Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,650 and Job 94 with a beginning balance of $7,210. Jagjit applies overhead at the rate of $6 per direct labor hour. Direct labor wages average $17 per hour. Data on August costs for all jobs are as follows: Direct materials Direct labor cost Job 93 $940 1,700 Job 94 $4,560 4,760 Job 95 $3,260 2,210 Job 96 $1,270 1,020 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1. Calculate the number of direct labor hours that were worked on each job in August. Job 93 Job 94 Job 95 Job 96 X DLH DLH DLH DLH 2. Calculate the overhead applied to each job during the month of August. Job 93
Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,650 and Job 94 with a beginning balance of $7,210. Jagjit applies overhead at the rate of $6 per direct labor hour. Direct labor wages average $17 per hour. Data on August costs for all jobs are as follows: Direct materials Direct labor cost Job 93 $940 1,700 Job 94 $4,560 4,760 Job 95 $3,260 2,210 Job 96 $1,270 1,020 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1. Calculate the number of direct labor hours that were worked on each job in August. Job 93 Job 94 Job 95 Job 96 X DLH DLH DLH DLH 2. Calculate the overhead applied to each job during the month of August. Job 93
Chapter1: Financial Statements And Business Decisions
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