At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number SY-400 SY-403 Direct Labor Applied Overhead $23,440 15,520 During the month, Jobs SY 400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $26.000 in direct labor. For SY-403, $76,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $149,520 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing. and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $93,000. Required: a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost of Job SY-404 at the end of the month? e. How much was under-or overapplied service overhead for the month?

At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number SY-400 SY-403 Direct Labor Applied Overhead $23,440 15,520 During the month, Jobs SY 400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $26.000 in direct labor. For SY-403, $76,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $149,520 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing. and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $93,000. Required: a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost of Job SY-404 at the end of the month? e. How much was under-or overapplied service overhead for the month?

Name: At the beginning of the month, Arthur's Olde Consulting Corporation h
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Description: At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assignedfrom previous months.Job NumberSY-400SY-403Direct Labor Applied Overhead$23,44015,520?During the month, Jobs SY-400 and

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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