Riverbed's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows.2WSXRestorers' wages and fringe benefitsPurchasing agent's salary and fringe benefitsAdministrative salaries and fringe benefitsOther overhead costsTotal budgeted costs(a)Your Answer Correct Answer#3EThe company anticipated that the restorers would work a total of 12,720 hours this year. Expected parts and materials were$1,335,600.DIn late January, the company experienced a fire in its facilities that destroyed most of the accounting records. The accountantremembers that the hourly labor rate was $70.00 and that the material loading charge was 83.00%.Your answer is correct.C80$4RFV%5TGATimeCharges$292,560663,60025,440$381,600BYH&7←MaterialLoadingCharges$71,550UN21,94266,780$160,272* 008JM▶9KOLP Determine the total price of labor and materials on a job that was completed after the fire that required 150 hours of labor and$63,600 in parts and materials.2Total price $WSXJPHmmandeTextbook and MediaSave for Later#3ED20C694RF07 20VTGO >6BYHv lo&74UN* CC8JAttempts: 0 of 3 used Submit AnswerM►(9KOV)IдвOLPcommand11^alt{Copti

Name: Riverbed's Classic Cars restores classic automobiles to showroom stat
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Riverbed's Classic Cars restores classic automobiles to showroom status. Budgeted data for the current year are as follows.2WSXRestorers' wages and fringe benefitsPurchasing agent's salary and fringe benefitsAdministrative salaries and fringe benefi

Material Charges:This is the total cost of all materials used to produce a product or service.This…

Answered: Determine the total price of labor and…

Business

Accounting

Determine the total price of labor and materials on a job that was completed after the fire that required 150 hours of labor and $63,600 in parts and materials. Total price $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

redetermined Factory Overhead Rate Street Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $637,100 Shop direct labor 465,000 Shop and repair equipment depreciation 51,100 Shop supervisor salaries 142,000 Shop property taxes 25,800 Shop supplies 19,800 Advertising expense 12,700 Administrative office salaries 54,800 Administrative office depreciation expense 7,000 Total costs and expenses $1,415,300 The average shop direct labor rate is $15 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$ per direct labor hour
Rob's Pool Cleaning applies overhead support costs to jobs using direct labor costs as the allocation base. The company's unadjusted Cost of Services for the year amounted to $800,000. Determine the company's adjusted Cost of Services given the following data: Estimated Actual Direct Labor $180,000 $177,500 Overhead Support Costs $270,000 $284,000
Job A has 1,000 units with costs incurred as follows: Direct materials of 100,000; Direct labor of 200,000 (1 unit requires 2 DL hrs) and with OH rate is 20 per DL hr (includes allowance for spoilage of 5 per DL hr). Per inspection, waste was determined weighing 100 kgs with zero value and damaged units (not reparable) of 100 units with salvage value of 30,000. The damage units were due to customer’s specifications. The good units were delivered and sold to customer at 1,000 per good unit. If rent and utility expenses totaled 50,000, compute the gross profit (at normal cost).
What is the cost per unit of Job number 007 if the rework costs were attributable to the exacting specifications?
Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on account for $4,500. Prepare journal entries for the following: Completion of Job 113. Completion and sale of Job 85.
In job costing, the journal entry to record $200 of depreciation expense on factory equipment for the current period involves which of the following? credit to manufacturing overhead for $200 debit to depreciation expense-factory equipment for $200 debit to manufacturing overhead for $200 debit to accumulated depreciation-factory equipment for $200
The costs incurred for Job A are:Total labor and overhead $37,225Total other direct costs $10,775The bid price for the job if the company made a 40 percent profit on the bid price is:
Baird Construction Company expects to build three new homes during a specific accounting period. The estimated direct materials and labor costs are as follows. Expected Costs Direct labor Home 1 Home 2 Home 3 $ 72,000 106,000 $109,000 141,000 $173,000 Direct materials 188,000 Assume Baird needs to allocate two major overhead costs ($53,100 of employee fringe benefits and $39,150 of indirect materials costs) among the three jobs. Required Choose an appropriate cost driver for each of the overhead costs and determine the total cost of each house. (Round "Allocation rate" to 2 decimal places.) Fringe Benefits: Home Allocation Rate x Weight of Base Allocated Cost 1 $ %3D X %3D Total 2$ II
A service company is bidding on a new job. The job is estimated to require 148 designer hours at $90 per hour and 93 staff hours at $45 per hour. Overhead is applied at the rate of 60% of direct labor cost. Compute the estimated cost for this job. Direct Labor Total direct labor Overhead Applied overhead Estimated Cost Estimated hours Hourly rate Total estimated job cost OH Base Labor cost OH Rate Total cost
For the year ended December 31, 2017, Waltz Company incurred the following costs on job number 007 for manufacturing 500 units: Original cost accumulation: Direct materials Direct labor Manufacturing P800,000 500.000 125,000 Direct costs of reworking 200 units Direct materials Direct labor P320,000 What is the cost per unit of Job number 007 if the rework costs were attributable to the exacting specifications?
CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Billings on Contract Site Contract Cost Estimated Costs to Complete Collections on Price Incurred 3,750,000 1,000,000 Billings 5,000,000 900,000 1,000,000 1 5,000,000 5,000,000 900,000 2 7.000,000 2.500.000 4,000,000 3 1.000,000 1,000,000 1.500,000 1. If the company recoeds revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. S00,000 C 250,000 D. 100,000 2. If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 317 A. 5,100,000 8. S00,000 C 250,000 D. 100,000