Cost of Normal SpoilageFrieling Company installs granite countertops in customers' homes. First, the customer chooses the particular granite slab, and then Frieling measures the countertop area at thecustomer's home, cuts the granite to that shape, and installs it. The Tramel job calls for direct materials of $1,900 and direct labor of $500. Overhead is applied at the rate of 140percent of direct labor cost. Unfortunately, one small countertop breaks during installation and Frieling must cut another piece and install it to properly complete the job. The additionalrework required direct materials costing $400 and direct labor costing $100. Assume that the spoilage was due to carelessness by a Frieling worker and it is considered to be normalspoilage.Required:1. Calculate the cost of the Tramel job.2. Make any needed journal entry to the overhead control account. If an amount box does not require an entry, leave it blank.3. What if the additional rework required $200 of direct labor? What would be the effect on the cost of the Tramel job?

When the spoilage is normal and is identifiable with a particular job, the amount of additional…

Answered: Required: 1. Calculate the cost of the…

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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! Required information [The following information applies to the questions displayed below.] JLR Enterprises provides consulting services throughout California and uses a job-order costing system to accumulate the cost of client projects. Traceable costs are charged directly to individual clients; in contrast, other costs incurred by JLR, but not identifiable with specific clients, are charged to jobs by using a predetermined overhead application rate. Clients are billed for directly chargeable costs, overhead, and a markup. JLR's director of cost management, Victor Anthony, anticipates the following costs for the upcoming year: Percentage of Cost Directly Traceable to Clients 80% 60% 90% 90% 50% Type Professional staff salaries Administrative support staff Travel Photocopying Other operating costs Total Cost $ 2,500,000 300,000 250,000 50,000 100,000 $ 3,200,000 The firm's partners desire to make a $640,000 profit for the firm and plan to add a percentage markup on total cost to…
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9. An example of a period cost is: Multiple Choice fire insurance on a factory building. salary of a factory supervisor. direct materials. rent on a headquarters building.
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Answer the following 3 questions:
a. REQUIREMENTS #2 and #3 ONLY of Exercise 4-49 (picture 2). Assume Direct Labor workers make $20 per hour, so with the given labor cost per job, you can determine the number of hours worked. CHANGE the Exercise to say that Overhead is applied at the rate of $32 per direct labor hour. ALSO CHANGE to say that Job #39 and Job #40 were completed and sold, while Job #41 and Job #42 are complete but not sold, and Job #43 is not completed yet. b. Use the information in Problem 4-53 (picture 2) to prepare journal entries for the month of July with the following CHANGES. First, assume that the company uses a plantwide overhead rate based on direct labor dollars. Also assume that estimated information for the year includes Direct labor dollars of $1,642,000. Finally, assume that the company sells its jobs at a selling price equal to (cost + 25% of cost markup).
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Required: 1. Calculate the cost of the Tramel job. 2. Make any needed journal entry to the overhead control account. If an amount box does not require an entry, leave it blank. 3. What if the additional rework required $200 of direct labor? What would be the effect on the cost of the Tramel job?