t labor dollars $ 100,500   Rate per direct labor dollar   200 %   The company’s actual costs incurred during the year are as follows:     Incurred by Jobs

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114:

 

Job # Direct Materials Direct Labor Overhead Total
T114 $ 37,500   $ 19,250   $ 31,750   $ 88,500  
 

 

The company’s budgeted costs for the year are as follows:
 

   
Budgeted overhead      
Variable      
Indirect materials $ 74,000  
Indirect labor   62,000  
Employee benefits   31,000  
Fixed      
Supervision   16,000  
Depreciation   18,000  
Total $ 201,000  
Budgeted direct labor dollars $ 100,500  
Rate per direct labor dollar   200 %
 


The company’s actual costs incurred during the year are as follows:
 

  Incurred by Jobs  
Job # Materials   Labor Other   Total
T114 $ 3,200     $ 11,200   $ -     $ 14,400  
T119   25,200       20,400     -       45,600  
T133   9,200       37,000     -       46,200  
T136   2,200       17,800     -       20,000  
  $ 39,800     $ 86,400           $ 126,200  
 

 

  Incurred by Jobs  
Overhead Materials   Labor   Other   Total
Indirect materials and supplies   64,800       -       -       64,800  
Indirect labor   -       54,800       -       54,800  
Employee benefits   -       -       37,200       37,200  
Depreciation   -       -       18,000       18,000  
Supervision   -       13,800       -       13,800  
Total $ 64,800     $ 68,600     $ 55,200     $ 188,600  
 

 

Required:

1. What was the actual factory overhead for Carston Inc. for the year?

2. What was overapplied or underapplied overhead for the year?

3. Job T114 was the only job completed and sold in the year. What amount was included in the Cost of Goods Sold account for this job?

4. What was the amount of Work-in-Process Inventory at the end of the year?

 

 

 

Question 1 - Ch 4 Job Costing En X
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1
Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114:
Direct Materials
$ 37,500
Job #
Direct Labor
Overhead
Total
T114
$ 19, 250
$ 31,750
$ 88,500
Skipped
The company's budgeted costs for the year are as follows:
Budgeted overhead
Variable
Indirect materials
Indirect labor
$ 74,000
62,000
31,000
Employee benefits
Fixed
Supervision
Depreciation
16,000
18,000
Total
$201,000
Budgeted direct labor dollars
Rate per direct labor dollar
$100, 500
200%
The company's actual costs incurred during the year are as follows:
Incurred by Jobs
Job #
Materia.
Labor
Other
Total
T114
$
3.200
$ 11.200.
$ 14.400
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Transcribed Image Text:Question 1 - Ch 4 Job Costing En X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%25... Ch 4 Job Costing Enabling Assessment Saved Help Save & Exit Submit 1 Work-in-Process Inventory for Carston Inc. at the beginning of the year was a single job, Job T114: Direct Materials $ 37,500 Job # Direct Labor Overhead Total T114 $ 19, 250 $ 31,750 $ 88,500 Skipped The company's budgeted costs for the year are as follows: Budgeted overhead Variable Indirect materials Indirect labor $ 74,000 62,000 31,000 Employee benefits Fixed Supervision Depreciation 16,000 18,000 Total $201,000 Budgeted direct labor dollars Rate per direct labor dollar $100, 500 200% The company's actual costs incurred during the year are as follows: Incurred by Jobs Job # Materia. Labor Other Total T114 $ 3.200 $ 11.200. $ 14.400 Mc Graw Hill Prev 1 of 3 Next > ... .... iii .... 9:19 pm O Type here to search 63% O ( 4) ENG 18/05/2021 10
Question 1 - Ch 4 Job Costing En X
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Ch 4 Job Costing Enabling Assessment
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Incurred by Jobs
Job #
Materials
Labor
Other
Total
1
$ 3, 200
25, 200
9, 200
2, 200
$ 11, 200
20,400
37,000
17,800
T114
$
$ 14,400
T119
45,600
46, 200
20,000
T133
T136
$ 39,800
$ 86,400
$126, 200
Skipped
Incurred by Jobs
Materials
64, 800
Overhead
Labor
Other
Total
Indirect materials and supplies
Indirect labor
64,800
54,800
37, 200
18,000
13,800
54, 800
Employee benefits
Depreciation
Supervision
37,200
18,000
13,800
$ 68,600
Total
$ 64,800
$ 55, 200
$188,600
Required:
1. What was the actual factory overhead for Carston Inc. for the year?
2. What was overapplied or underapplied overhead for the year?
3. Job T114 was the only job completed and sold in the year. What amount was included in the Cost of Goods Sold account for this job?
4. What was the amount of Work-in-Process Inventory at the end of the year?
Total antunlovorho
Mc
Graw
Hill
Prev
1 of 3
Next >
iii
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Transcribed Image Text:Question 1 - Ch 4 Job Costing En X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%25... Ch 4 Job Costing Enabling Assessment Saved Help Save & Exit Submit Incurred by Jobs Job # Materials Labor Other Total 1 $ 3, 200 25, 200 9, 200 2, 200 $ 11, 200 20,400 37,000 17,800 T114 $ $ 14,400 T119 45,600 46, 200 20,000 T133 T136 $ 39,800 $ 86,400 $126, 200 Skipped Incurred by Jobs Materials 64, 800 Overhead Labor Other Total Indirect materials and supplies Indirect labor 64,800 54,800 37, 200 18,000 13,800 54, 800 Employee benefits Depreciation Supervision 37,200 18,000 13,800 $ 68,600 Total $ 64,800 $ 55, 200 $188,600 Required: 1. What was the actual factory overhead for Carston Inc. for the year? 2. What was overapplied or underapplied overhead for the year? 3. Job T114 was the only job completed and sold in the year. What amount was included in the Cost of Goods Sold account for this job? 4. What was the amount of Work-in-Process Inventory at the end of the year? Total antunlovorho Mc Graw Hill Prev 1 of 3 Next > iii .... 9:19 pm O Type here to search 63% O ( 4) ENG 18/05/2021 10
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