Job No. 64 Direct Material $21,000 Direct Labor Machine Hours $35,000 1,200 65 22,000 700 66 67 44,000 15,000 65,000 8,800 2,000 500 c. Manufacturing overhead during the first quarter included charges for depreciation ($33,300), indirect labor ($60,100). indirect materials used ($5,100), and other factory costs ($139,600). d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,700 for the firm. 8. Determine the cost of jobs still in production as of March 31. Answer is complete but not entirely correct. Cost of the jobs in production S 110,750 x
Job No. 64 Direct Material $21,000 Direct Labor Machine Hours $35,000 1,200 65 22,000 700 66 67 44,000 15,000 65,000 8,800 2,000 500 c. Manufacturing overhead during the first quarter included charges for depreciation ($33,300), indirect labor ($60,100). indirect materials used ($5,100), and other factory costs ($139,600). d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,700 for the firm. 8. Determine the cost of jobs still in production as of March 31. Answer is complete but not entirely correct. Cost of the jobs in production S 110,750 x
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
ni.4
![Required Information
[The following information applies to the questions displayed below.]
Stellar Sound, Inc., which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100)
and job no. 65 ($53,500). The following information is available:
a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted
overhead and machine activity for the year were anticipated to be $808,000, and 16,000 hours, respectively.
b. The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine
hours consumed were as follows:
Job No.
64
Direct Material
$21,000
Direct Labor
$35,000
65
22,000
Machine Hours
1,200
700
66
67
44,000
15,000
65,000
8,800
2,000
500
c. Manufacturing overhead during the first quarter included charges for depreciation ($33,300), indirect labor ($60,100).
indirect materials used ($5,100), and other factory costs ($139,600).
d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,700 for
the firm.
3. Determine the cost of jobs still in production as of March 31.
Answer is complete but not entirely correct.
Cost of the jobs in production
$ 110,750](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f9712c6-31a4-4673-a01d-a67839bdac2f%2F3a617fbb-6392-4615-a77c-2fb1ceff5010%2F0ixnnl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Stellar Sound, Inc., which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,100)
and job no. 65 ($53,500). The following information is available:
a. The company applies manufacturing overhead on the basis of machine hours (based on practical capacity). Budgeted
overhead and machine activity for the year were anticipated to be $808,000, and 16,000 hours, respectively.
b. The company worked on four jobs during the first quarter. Direct materials used, direct labor incurred, and machine
hours consumed were as follows:
Job No.
64
Direct Material
$21,000
Direct Labor
$35,000
65
22,000
Machine Hours
1,200
700
66
67
44,000
15,000
65,000
8,800
2,000
500
c. Manufacturing overhead during the first quarter included charges for depreciation ($33,300), indirect labor ($60,100).
indirect materials used ($5,100), and other factory costs ($139,600).
d. Stellar Sound completed job no. 64 and job no. 65. Job no. 65 was sold on account, producing a profit of $34,700 for
the firm.
3. Determine the cost of jobs still in production as of March 31.
Answer is complete but not entirely correct.
Cost of the jobs in production
$ 110,750
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