**Educational Content: Job Costs Analysis**At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 1,000 units, and Job 56 is for 200 units.The following data relate to these two jobs:- **On August 4**, raw materials were requisitioned for production as follows: 800 units for Job 50 at $14 per unit and 1,100 units for Job 56 at $12 per unit.- **During August**, Carrothers Company accumulated 500 hours of direct labor costs on Job 50 and 400 hours on Job 56. The total direct labor was incurred at a rate of $16 per direct labor hour for Job 50 and $16 per direct labor hour for Job 56.- The predetermined factory overhead rate is $11.00 per direct labor hour.### Tasks:a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. **Job 50** $ __________ **Job 56** $ __________ b. Determine the cost per unit for Jobs 50 and 56 at the end of August. If required, round your answers to the nearest cent. **Job 50** $__________ **Job 56** $__________ *Please refer to the job cost sheets to input the final balances and calculate the unit costs.*

Name: **Educational Content: Job Costs Analysis**At the end of August, Carr
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: **Educational Content: Job Costs Analysis**At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 1,000 units, and Job 56 is for 200 units.The following data relate to these two jobs:- **On August 4**, raw materials wer

Job Costing is a method of accounting designed to manage the revenues and costs associated with a…

Business

Accounting

a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. Job 50 Job 56 BEI b. Determine the cost per unit for Jobs 50 and 52 at the end of August. If required, round your answers to the nearest cent. Job 50 Job 56

a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. Job 50 Job 56 BEI b. Determine the cost per unit for Jobs 50 and 52 at the end of August. If required, round your answers to the nearest cent. Job 50 Job 56

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Job-Order Costing Variables On July 1, Job 46 had a beginning balance of $690. During July, prime costs added to the job totaled $670. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,500. Required: 1. What was overhead applied to the job during July? 2. What was direct materials for Job 46 for July? Direct labor? If rounding is required, round your answers to the nearest cent. Direct labor Direct materials $ 3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? Round your answer to the nearest whole percent. %
! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 15,400 8,400 4,200 Job 6 $ 33,200 14,600 7,300 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,200; direct labor, $2,000; and applied overhead, $1,100. Job 5 was finished in June. Direct labor used in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 2. What is the total cost of direct labor used in June? Job 7 $ 27,200 21,400 10,700 $ 396,000
At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. Job 7 $ 28,900 24,800 12,400 At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,900; direct labor, $3,700; and applied overhead, $2,800. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Job 5 $ 18,800 11,800 5,900 Job 6 $ 34,900 18,000 9,000 Total transferred cost 4. What is the total cost transferred to Finished Goods Inventory in June?
Job-Order Costing Variables On July 1, Job 46 had a beginning balance of $690. During July, prime costs added to the job totaled $670. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,500. Required: 1. What was overhead applied to the job during July?$ 2. What was direct materials for Job 46 for July? Direct labor? If rounding is required, round your answers to the nearest cent. Direct labor $ Direct materials $ 3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? Round your answer to the nearest whole percent. %
! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Job 7 $ 28,600 24, 200 12,100 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400; and applied overhead, $2,500. Job 5 was finished in June. Direct materials requisitioned in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required 1. What is the total cost of direct materials requisitioned in June?
Pharoah Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49 had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $109,800 and $142,200, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $81,000 on account. 2. Incurred factory labor costs of $63,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,800; and various other…
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 What is the predetermined overhead rate? edetermined overhead rate Job 6 $ 34,600 17,400 8,700 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400, and applied overhead, $2,500. Job 5 was finished in June. Job 7 $ 28,600 24,200 12,100 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. % Check my work
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,400 11, 400 5,700 Job 6 $ 34,700 17,600 8,800 Job 7 $ 28,700 24,400 12, 200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,700; direct labor, $3,500; and applied overhead, $2,600. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Total transferred cost c. Overhead cost is applied with a predetermined rate based on direct bor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
Required information [The following information applies to the questions displayed below.] Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs for each department and the proportion of service costs used by the various departments for the month of August follow: Department Machining Assembly Maintenance Cafeteria Job CM-22: Direct Costs $92,000 62,400 38,800 31,000 Job CM-23: Proportion of Services Used by Maintenance. Cafeteria Machining Machine-hours Labor-hours. Machine-hours. Labor-hours 0.8 Assume that both Machining and Assembly work on just two jobs during the month of August: CM-22 and CM-23. Costs are allocated to jobs based on machine-hours in Machining and labor-hours in Assembly. The number of labor- and machine-hours worked in each department are as follows: Machining 300 50 30 20 0.2 Assembly 40 36 20 150 Prev 0.6 0.1 S Assembly 0.2 0.1 2 of 13 HH Next
[The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,000; direct labor, $1,800; and applied overhead, $900. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Job 5 $ 15,000 8,000 4,000 Total transferred cost Job 6 $ 33,000 14, 200 7,100 Job 7 $ 27,000 21,000 10,500 4. What is the total cost transferred to Finished Goods Inventory in June?
Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount
At the end of May, Bergan Company had completed Jobs 200 and 305. Job 200 is for 2,390 units, and Job 305 is for 2,053 units. Using the data from Practice Exercises 19-1A, 19-2A, and 19-4A, determine (a) the balance on the job cost sheets for Jobs 200 and 305 at the end of May and (b) the cost per unit for Jobs 200 and 305 at the end of May.