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A B C D E F G H K M N O Q R S UA Voisine Products manufactures its products in two separate departments: machining and assembly. Total manufacturing overhead costs for the year are budgeted at $1 05 million. Of this amount, the Machining Department incu incurs $450,000. Voisine Products estimates it will incur 7,000 machine hours (all in the Machining Department) and 17,000 direct labour hours (6,500 in the Machining Department and 10,500 in the Assembly Department) durin Voisine Products currently uses a plantwide overhead rate based on direct labour hours to allocate overhead. However, the company is considering refining its overhead allocation system by using departmental overhead rates. Assembly Department would allocate its overhead using direct labour (DL) hours. The following chart shows the machine hours (MH) and direct labour (DL) hours incurred by Jobs 500 and 501 in each production department: EFF (Click the icon to view the machine hours and direct labour hours incurred by each department.) Both Jobs 500 and 501 used $1,200 of direct materials. Wages and benefits total $40 per direct labour hour. Voisine Products prices its products at 135% of total manufacturing costs. 1. Compute Voisine Products' current plantwide overhead rate. Machining Assembly 2. Compute refined departmental overhead rates. Department Department 3. Which job (Job 500 or Job 501) uses more of the company's resources? Explain 4. Compute the total amount of overhead allocated to each job if Voisine Products uses its current Job 500 9 MH 10 DL hours plantwide overhead rate 4 DL hours 5. Compute the total amount of overhead allocated to each job if Voisine Products uses departmental overhead rates Job 501 18 MH 10 DL hours 6. Do both allocation systems accurately reflect the resources that each job used? Explain. 7. Compute the total manufacturing cost and sales price of each job using Voisine Products' current 4 DL hours plantwide overhead rate 8. Based on the current (plantwide) allocation system, how much profit did Voisine Products think it earned on each job? Based on the departmental overhead rates and the sales price determined in Requirement 7, how much profit did it really earn on each job