Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

#2 project. Need help fixing please. The computer workstation furniture manufacturing that Santana Rey started is progressing well. As of the end of June, Business

#2 project. Need help fixing please.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

The computer workstation furniture manufacturing that Santana Rey started is progressing well. As of the end of June, Business Solutions's job cost sheets show the following total costs accumulated on three furniture jobs. Direct materials Direct labor Overhead applied Job 602 $ 1,600 1,000 400 Job 603 $ 3,300 1,380 552 Job 604 $ 2,800 2,000 800 Job 602 was started in May, and the following costs were assigned to it in May: direct materials, $500; direct labor, $250; and overhead, $100. Jobs 603 and 604 were started in June. Overhead cost is applied with a predetermined rate as a percent of direct labor costs. Jobs 602 and 603 are finished in June, and Job 604 is expected to be finished in July. The company's predetermined overhead rate did not change over these months. Required: 1. What is the cost of direct materials used in June for each of the three jobs and in total? 2. What is the cost of direct labor used in June for each of the three jobs and in total? 3. What predetermined overhead rate is used in June? 4. How much cost is transferred to finished goods inventory in June? Required 1 Required 2. Required 3 Required 4 What is the cost of direct materials used in June for each of the three jobs and in total? Job 602 Job 603 Job 604 Total May costs $ 500 $ 500 June costs 2,800 1,100 1,600 $ 3,300 3,300 $ 7,200 7.700 Total $ 2,800 $ Required 1 Required 2. Required 3 Required 4 What is the cost of direct labor used in June for each of the three jobs and in total? Job 602 Job 603 Job 604 Total May costs $ 250 $ 250 June costs 750 1,380 2,000 4,130 Total $ 1,000 $ 1,380 $ 2,000 $ 4,380 Required 1 Required 2 Required 3 Required 4 What predetermined overhead rate is used in June? Predetermined overhead hate 40% Required 1 Required 2 Required 3 Required 4 How much cost is transferred to finished goods inventory in June? Job Direct Direct Overhead Materials Labor Applied $ 1,600 s 1,000 $ 400 Costs of Ending WIP Cost transferred Total Cost to finished goods $ 3,000 $ 602 5,232 602 603 3,300 1.380 552 604 2.800 2,000 800 5,600 Total $ 7,700 $ 4,380 $ 1,752 $ 13,832 $ 602 Required 1 Required 2 Required 3 Required 4 How much cost is transferred to finished goods inventory in June? Job Direct Materials Direct Labor Overhead Applied Total Cost Cost transferred to finished goods 602 X Costs of Ending WIP 602 $ 1,600 $ 1,000 $ 400 $ 3,000 $ 603 1,380 552 3,300 2,800 . 5,232 604 2,000 800 5,600 Total $ 7,700 $ 4,380 $ 1,752 $ 13,832 $ 602

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computerized Accounting Using QuickBooks Pro 2020

Authors: Alvin A. Arens, D. Dewey Ward, Carol J. Borsum

6th Edition

0912503793, 9780912503790

More Books

Students also viewed these Accounting questions

Question

1. What is game theory?

Answered: 1 week ago