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 7 $28,600 24,200 12,100 At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 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. edetermined overhead rate 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. What is the predetermined overhead rate? Job 6 $ 34,600 17,400 8,700 % my

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 7 $28,600 24,200 12,100 At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 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. edetermined overhead rate 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. What is the predetermined overhead rate? Job 6 $ 34,600 17,400 8,700 % my

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.] 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 $ 18,400 11, 400 5,700 Job 6 $ 34,700 17,600 8,800 Job 7 $ 28,700 24,400 12, 200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,700; direct labor, $3,500; and applied overhead, $2,600. 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. Total transferred cost c. Overhead cost is applied with a predetermined rate based on direct bor 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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