[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 6 $ 33,000 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, $6,000; direct labor, $1,800; and applied overhead, $900. 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 $ 15,000 8,000 4,000 al transferred cost Job 7 $ 27,000 21,000 10,500 14, 200 7,100 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. Job 6 $ 33,000 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, $6,000; direct labor, $1,800; and applied overhead, $900. 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 $ 15,000 8,000 4,000 al transferred cost Job 7 $ 27,000 21,000 10,500 14, 200 7,100 What is the total cost transferred to Finished Goods Inventory in June?

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Description: [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 30Direct materialsDirect laborOverhead appliedAdditional Informati

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 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?
At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. Job 7 $ 28,900 24,800 12,400 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, $7,900; direct labor, $3,700; and applied overhead, $2,800. Job 5 was finished in June. Job 5 $ 18,800 11,800 5,900 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 these months. 3. What is the predetermined overhead rate? Predetermined overhead rate Job 6 $ 34,900 18,000 9,000 %
During March, Estes Company worked on three jobs. Data relating to these three jobs follow: Job 86 Job 87 150 240 240 $1,368 264 $3,432 Units in each order Units sold Materials requisitioned Direct labor hours Direct labor cost $1,140 165 $1,815 Job 88 210 $2,499 315 $2,835 Overhead is assigned on the basis of direct labor hours at a rate of $8.50 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month.
! 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 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. Direct labor used 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. 2. What is the total cost of direct labor used in June? Job 7 $ 27,200 21,400 10,700 $ 396,000
At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. Job 7 $ 28,900 24,800 12,400 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, $7,900; direct labor, $3,700; and applied overhead, $2,800. 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 $ 18,800 11,800 5,900 Job 6 $ 34,900 18,000 9,000 Total transferred cost 4. What is the total cost transferred to Finished Goods Inventory in June?
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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 $ 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…
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,700, direct labor of $3,600, and applied overhead of $2,880. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on credit) for $24,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Job 121 Job 122 Direct materials used $ 1,000 $ 6,100 $ 2,900 Direct labor used 3,800 4,000 3,900 1. Prepare journal entries for the following July transactions and events a through e.a. Direct materials used.b. Direct labor used.c. Overhead applied.d. Sale of Job 120.e. Cost of goods sold for Job 120. Hint: Job 120 has costs from June and July.2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory…
! 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 $ 18,200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Job 7 $ 28,600 24, 200 12,100 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. Direct materials requisitioned 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. Required 1. What is the total cost of direct materials requisitioned 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 $ 18,200 11, 200 5,600 What is the predetermined overhead rate? edetermined overhead rate Job 6 $ 34,600 17,400 8,700 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. Job 7 $ 28,600 24,200 12,100 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. % Check my work
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?
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $237,500 and total machine hours at 62,500. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 1011 $ 11,600 $ 18,000 1,700 hours 1. Predetermined Overhead Rate 2. Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit Job 102 $ 8,100 $ 5,700 5-a. Balance 5-b. Is it over- or underapplied? 2,700 hours Job 103 $5,500 $ 5,100 Job 101 was completed and sold for $50,400. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $19,800. 1,100 hours Total Required: 1. Calculate the predetermined…