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 157,000 Fixed manufacturing overhead cost $ 658,000 Variable manufacturing overhead cost per machine-hour $ 4.50 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 $ 350 Direct labor cost $ 240 Machine-hours used 31 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

Instructions are below.

Explanation:

Giving the following information:

Machine-hours required to support estimated production 157,000 Fixed manufacturing overhead cost $ 658,000

Variable manufacturing overhead cost per machine hour $4.50

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= (658,000/157,000) + 4.5

Estimated manufacturing overhead rate= $8.69 per machine hour

Job 400:

Direct materials= $350

Direct labor cost= $240

Machine-hours used= 31

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 8.69*31= $269.39

Job 400:

Units= 50

First, we need to calculate the total cost:

Total cost= 350 + 240 + 269.39

Total cost= $859.39

Unitary cost= 859.39/50= $17.188 per unit

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