ment. ob S ob T
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku

Transcribed Image Text:Required:
1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2
decimal places.)
2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased
or decreased by the adjustment.
1. Total manufacturing costs - Job S
Total manufacturing costs - Job T
2.
Cost of goods sold

Transcribed Image Text:The following information is for Punta Company for July:
a. Factory overhead costs were applied to jobs at the predetermined rate of $44.00 per labor hour. Job S incurred 6,190 labor hours;
Job T used 4,290 labor hours.
b. Job S was shipped to customers during July.
c. Job T was still in process at the end of July.
d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July.
e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows:
Utilities
Depreciation
Insurance
Total
f. Direct materials and indirect materials used are as follows:
Material A
Material B
Subtotal
Indirect materials.
Total
g. Direct
incurred for
$ 14,700
45,750
18,300
$78,750
Job S
Job T
Indirect labor
Total
Job S
Job T
$ 29,250
$ 72,000
12,450
35,450
$41,700 $ 107,450
Total
$ 101,250
47,900
$ 149, 150
211,750
$360,900
two jobs and indirect labor are as
$ 57,000
46,500
136,000
$ 239,500
llows:
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