a)Calculate the amount of overhead that should be applied to each job and amount of Rullos overapplied or underapplied overhead at the end of the first yearb)Calculate Rullos balances for work in process ,finished goods and cost of goods sold at the end of the first year in its first year of operations, Rullo Corp. (Rullo) used job order costing to cost itsvustom commercial kitchens. Using this system, Rullo applied manufacturing overheadto jobs based on labour costs. Rullo estimated that manufacturing overhead would be$52,000 and direct labour would be $93,150 for the first year. Direct labour is paid at arate of $13.50 per hour. Rullo had four jobs ongoing during the year with the followingcosts:Direct labour Direct materials$27,000Job AJob BJob CJob D$120,000107,000145,000132,00022,27529,02526,325Actual overhead costs for Rullo in its first year were as follows:Indirect labourMiscellaneous factory overheadDepreciation expense (factory equipment)Depreciation expense (office equipment)Utilities expense (factory)Utilities expense (office)Main enance of factory equipmentindirect materials$13,00011,0004,5006,6006,5004,3003,4009,200At the end of the first year, Jobs A and D were NOT yet complete, and Job B wascompleted but NOT yet sold. Only Job C was completed and sold during the first year.

Name: a)Calculate the amount of overhead that should be applied to each job
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Description: a)Calculate the amount of overhead that should be applied to each job and amount of Rullos overapplied or underapplied overhead at the end of the first yearb)Calculate Rullos balances for work in process ,finished goods and cost of goods sold at the

Raw materials: It is the primary input in manufacturing a product. Conversion costs like direct…

Business

Accounting

a)Calculate the amount of overhead that should be applied to each job and amount of Rullos overapplied or underapplied overhead at the end of the first year b)Calculate Rullos balances for work in process ,finished goods and cost of goods sold at the end of the first year

a)Calculate the amount of overhead that should be applied to each job and amount of Rullos overapplied or underapplied overhead at the end of the first year b)Calculate Rullos balances for work in process ,finished goods and cost of goods sold at the end of the first year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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