Data Markup on job cost Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour Cost summary for Job 407 Machine-hours Direct labor-hours Direct materials C 75% Department Milling Assembly 60,000 3,000 8,000 80,000 $390,000 $500,000 $2.00 $3.75 Department Milling Assembly 90 4 5 20 $800 $370 $70 $280 Direct labor cost Enter a formula into each of the cells marked with a ? below Step 1: Calculate the estimated total manufacturing overhead cost for each department Milling Assembly Total fixed manufacturing overhead cost $390,000 $500,000 Variable manufacturing overhead per machine-hour or direct labor-hour Total machine-hours or direct labor-hours $2.00 60,000 $3.75 80,000 Total variable manufacturing overhead $120,000 $300,000 Total manufacturing overhead $510,000 $800,000 Step 2: Calculate the predetermined overhead rate in each department Milling Assembly Total manufacturing overhead Total machine-hours or direct labor-hours Predetermined overhead rate per machine-hour or direct labor-hour $510,000 60,000 $8.50 $800,000 80,000 $10.00 Step 3: Calculate the amount of overhead applied from both departments to Job 407 Milling Predetermined overhead rate per machine-hour or direct labor-hour Machine-hours or direct labor-hours for the job Manufacturing overhead applied $8.50 90 $765.00 Assembly $10.00 20 $200.00 Step 4: Calculate the total job cost for Job 407 Direct materials Direct labor cost Manufacturing overhead applied Total cost of Job 407 Step 5: Calculate the selling price for Job 407 Total cost of Job 407 Markup Selling price of Job 407 Milling Assembly $800.00 $370.00 $70.00 $280.00 Total $1,170.00 $350.00 $765.00 $200.00 $965.00 $1,635.00 $850.00 $2,485.00 2,485.00 1,863.75 4,348.75 Chapter 2: Applying Excel: Exercise (Part 2 of 2) 2. Change the total fixed manufacturing overhead cost for the Milling Department in Data area back to $390,000, keeping all of the other data the same as in the original example. Consider a new job, Job 408, with the following characteristics: A B C 1 Chapter 2: Applying Excel 2 3 Cost summary for Job 408 Department 4 Milling Assembly La 5 6 Machine-hours Direct labor-hours 70 4 8 40 7 Direct materials cost 8 CO Direct labor cost 5999 $ 810 69 $ 460 $ 152 $ 760 In your worksheet, enter this new data in the cells for Job 407. What is the new selling price for Job 408? (Round your final answer to 2 decimal places.) Selling price for Job 408 3. Without changing the data for the job from requirement 2 above, what is the selling price for Job 408 if the total number of machine- hours in the Assembly Department increases from 3,000 machine-hours to 4,000 machine-hours? (Round your final answer to 2 decimal places.) Selling price for Job 408 4. Restore the total number of machine-hours in the Assembly Department to 3,000 machine-hours. And keep the job data the same as it was in Requirement 2. What is the selling price for Job 408 if the total number of direct labor-hours in the Assembly Department decreases from 80,000 direct labor-hours to 40,000 direct labor-hours? (Round your final answer to 2 decimal places.) Selling price for Job 408