Bid calculations. The Shepard Company is to submit a bid on the production of 10,000 ceramic salad bowls. It is estimated that the cost of materials will be $7,500 and direct labor, $10,100 Factory overhead is applied at $5 per direct labor hour in the Molding Department and at 120% of the direct labor cost in the Finishing Department. It is estimated that 800 direct labor hours will be required in Molding and that direct labor cost in Finishing will be $4,300. The company wishes a bid price consisting of a markup of 40% of its total production costs.Required:1) Estimated cost to produce.(2)
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