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 $ 15,400 8,400 4,200 Job 6 $ 33,200 14,600 7,300 Job 7 $ 27,200 21,400 10,700 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,200; direct labor, $2,000; and applied overhead, $1,100. 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. That is the total cost of direct labor used 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. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 15,400 8,400 4,200 Job 6 $ 33,200 14,600 7,300 Job 7 $ 27,200 21,400 10,700 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,200; direct labor, $2,000; and applied overhead, $1,100. 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. That is the total cost of direct labor used in June?

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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Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 223 $260 $ 240 $ 267 270 0 Cost of goods sold for May Finished goods inventory at the end of May 1 Work in process inventory at the end of May. Job 820 $ 240 $ 240 $ 250 $ 280 0 0 Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places. Job C30 $ 226 $ 290 $ 155 $ 119 125 125 Job D40 $ 204 $ 185 $ 270 $216 0 Job E50 $ 260 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished.…
During the month of July, Cambridge Company worked on three jobs. Data relating to these three jobs follow: Job 60 Job 61 Job 62 Quantity 300 150 200 Units sold - 180 - Materials requisitioned $1,460 $1990 $2,000 Direct labour hour 200 220 400 Direct labour cost $3,000 $3,000 $3,300 Overhead is assigned on the basis of direct labour hours at a rate of $6.40 per direct labour hour. During July, Jobs 60 and 61 were completed and transferred to the Finished Goods Inventory. Job 61 was sold by the end of the month. Job 62 was the only unfinished job at the end of the month. Required: 1) Calculate the per-unit cost of Jobs 60 & 61 2) Compute the ending balance in the work-in-process inventory account
! 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 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400; and applied overhead, $2,500. 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. Job 5 $ 18, 200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Total transferred cost Job 7 $ 28,600 24, 200 12,100 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. At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Job 5 $ 15,800 8,800 4,400 Direct labor used in June Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 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 months. 2. What is the total cost of direct labor used in June?
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es Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios. Job Number 102 Materials Labor Overhead Materials Labor Overhead Job Number 103 Materials Labor Overhead Job Number 104 $ 15,000 8,000 4,000 $ 33,000 14,200 7,100 All jobs were started in June. Overhead is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 will be finished in July. Req 1 and 2 102 103 1. What was the total cost of direct materials requisitioned in June? 2. How much total direct labor cost was incurred in June? 3. How much total cost is transferred to Finished Goods Inventory in June? $ 27,000 21,000 10,500 Complete this question by entering your answers in the tabs below. Job How much total cost is transferred to Finished Goods Inventory in June? Direct Materials Direct Labor Req 3 $ 15,000 $ 33,000 Applied Overhead Total Cost 8,000 $ 4,000 $ 27,000 14,200 7,100 54,300 Cost Transferred to Finished Goods
Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Job 306 $ 28,000 21,000 10,500 132,000 102,000 Finished (sold) Job 307 $ 39,000 18,000 9,000 215,000 $ 115,000 152,000 104,000 P In process P Finished (unsold) Job 308 a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $570,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold…
Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Problem 15-2A (Algo) Part 4 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Job 306 Total cost of work in process $ 33,800 24,800 14,800 Cost of goods manufactured 147,000 89,800 ? Finished (sold) $ a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…
Job-Order Costing Variables On July 1, Job 46 had a beginning balance of $690. During July, prime costs added to the job totaled $670. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,500. Required: 1. What was overhead applied to the job during July? 2. What was direct materials for Job 46 for July? Direct labor? If rounding is required, round your answers to the nearest cent. Direct labor Direct materials $ 3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? Round your answer to the nearest whole percent. %
Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave…
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 213 $250 $ 230 $ 257 260 0 Job B20 $ 230 $ 230 $ 240 $ 270 0 0 Job C30 $ 222 $ 280 $ 150 $ 118 120 120 Job D40 $ 198 $ 180 $ 260 $212 0 0 Job E50 $255 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? $360 $290 $265 290 240 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end…