Job Number 102 Materials Labor Overhead $ 42,000 16,000 6,880 Job Number 103 Materials Labor Overhead $ 66,000 28,800 12,384 Job Number 104 Materials Labor Overhead $ 46,000 42,000 18,060 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?

Job Number 102 Materials Labor Overhead $ 42,000 16,000 6,880 Job Number 103 Materials Labor Overhead $ 66,000 28,800 12,384 Job Number 104 Materials Labor Overhead $ 46,000 42,000 18,060 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?

Name: Following are simplified job cost sheets for three custom jobs at the
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Description: Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios.Job Number 102Materials$ 42,000Labor16,0006,880OverheadJob Number 103Materials$ 66,000Labor28,80012,384OverheadJob Number 104Materials$ 46,000Labor42

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A-5
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 Job 5 $ 18,400 11, 400 5,700 Job 6 $ 34,700 17,600 8,800 Job 7 $ 28,700 24,400 12, 200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,700; direct labor, $3,500; and applied overhead, $2,600. Job 5 was finished in June. 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. Total transferred cost c. Overhead cost is applied with a predetermined rate based on direct bor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
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