Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: Job 44 Job 45 Direct materials $4,950 $1,350 Direct labor 900 3,300 Applied overhead 585 2,145 Balance, June 1 $6,435 $6,795 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 Job 47 Direct materials $2,250 $7,100 $1,700 $1,800 Direct labor 900 6,300 980 660 At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero. Required: 1. Calculate the overhead rate based on direct labor cost. The overhead rate based on direct labor cost is fill in the blank aa5441ff6057fcd_1 %. 2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. All amount cells must have an entry; enter zeros as needed. Rhone Company Job-Order Cost Sheets For the Month of June Job 44 Job 45 Job 46 Job 47 Beginning balance, June 1 $fill in the blank a5a999f54030007_1 $fill in the blank a5a999f54030007_2 $fill in the blank a5a999f54030007_3 $fill in the blank a5a999f54030007_4 Direct materials fill in the blank a5a999f54030007_5 fill in the blank a5a999f54030007_6 fill in the blank a5a999f54030007_7 fill in the blank a5a999f54030007_8 Direct labor fill in the blank a5a999f54030007_9 fill in the blank a5a999f54030007_10 fill in the blank a5a999f54030007_11 fill in the blank a5a999f54030007_12 Applied overhead fill in the blank a5a999f54030007_13 fill in the blank a5a999f54030007_14 fill in the blank a5a999f54030007_15 fill in the blank a5a999f54030007_16 Total, June 30 $fill in the blank a5a999f54030007_17 $fill in the blank a5a999f54030007_18 $fill in the blank a5a999f54030007_19 $fill in the blank a5a999f54030007_20 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. Work in Process: $fill in the blank 4fa7eafc4ff9065_1 Finished Goods: $fill in the blank 4fa7eafc4ff9065_2 4. Calculate the Cost of Goods Sold for June. Cost of Goods Sold: $fill in the blank 4fa7eafc4ff9065_3

Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: Job 44 Job 45 Direct materials $4,950 $1,350 Direct labor 900 3,300 Applied overhead 585 2,145 Balance, June 1 $6,435 $6,795 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 Job 47 Direct materials $2,250 $7,100 $1,700 $1,800 Direct labor 900 6,300 980 660 At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero. Required: 1. Calculate the overhead rate based on direct labor cost. The overhead rate based on direct labor cost is fill in the blank aa5441ff6057fcd_1 %. 2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. All amount cells must have an entry; enter zeros as needed. Rhone Company Job-Order Cost Sheets For the Month of June Job 44 Job 45 Job 46 Job 47 Beginning balance, June 1 $fill in the blank a5a999f54030007_1 $fill in the blank a5a999f54030007_2 $fill in the blank a5a999f54030007_3 $fill in the blank a5a999f54030007_4 Direct materials fill in the blank a5a999f54030007_5 fill in the blank a5a999f54030007_6 fill in the blank a5a999f54030007_7 fill in the blank a5a999f54030007_8 Direct labor fill in the blank a5a999f54030007_9 fill in the blank a5a999f54030007_10 fill in the blank a5a999f54030007_11 fill in the blank a5a999f54030007_12 Applied overhead fill in the blank a5a999f54030007_13 fill in the blank a5a999f54030007_14 fill in the blank a5a999f54030007_15 fill in the blank a5a999f54030007_16 Total, June 30 $fill in the blank a5a999f54030007_17 $fill in the blank a5a999f54030007_18 $fill in the blank a5a999f54030007_19 $fill in the blank a5a999f54030007_20 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. Work in Process: $fill in the blank 4fa7eafc4ff9065_1 Finished Goods: $fill in the blank 4fa7eafc4ff9065_2 4. Calculate the Cost of Goods Sold for June. Cost of Goods Sold: $fill in the blank 4fa7eafc4ff9065_3

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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Question

Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS

At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information:

	Job 44	Job 45
Direct materials	$4,950	$1,350
Direct labor	900	3,300
Applied overhead	585	2,145
Balance, June 1	$6,435	$6,795

During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June:

	Job 44	Job 45	Job 46	Job 47
Direct materials	$2,250	$7,100	$1,700	$1,800
Direct labor	900	6,300	980	660

At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero.

Required:

1. Calculate the overhead rate based on direct labor cost.
The overhead rate based on direct labor cost is fill in the blank aa5441ff6057fcd_1 %.

2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. All amount cells must have an entry; enter zeros as needed.

Rhone Company
Job-Order Cost Sheets
For the Month of June

	Job 44	Job 45	Job 46	Job 47
Beginning balance, June 1	$fill in the blank a5a999f54030007_1	$fill in the blank a5a999f54030007_2	$fill in the blank a5a999f54030007_3	$fill in the blank a5a999f54030007_4
Direct materials	fill in the blank a5a999f54030007_5	fill in the blank a5a999f54030007_6	fill in the blank a5a999f54030007_7	fill in the blank a5a999f54030007_8
Direct labor	fill in the blank a5a999f54030007_9	fill in the blank a5a999f54030007_10	fill in the blank a5a999f54030007_11	fill in the blank a5a999f54030007_12
Applied overhead	fill in the blank a5a999f54030007_13	fill in the blank a5a999f54030007_14	fill in the blank a5a999f54030007_15	fill in the blank a5a999f54030007_16
Total, June 30	$fill in the blank a5a999f54030007_17	$fill in the blank a5a999f54030007_18	$fill in the blank a5a999f54030007_19	$fill in the blank a5a999f54030007_20