company was working on 3 Jobs this month: Jobs A, B and C. Job A Job B Job C Totals Direct Materials $1,500 $1,780 $1,000 $4,280 Direct Labor 1,125 1,335 750 3,210 Overhead (120% of DL) Total Job Cost Job Status FINISHED SOLD IN PROCESS Overhead is applied at a rate of 120% of direct labor. Actual overhead for the period was $4,000. Job B was finished and sold for $5,000, Job A was finished but not sold. Job C is still in process. What is the total amount of overhead applied to all 3 jobs? Which job is in work in process and what is its total job cost for that job? Which job is in finished goods inventory and what is its total job cost for that job? Which job is in cost of goods sold and what is its total job cost for that job? What is the difference in dollars between total actual and total applied overhead? Is overhead over or under applied?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

three working Jobs in Company

company was working on 3 Jobs this month: Jobs A, B and C.
Job A
Job B
Job C
Totals
Direct Materials
$1,500
$1,780
$1,000
$4,280
Direct Labor
1,125
1,335
750
3,210
Overhead (120% of DL)
Total Job Cost
Job Status
FINISHED
SOLD
IN PROCESS
Overhead is applied at a rate of 120% of direct labor. Actual overhead for the period was $4,000.
Job B was finished and sold for $5,000, Job A was finished but not sold. Job C is still in process.
What is the total amount of overhead applied to all 3 jobs?
Which job is in work in process and what is its total job cost for that job?
Which job is in finished goods inventory and what is its total job cost for that job?
Which job is in cost of goods sold and what is its total job cost for that job?
What is the difference in dollars between total actual and total applied overhead?
Is overhead over or under applied?
Transcribed Image Text:company was working on 3 Jobs this month: Jobs A, B and C. Job A Job B Job C Totals Direct Materials $1,500 $1,780 $1,000 $4,280 Direct Labor 1,125 1,335 750 3,210 Overhead (120% of DL) Total Job Cost Job Status FINISHED SOLD IN PROCESS Overhead is applied at a rate of 120% of direct labor. Actual overhead for the period was $4,000. Job B was finished and sold for $5,000, Job A was finished but not sold. Job C is still in process. What is the total amount of overhead applied to all 3 jobs? Which job is in work in process and what is its total job cost for that job? Which job is in finished goods inventory and what is its total job cost for that job? Which job is in cost of goods sold and what is its total job cost for that job? What is the difference in dollars between total actual and total applied overhead? Is overhead over or under applied?
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Wages and Salaries computation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education