At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct naterials Direct labor Overhead applied Job 5 $ 19,000 12,000 6,000 Job 6 $35,000 18, 200 9, 100 Job 7 $ 29,000 25,000 12, 500 Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $8,000, direct labor, $3,800; and applied overhead, $2,900. 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. Problem 2-1A (Algo) Part 1 Required 1. What is the total cost of direct materials requisitioned in June? Direct materials requisitioned in June

At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct naterials Direct labor Overhead applied Job 5 $ 19,000 12,000 6,000 Job 6 $35,000 18, 200 9, 100 Job 7 $ 29,000 25,000 12, 500 Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $8,000, direct labor, $3,800; and applied overhead, $2,900. 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. Problem 2-1A (Algo) Part 1 Required 1. What is the total cost of direct materials requisitioned in June? Direct materials requisitioned in June

Name: SevedRequired informationProblem 2-1A (Algo) Computing job costs and
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Description: SevedRequired informationProblem 2-1A (Algo) Computing job costs and overhead rate; assigning costs to inventory LO C1, P3[The following information applies to the questions displayed below]At the end of June, the Job cost sheets at Ace Roofers show

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Job 5 $ 15,800 8,800 4,400 Direct labor used in June Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 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 months. 2. What is the total cost of direct labor used in June?
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Job number S-1000 had the following data: Direct Labor hours used: Direct Materials used: Hourly wage rate: 32 $750 $45/hr. Overhead allocation rate: $15/direct labor hr. Assuming this was the only job completed this month, what was the total cost of Job S-1000?
es Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios. Job Number 102 Materials Labor Overhead Materials Labor Overhead Job Number 103 Materials Labor Overhead Job Number 104 $ 15,000 8,000 4,000 $ 33,000 14,200 7,100 All jobs were started in June. Overhead is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 will be finished in July. Req 1 and 2 102 103 1. What was the total cost of direct materials requisitioned in June? 2. How much total direct labor cost was incurred in June? 3. How much total cost is transferred to Finished Goods Inventory in June? $ 27,000 21,000 10,500 Complete this question by entering your answers in the tabs below. Job How much total cost is transferred to Finished Goods Inventory in June? Direct Materials Direct Labor Req 3 $ 15,000 $ 33,000 Applied Overhead Total Cost 8,000 $ 4,000 $ 27,000 14,200 7,100 54,300 Cost Transferred to Finished Goods
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. %
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 213 $250 $ 230 $ 257 260 0 Job B20 $ 230 $ 230 $ 240 $ 270 0 0 Job C30 $ 222 $ 280 $ 150 $ 118 120 120 Job D40 $ 198 $ 180 $ 260 $212 0 0 Job E50 $255 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? $360 $290 $265 290 240 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end…
Metropolitans Manufacturing generated the following activity for July for its current jobs. Total costs accumulated in the Work-in-Process account. Manufacturing overhead was allocated at $32 per machine hour used.1. Complete the Job Costs for each job listed below. Job 123 Job 124 Job 125 Total July 1 Balance $16,230 $12,680 $11,170 $40,080 Direct Materials Used $11,710 $18,920 $11,990 $42,620 Direct Labor Assigned to Jobs $14,520 $21,460 $7,480 $43,460 Manufacturing Overhead allocated to jobs Total Cost per Job Machine Hours used per job 410 390 70 2. Prepare the journal entry for completion of jobs 123 and 124 in July.Journal Date Description Debit Credit Open a T-account for Work-in-Process Inventory.3. Post the journal entry made in above. Compute the ending balance in the Work-in-Process Inventory account on July 31.Work-in-Process Debit Credit Double line Double line 4.…
K company production was working on Job 1 and Job 2 during the month. Of the $785 in direct materials, $375 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $22 per hour, and employees worked 17 hours on Job 1 and 28 hours on Job 2. Overhead is applied at the rate of $18 per direct labor hours. Prepare job order cost sheets for each job. Job 1 Hours Total Cost Direct materials $fill in the blank 1 Direct labor fill in the blank 2 fill in the blank 3 Manufacturing overhead fill in the blank 4 fill in the blank 5 Total cost $fill in the blank 6 Job 2 Hours Total Cost Direct materials $fill in the blank 7 Direct labor fill in the blank 8 fill in the blank 9 Manufacturing overhead fill in the blank 10 fill in the blank 11 Total cost $fill in the blank 12
Crane Company begins operations on April 1. Information from job cost sheets shows the following. Job Number April 10 11 12 13 14 May $4,260 $3,620 3,200 3,360 Manufacturing Costs Assigned 980 3,850 4,840 June $1,640 3,690 Month Completed May June April June 2,950 Not complete Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
1. What is the total cost of direct materials requistioned in June? 2. What is the total cost of direct labor used in June? ( please check plagiarism)
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?
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