Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. Job 6 $ 33,500 15, 200 7,600 At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 16,000 9,000 4,500 Job 7 $ 27,500 22,000 11,000 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,500; direct labor, $2,300; and applied overhead, $1,400. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Total transferred cost 4. What is the total cost transferred to Finished Goods Inventory in June?
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. Job 6 $ 33,500 15, 200 7,600 At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 16,000 9,000 4,500 Job 7 $ 27,500 22,000 11,000 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,500; direct labor, $2,300; and applied overhead, $1,400. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Total transferred cost 4. What is the total cost transferred to Finished Goods Inventory in June?
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.]
At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs.
At June 30
Direct materials
Direct labor
Overhead applied
Additional Information
Job 5
$ 16,000
9,000
4,500
Job 6
$ 33,500
15, 200
7,600
Total transferred cost
Job 7
$ 27,500
22,000
11,000
a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,500; direct labor,
$2,300; and applied overhead, $1,400. Job 5 was finished in June.
b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July.
c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate
did not change across these months.
4. What is the total cost transferred to Finished Goods Inventory in June?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ef4e2a9-f0b8-44e8-a764-bb917a6abf15%2F28111bed-702f-47a3-8156-6cdf99e13aa8%2Fazt70p5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs.
At June 30
Direct materials
Direct labor
Overhead applied
Additional Information
Job 5
$ 16,000
9,000
4,500
Job 6
$ 33,500
15, 200
7,600
Total transferred cost
Job 7
$ 27,500
22,000
11,000
a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,500; direct labor,
$2,300; and applied overhead, $1,400. Job 5 was finished in June.
b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July.
c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate
did not change across these months.
4. What is the total cost transferred to Finished Goods Inventory in June?
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