Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

20 pes Callow Corporation uses a job order costing system. Three jobs were worked on during the current year. The predetermined overhead rate is 200%

image text in transcribed
20 pes Callow Corporation uses a job order costing system. Three jobs were worked on during the current year. The predetermined overhead rate is 200% of direct labor costs. The following cost information is available (all materials and time ticket information applies to direct costs): Dob Materials Requisitions Time Tickets Job Status at year end C101 $54,000 $34.000 Completed & Sold C102 $65.000 $74,000 Not Finished C103 $8,200 $50.000 Completed, not sold Required: Answer the following a-e requirements in the space provided below. Show your work! a) Determine the total cost of each job. (Hint: be sure to include all 3 products costs in the total cost) b) Calculate the cost of goods manufactured (completed) for the period. c) Determine the amounts of each of the following at the end of the period. 1- Work in Process: 2- Finished Goods: 3- Cost of Goods Sold: d) Hawk determines sales prices by adding 35% markup onto the cost of each job. Calculate the sales price for each job Hawk sold during the period. Calculate the resulting gross profit % (ratio) for the year (Hint-markup % and gross profit ratio are not the same thing!)

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

Step: 3

blur-text-image

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

Managerial Accounting Method And Meaning Teachers Guide

Authors: R.M.S. Wilson

2nd Edition

0412436205, 978-0412436208

More Books

Students also viewed these Accounting questions