To solve the problem and determine the total manufacturing cost for Job No. 501, let's break it down step by step:

Given:

1. Direct materials cost: $140,000
2. Overhead cost: $220,000
3. Overhead is applied at 200% of direct labor cost.

Steps to calculate:

1. Find the direct labor cost: The overhead is 200% of the direct labor cost. This means: $\text{Overhead} = 2 \times \text{Direct Labor Cost}$ From the given overhead of $220,000: $\text{Direct Labor Cost} = \frac{\text{Overhead}}{2} = \frac{220,000}{2} = 110,000$

2. Calculate the total manufacturing cost: The total manufacturing cost is the sum of:

   • Direct materials cost
   • Direct labor cost
   • Overhead cost

   $\text{Total Manufacturing Cost} = \text{Direct Materials Cost} + \text{Direct Labor Cost} + \text{Overhead Cost}$ Substituting the values: $\text{Total Manufacturing Cost} = 140,000 + 110,000 + 220,000 = 470,000$

Final Answer:

The total manufacturing cost for Job No. 501 is $470,000.

Let me know if you'd like further explanation or if you have questions! Here are 5 related questions to expand your understanding:

1. How would the total manufacturing cost change if the overhead rate was increased to 250% of direct labor cost?
2. What is the impact of reducing the direct labor cost by 10% on the total manufacturing cost?
3. How do companies determine the appropriate percentage for overhead application rates?
4. Why is it important to track direct labor, materials, and overhead separately in job costing?
5. How would the total cost change if an additional $30,000 in materials was required for Job No. 501?

Tip:

Understanding the relationship between direct labor, materials, and overhead application rates is crucial for accurate job costing and profitability analysis!