Hodges Company uses a job-order costing system and has the following information for the first week of June: 1. Direct labor and direct materials used: Job No. Direct Material Direct Labor Hours 498 $1,500 116 506 960 16 507 415 18 508 345 42 509 652 24 511 308 10 512 835 30 Total $5,015 256 2. The direct labor wage rate is $4 per hour. 3. The overhead rate is $5 per direct labor hour. 4. Actual overhead costs for the week, $1,480. 5. Jobs completed: Nos. 498, 506, and 509. 6. The factory had no work in process at the beginning of the week. Required: a. Prepare a summary that will show the total cost assigned to each job. b. Compute the amount of overhead over- or underapplied during the week. c. Calculate the cost of the work in process at the end of the week.
Hodges Company uses a job-order costing system and has the following information for the first week of June: 1. Direct labor and direct materials used: Job No. Direct Material Direct Labor Hours 498 $1,500 116 506 960 16 507 415 18 508 345 42 509 652 24 511 308 10 512 835 30 Total $5,015 256 2. The direct labor wage rate is $4 per hour. 3. The overhead rate is $5 per direct labor hour. 4. Actual overhead costs for the week, $1,480. 5. Jobs completed: Nos. 498, 506, and 509. 6. The factory had no work in process at the beginning of the week. Required: a. Prepare a summary that will show the total cost assigned to each job. b. Compute the amount of overhead over- or underapplied during the week. c. Calculate the cost of the work in process at the end of the week.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hodges Company uses a
1. Direct labor and direct materials used:
| Job No. | Direct Material | Direct Labor Hours |
| 498 | $1,500 | 116 |
| 506 |
960 | 16 |
| 507 | 415 | 18 |
| 508 | 345 | 42 |
| 509 | 652 | 24 |
| 511 | 308 | 10 |
| 512 | 835 | 30 |
| Total | $5,015 | 256 |
2. The direct labor wage rate is $4 per hour.
3. The
4. Actual overhead costs for the week, $1,480.
5. Jobs completed: Nos. 498, 506, and 509.
6. The factory had no work in process at the beginning of the week.
Required:
a. Prepare a summary that will show the total cost assigned to each job.
b. Compute the amount of overhead over- or underapplied during the week.
c. Calculate the cost of the work in process at the end of the week.
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