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Wisconsin Electronics has received an order for? 1,000 speciallydesigned? TV/VCR combinations. The following standards...

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Accounting

Wisconsin Electronics has received an order for? 1,000 speciallydesigned? TV/VCR combinations. The following standards werecompiled for this? order: Direct? materials: Part? #123 ?$25 per?TV/VCR Part? #456 ?$50 per? TV/VCR Direct? labor: 2.0 hours per?TV/VCR at? $15 per hour Manufacturing? overhead: ?$40 per directlabor hour Assume the company adds a? 10% markup to arrive at aselling price. The bid price for this order? totals: A. ?$203,500.B. ?$115,500. C. ?$185,000. D. ?$80,000.

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4.1 Ratings (756 Votes)

All Workings form part of the answer

-Working and Answer

Costs Workings Amount
Direct Material:
Part #123 [1000 TV/VCRs x $ 25] $                  25,000.00
Part #456 [1000 TV/VCRs x $ 50] $                  50,000.00
Direct Labor ]2 hours x 1000 TV/VCR x $ 15 per hour] $                  30,000.00
Manufacturing Overhead [$ 40 x 2 hours x 1000 TV/VCR] $                  80,000.00
Total Cost assigned $                185,000.00
Mark Up of 10% $                  18,500.00
Bid Price for Order $                203,500.00
CORRECT ANSWER Option 'A': $ 203,500

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Transcribed Image Text

In: AccountingWisconsin Electronics has received an order for? 1,000 speciallydesigned? TV/VCR combinations. The following standards were...Wisconsin Electronics has received an order for? 1,000 speciallydesigned? TV/VCR combinations. The following standards werecompiled for this? order: Direct? materials: Part? #123 ?$25 per?TV/VCR Part? #456 ?$50 per? TV/VCR Direct? labor: 2.0 hours per?TV/VCR at? $15 per hour Manufacturing? overhead: ?$40 per directlabor hour Assume the company adds a? 10% markup to arrive at aselling price. The bid price for this order? totals: A. ?$203,500.B. ?$115,500. C. ?$185,000. D. ?$80,000.

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