2tseBookMcGrawHillThe following information is for Punta Company for July:a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours;Job T used 4,350 labor hours.b. Job S was shipped to customers during July.c. Job T was still in process at the end of July.d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July.e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows:"UtilitiesDepreciationInsuranceTotalf. Direct materials and indirect materials used are as follows:$ 16,50048,750JobJob TIndirect laborTotal$19,50084,750Job S$ 32,250Job T$75,00037,25014,250$46,500 $ 112,250Total107,250$51,500158,750214,750$373,500Material AMaterial BSubtotalIndirect materialsTotalg. Direct labor incurred for the two jobs and indirect labor are as follows:$ 63,00052,500148,000$263,500Required:1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2decimal places.)2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased< Prev2 of 4Next > TotalRequired:1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2decimal places.)2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increasedor decreased by the adjustment.1. Total manufacturing costs - Job STotal manufacturing costs - Job T2.$ 263,500Cost of goods soldF2801888< Prev62 of 4&7Next >00FB900

Name: 2tseBookMcGrawHillThe following information is for Punta Company for
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Description: 2tseBookMcGrawHillThe following information is for Punta Company for July:a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours;Job T used 4,350 labor hours.b. Job S was sh

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The following information is for Punta Company for July a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: $ 16,500 48,750 19,500 $ 84,750 Utilities Depreciation Insurance Total f Direct materials and indirect materials used are as follows: Job T Total Material A $75,000 $107,250 37,250 53,500 Material a Subtotal $112,250 $ 158,750 214,750 Indirect materials Total $373,500 g. Direct labor incurred for the two jobs and indirect labor are as follows: Job S $32,250 14,250 $46,500

The following information is for Punta Company for July a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: $ 16,500 48,750 19,500 $ 84,750 Utilities Depreciation Insurance Total f Direct materials and indirect materials used are as follows: Job T Total Material A $75,000 $107,250 37,250 53,500 Material a Subtotal $112,250 $ 158,750 214,750 Indirect materials Total $373,500 g. Direct labor incurred for the two jobs and indirect labor are as follows: Job S $32,250 14,250 $46,500

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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