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 Job 5 Job 6 Job 7 Direct materials $ 16,600 $ 33,800 $ 27,800 Direct labor 9,600 15,800 22,600 Overhead applied 4,800 7,900 11,300 Additional Information Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,800; direct labor, $2,600; and applied overhead, $1,700. Job 5 was finished in June. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required: 1. What is the total cost of direct materials requisitioned in June? 2. What is the total cost of direct labor used in June? 3. What is the predetermined overhead rate? 4. What is the total cost transferred to finished goods inventory in June?
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 Job 5 Job 6 Job 7 Direct materials $ 16,600 $ 33,800 $ 27,800 Direct labor 9,600 15,800 22,600 Overhead applied 4,800 7,900 11,300 Additional Information Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,800; direct labor, $2,600; and applied overhead, $1,700. Job 5 was finished in June. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Required: 1. What is the total cost of direct materials requisitioned in June? 2. What is the total cost of direct labor used in June? 3. What is the predetermined overhead rate? 4. What is the total cost transferred to finished goods inventory in June?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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 Job 5 Job 6 Job 7
Direct materials $ 16,600 $ 33,800 $ 27,800
Direct labor 9,600 15,800 22,600
Overhead applied 4,800 7,900 11,300
Additional Information
Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,800; direct labor, $2,600; and applied overhead, $1,700. Job 5 was finished in June.
Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July.
Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months.
Required:
1. What is the total cost of direct materials requisitioned in June?
2. What is the total cost of direct labor used in June?
3. What is the predetermined overhead rate?
4. What is the total cost transferred to finished goods inventory in June?
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