[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 Job 7 $ 28,100 23,200 11,600 Overhead applied Additional Information Job 5 $ 17,200 10,200 5,100 Job 6 $ 34,100 16,400 8,200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,100; direct labor, $2,900; and applied overhead, $2,000. Job 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.
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Please don't provide answer in image format thank you
![!
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
$ 17, 200
10,200
5,100
Predetermined overhead rate
a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,100; direct labor,
$2,900; and applied overhead, $2,000. Job 5 was finished in June.
3. What is the predetermined overhead rate?
Job 6
$ 34,100
16,400
8,200
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 7
$ 28,100
23,200
11,600
< Prev
S
3 4
of 4
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6bfa4a1f-51a5-4efe-934e-7724bdb991d2%2F197511da-def6-4edf-94ec-74cea1db1549%2Fz7g2gv_processed.png&w=3840&q=75)
![!
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
$ 17, 200
10,200
5,100
Job 6
$ 34,100
16,400
8,200
Total transferred cost
a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,100; direct labor,
$2,900; and applied overhead, $2,000. Job 5 was finished in June.
Job 7
$ 28,100
23,200
11,600
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?
< Prev
S+
4
of 4
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6bfa4a1f-51a5-4efe-934e-7724bdb991d2%2F197511da-def6-4edf-94ec-74cea1db1549%2Fsqxfw1a_processed.png&w=3840&q=75)
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
