C Industries recently completed Job 3428 and the following data was recorded for

Question

C Industries recently completed Job 3428 and the following data was recorded for this job now completed:

            Direct materials                                   $1,312

            Direct labor hours                               63 labor hours

            Direct labor wage rate                        $22 per hour

            Machine hours                                    96 machine hours

C Industries applies manufacturing overhead on the basis of machine hours and the predetermined overhead rate is $17 per machine hour.

1. What is the total manufacturing cost that would be recorded for Job 3428?

2. If C Industries marks up its unit manufacturing costs by 60% and Job 3428 produced 693 units of product, what is the selling price for a unit in Job 3428 (rounded to nearest penny)?

Explanation / Answer

1 Direct Material 1312 Direct Labor 1386 (63*22) Manufacturing OH 1632 (96*17) Total Manufacturing Cost 4330 2 Total Manufacturing Cost 4330 Add: Markup (60%) 2598 (4330*60%) Total Revenue 6928 Units 693 Selling Price PU 10.00

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