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: Direct materials Direct labor Applied overhead Balance, June 1 Job 44 $4,800 Job 45 $1,700 1,400 3,500 770 $6,970 1,925 $7,125 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 $2,350 $7,160 $1,600 $1,500 Direct labor 820 6,400 880 460 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 %. 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 Beginning balance, June 1 $ Job 44 Job 45 Job 46 Job 47 Direct materials
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: Direct materials Direct labor Applied overhead Balance, June 1 Job 44 $4,800 Job 45 $1,700 1,400 3,500 770 $6,970 1,925 $7,125 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 $2,350 $7,160 $1,600 $1,500 Direct labor 820 6,400 880 460 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 %. 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 Beginning balance, June 1 $ Job 44 Job 45 Job 46 Job 47 Direct materials
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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:
Direct materials
Direct labor
Applied overhead
Balance, June 1
Job 44
$4,800
Job 45
$1,700
1,400
3,500
770
$6,970
1,925
$7,125
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
$2,350
$7,160
$1,600
$1,500
Direct labor
820
6,400
880
460
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
%.
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
Beginning balance, June 1 $
Job 44 Job 45 Job 46 Job 47
Direct materials
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