Hello question is attached, thanks. At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process with the following costs assigned from previous months:| Job Number | Direct Labor | Applied Overhead ||------------|--------------|------------------|| SY-400 | $23,040 | ? || SY-403 | $15,120 | ? |During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. Completion costs were $25,200 in direct labor for SY-400 and $72,000 in labor for SY-403.A new job, SY-404, began but was not finished. The total direct labor costs for all jobs amounted to $148,320. In this company, overhead refers to costs not directly traced to specific jobs, such as copying, printing, and travel. It is applied at 60% of direct labor costs for this and previous periods. Actual overhead for the month was $90,000.**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?c. How much was under- or overapplied service overhead for the month?Complete this question by entering your answers in the tabs below.

Applied overheads = DIrect labor cost * 60% Underapplied overheads this month = Actual overheads…

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 $23,040 15,120 ? ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $25,200 in direct labor. For SY-403, $72,000 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 $148,320 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 $90,000. 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? c. 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 $23,040 15,120 ? ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $25,200 in direct labor. For SY-403, $72,000 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 $148,320 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 $90,000. 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? c. How much was under- or overapplied service overhead for the month?

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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