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land Corporation is a job order costing company that uses activity-bas goverhead activities were budgeted for the year. Cost S120,000 80,000 150,000 Driver number of setups number of parts direct labor hours Amount of da 6,000 20,000 75,000 rhead ving information about the jobs was given for September.

land Corporation is a job order costing company that uses activity-bas goverhead activities were budgeted for the year. Cost S120,000 80,000 150,000 Driver number of setups number of parts direct labor hours Amount of da 6,000 20,000 75,000 rhead ving information about the jobs was given for September.

FINANCIAL ACCOUNTING
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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land Corporation is a job order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for the year. Activity setups purchasing bther overhead Cost S120,000 80,000 150,000 Driver number of setups number of parts direct labor hours Amount of driver 6,000 20,000 75,000 The following information about the jobs was given for September. Job 1001 Job 1002 Job 1003 Job 1004 Balance 9/1 direct materials direct labor number of setups humber of parts direct labor hours $44,900 $60,700 S30,500 41,000 71,000 54,000 25,000 37,000 38,500 43,000 30 80,000 40 10 200 300 180 400 500 5,000 2,400 5,200 1,200 By September 30, Jobs 1001 and 1003 were completed and sold. The remaining jobs were still in process. Required: 1. Calculate the activity rates for each overhead activity. 2. Calculate the cost of each job for September 30. 3. What is the beginning work in process on September 1 and October 1? 4. What is the cost of goods manufactured? 5. What is the cost of goods sold? 6. Draw the T account for work in process. (include all debits and credits) Prepare the Statement of the Cost of Goods Manufactured.
Transcribed Image Text:land Corporation is a job order costing company that uses activity-based costing to apply overhead to jobs. The following overhead activities were budgeted for the year. Activity setups purchasing bther overhead Cost S120,000 80,000 150,000 Driver number of setups number of parts direct labor hours Amount of driver 6,000 20,000 75,000 The following information about the jobs was given for September. Job 1001 Job 1002 Job 1003 Job 1004 Balance 9/1 direct materials direct labor number of setups humber of parts direct labor hours $44,900 $60,700 S30,500 41,000 71,000 54,000 25,000 37,000 38,500 43,000 30 80,000 40 10 200 300 180 400 500 5,000 2,400 5,200 1,200 By September 30, Jobs 1001 and 1003 were completed and sold. The remaining jobs were still in process. Required: 1. Calculate the activity rates for each overhead activity. 2. Calculate the cost of each job for September 30. 3. What is the beginning work in process on September 1 and October 1? 4. What is the cost of goods manufactured? 5. What is the cost of goods sold? 6. Draw the T account for work in process. (include all debits and credits) Prepare the Statement of the Cost of Goods Manufactured.
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