On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job ordercosting and applies overhead to each job (dress) at the rate of 54% of direct materials costs. During the month, thejobs used direct materials as shown below.Direct materials usedDuring the month, the jobs used direct labor as shown below. Jobs 1 and 3 are not finished by the end of March,and Job 2 is finished but not sold by the end of March.Direct labor usedJob 1 Job 2 Job 3$5,500 $7,500 $2,000Direct materialsDirect laborFactory overheadTotal1. Determine the amounts of direct materials, direct labor, and factory overhead applied that would be reported onjob cost sheets for each of the three jobs for March.Job 1 Job 2 Job 3$11,800 $5,400 $4,400JOB COST SHEETJob 1Ending work in process inventoryJob 2Job 32. Determine the total dollar amount of Work in Process Inventory at the end of March.3. Determine the total dollar amount of Finished Goods Inventory at the end of March. Assume the company has nobeginning Work in Process or Finished Goods inventories.Finished goods inventory

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Description: On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job ordercosting and applies overhead to each job (dress) at the rate of 54% of direct materials costs. During the month, thejobs used direct materials as

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On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job order costing and applies overhead to each job (dress) at the rate of 54% of direct materials costs. During the month, the jobs used direct materials as shown below. Direct materials used During the month, the jobs used direct labor as shown below. Jobs 1 and 3 are not finished by the end of March, and Job 2 is finished but not sold by the end of March. Direct labor used Job 1 Job 2 Job 3 $5,500 $7,500 $2,000 Direct materials Direct labor Factory overhead Job 1 Job 2 Job 3 $11,800 $5,400 $4,400 1. Determine the amounts of direct materials, direct labor, and factory overhead applied that would be reported on job cost sheets for each of the three jobs for March. JOB COST SHEET Job 1 Job 2 Job 3

On March 1 a dressmaker starts work on three custom-designed wedding dresses. The company uses job order costing and applies overhead to each job (dress) at the rate of 54% of direct materials costs. During the month, the jobs used direct materials as shown below. Direct materials used During the month, the jobs used direct labor as shown below. Jobs 1 and 3 are not finished by the end of March, and Job 2 is finished but not sold by the end of March. Direct labor used Job 1 Job 2 Job 3 $5,500 $7,500 $2,000 Direct materials Direct labor Factory overhead Job 1 Job 2 Job 3 $11,800 $5,400 $4,400 1. Determine the amounts of direct materials, direct labor, and factory overhead applied that would be reported on job cost sheets for each of the three jobs for March. JOB COST SHEET Job 1 Job 2 Job 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $465,800, and management budgeted 34,000 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April: April insurance cost for the manufacturing property and equipment was $1,850. The premium had been paid in January. Recorded $1,060 depreciation on an administrative asset. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). Paid factory utility bill, $6,550, in cash. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. Incurred and paid other factory overhead costs, $6,300. Purchased $25,000 of materials. Direct materials included unpolished semiprecious stones and gold.…
Dream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $465,800, and management budgeted 34,000 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April: April insurance cost for the manufacturing property and equipment was $1,850. The premium had been paid in January. Recorded $1,060 depreciation on an administrative asset. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). Paid factory utility bill, $6,550, in cash. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. Incurred and paid other factory overhead costs, $6,300. Purchased $25,000 of materials. Direct materials included unpolished semiprecious stones and gold.…