
ID: 2656654 • Letter: J
Question
Job-Order Costing - Using the weighted procedure method setting rates, calculate the relative value and cost per procedure for the following lab procedures. Assume total lab cost of $2,500,000 and average hourly wage of $20. Round your answer to the nearest whole dollar.
Procedure
Projected Volume
Labor Minutes
Supply Expense
A
5100
15
0.95
B
5700
13
0.75
C
4600
11
0.70
D
6100
10
0.65
E
4600
12
0.90
Procedure
Projected Volume
Labor Minutes
Supply Expense
A
5100
15
0.95
B
5700
13
0.75
C
4600
11
0.70
D
6100
10
0.65
E
4600
12
0.90
Explanation / Answer
Procedure Projected Volume Labor Minutes Supply Expense Actual Production Time required to Production in Units Labour Cost Lab Cost Total Cost Cost per procedure a b c d=a X c e= d/b f= e X 20 per Hour g= d * 2500000/20445 h=g+f '=h/d A 5100 15 0.95 4845 323 6,460.00 592,443.14 598,903.14 123.61 B 5700 13 0.75 4275 329 6,576.92 522,743.95 529,320.87 123.82 C 4600 11 0.7 3220 293 5,854.55 393,739.30 399,593.85 124.10 D 6100 10 0.65 3965 397 7,930.00 484,837.37 492,767.37 124.28 E 4600 12 0.9 4140 345 6,900.00 506,236.24 513,136.24 123.95 20445 33,721.47 2,500,000.00 2,533,721.47
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