Soucy Furniture started and finished Job 310 during December. The company\'s rec

Question

Soucy Furniture started and finished Job 310 during December. The company's records show that the following direct materials were requisitioned for Job 310 Labor time records show the following employees (direct labor) worked on Job 310 1 (Click the icon to view the labor time records for Job 310.) Soucy allocates manufacturing overhead at a rate of $14 per direct labor hour Read the requirements Click the icon to view the direct materials for Job 310.) Requirement 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record. Job Cost Record for Job 310 Total Direct Materials Lumber Padding Upholstery fabric units atper unit per yard yards at| per yard yards at Total Direct Materials Direct Labor: Vince Owens Elizabeth Dickerson hours at hours at| hours per hour per hour Total Direct Labor Manufacturing Overhead Allocated 14 Per direct labor hour Total Job Cost Requirement 2. Job 310 consists of three recliners. If each recliner sells for 775, what is the gross profit per recliner? Identify the formula and then compute the gross profit. (Round your answers to the nearest whole number.) Gross profit (per unit)

Explanation / Answer

1. Job Cost Record for Job 310 Direct Material Total Lumber 50 Units at $9 Per unit $450 Padding 9 Yard at $17 Per unit $153 Upholstery Fabric 29 Yards at $30 Per unit $870 Tota Direct Material (a) $1,473 Direc Labour Vince Owner 17 hours at $12 Per Hour $204 Elizabeth Dickerson 12 hours at $21 Per Hour $252 Total Direc Labour Hour (b) 29 Hours $456 Manufacturing Overhead allocated $14/Direct Labour Hour ( C) 29 Hours $14 per Hour $406 Total Job Cost(a+b+c) $2,335 2. Computation of Gross Profit Total Manufacturing Cost $2,335 No. of Recliner in Job 3 Recliner Manufacturing Cost (b) $778.33 Per Recliner Selling Price ( a) $775 Per Recliner Gross Profit (Loss)(a-b) ($3.33) Per Recliner

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