At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct naterials Direct labor Overhead applied Job 5 $ 19,000 12,000 6,000 Job 6 $35,000 18, 200 9, 100 Job 7 $ 29,000 25,000 12, 500 Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $8,000, direct labor, $3,800; and applied overhead, $2,900. 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 c. Overhead cost is applied with a predetermined rate based on direct labor cost The predetermined overhead rate did not change across these months. Problem 2-1A (Algo) Part 1 Required 1. What is the total cost of direct materials requisitioned in June? Direct materials requisitioned in June
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![Seved
Required information
Problem 2-1A (Algo) Computing job costs and overhead rate; assigning costs to inventory LO C1, P3
[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
Job 5
Job 6
$ 35,000
18, 200
9,100
Job 7
$ 29,000
25,000
12,500
$ 19,000
12,000
6,000
Additional Information
a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $8,000, direct labor,
$3,800; and applied overhead, $2,900. 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
c. Overhead cost is applied with a predetermined rate based on direct labor cost The predetermined overhead rate did
not change across these months.
Problem 2-1A (Algo) Part 1
Required
1. What is the total cost of direct materials requisitioned in June?
Direct materlals requisitioned in June](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffbd2d9ae-2c47-4bcd-b00e-b839b9ca7fef%2Fd73a948c-21f2-459e-9eec-a52f2b23cef0%2Fzegqqug_processed.jpeg&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
