Following are simplified job cost sheets for three custom jobs at the end of Junefor Custom Patios.Job Number 102MaterialsLaborOverhead$ 33,00017,0005,610Job Number 103MaterialsLaborOverhead$ 66,00026,4008,712Job Number 104MaterialsLaborOverhead$ 45,00040,00013,200All jobs were started in June. Overhead is applied with a predetermined ratebased on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104will be finished in July.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? Complete this question by entering your answers in the tabs below.Req 1 and 2Reg 31. What was the total cost of direct materials requisitioned in June?2. How. much total direct labor cost was incurred in June?Direct MaterialsJobJune102103104TotalDirect LaborJobJune102103104TotalReq 1 and 2Req 3 >Complete this question by entering your answers in the tabs below.Reg 1 and 2Req 3How much total cost is transferred to Finished Goods Inventory in June?DirectMaterialsDirectLaborAppliedOverheadCost Transferred toFinished GoodsJobTotal Cost1022$17,00010326,40010440,000Total$83,400< Req 1 and 2Req 3>

Name: Following are simplified job cost sheets for three custom jobs at the
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Following are simplified job cost sheets for three custom jobs at the end of Junefor Custom Patios.Job Number 102MaterialsLaborOverhead$ 33,00017,0005,610Job Number 103MaterialsLaborOverhead$ 66,00026,4008,712Job Number 104MaterialsLaborOverhead$ 45

The overhead is applied to the production on the basis of predetermined overhead rate. The cost of…

Business

Accounting

Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios. Job Number 102 $ 33,000 17,000 5,610 Materials Labor Overhead Job Number 103 Materials Labor Overhead $ 66,000 26,400 8,712 Job Number 104 Materials Labor $ 45,000 40,000 13,200 Overhead 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. 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?

Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios. Job Number 102 $ 33,000 17,000 5,610 Materials Labor Overhead Job Number 103 Materials Labor Overhead $ 66,000 26,400 8,712 Job Number 104 Materials Labor $ 45,000 40,000 13,200 Overhead 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. 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?

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

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?
Lumos Maxima corporation manufacturers lamps and flashlights. They use a job-order cost system to accumulate their manufacturing costs, and a traditional allocation method for applying manufacturing overhead costs. The predetermined overhead rate is $16.00 per direct labor hour. During the month, White corporation worked on two different jobs. Job W-100 was completed and sold by the end of the month. Job W-200 was unfinished at the end of the period. Job W-100 Job W-200 Beginning Balance $19,400 $29,800 Direct Materials $34,200 $21,100 Direct Labor $36,000 $35,200 Actual Direct Labor Hours 8,200 6,400 What is the beginning balance of work in process at the end of the month? A. $188,500 B. $175,700 C. $220,800 D. $409,300
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,700, direct labor of $3,600, and applied overhead of $2,880. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on credit) for $24,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Job 121 Job 122 Direct materials used $ 1,000 $ 6,100 $ 2,900 Direct labor used 3,800 4,000 3,900 1. Prepare journal entries for the following July transactions and events a through e.a. Direct materials used.b. Direct labor used.c. Overhead applied.d. Sale of Job 120.e. Cost of goods sold for Job 120. Hint: Job 120 has costs from June and July.2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory…
ABC Company uses job costing. Its annual estimated manufacturing overhead and machine hours (the allocation base) were $100,000 and 2,000 hours, respectively. Job 02-03 was completed in June and incurred direct materials of $4,000, direct labor $3,000, and 100 machine hours. Which of the following is the total cost of job 02-03? a) $7,000 b) $107,000 c) $12,000 d) $112,000
The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. Date Document Amount 7/1 Q-4698 $1,250 W-3393 600 7/1 ed 7/5 Q-4725 1,000 7/5 W-3479 450 7/10 W-3559 300 Determine the total cost on the job cost sheet for Job 9-1005. es JOB COST SHEET: Job 9-1005 Direct Materials Direct Labor Total Cost Date Requisition No. Amount Time-Ticket No. Amount 07/01 07/05 07/10 < Prev G F3 -- 2 # F4 $ F5 % OL F6 F7 A Overhead Costs Applied 7 of 7 F8 & Next F9 * * F10 -O- F11 28 D F12 2 Fn Lock 9:27 AM 6/3/2022 Insert Prt Sc
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Job 765 Job 766 Job 765 Job 766 Direct Materials Job 765 $8,960 15,048 Job 766 Direct Labor $2,688 4,752 Machine Hours Job 765 produced 192 units, and Job 766 consisted of 440 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $147 per hour. a. Determine the balance on the job cost sheets for each job. 32 88 $ b. Determine the cost per unit at the end of April. Round your answers to the nearest cent.
Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data: Beginning balance Charged to the jobs during October: Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of October Units sold during October Job A256 $ 2,500 $ 3,900 $ 1,450 $ 2,500 100 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October 0 80 Job A257 $1,150 $ 4,800 $ 2,300 $ 2,800 0 152 0 Job A258 $0 $ 2,700 $ 1,250 $ 1,550 850 0 170 Job A260 $0 $ 4,800 $ 1,050 $ 1,900 0 122 0 the end of October. There was no Jobs A256 and A258 were completed during October. The other two jobs were incomplete finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing overhead. Required: 1. What is the cost of…
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,100, direct labor of $3,700, and applied overhead of $2,960. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on credit) for $28,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Job 121 Direct materials used Direct labor used $ 1,500 3,500 $ 6,600 4,300 Job 122 $2,500 4,000 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June…