Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs ts

image text in transcribed
image text in transcribed
image text in transcribed
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs ts Direct materials Direct labor Overhead applied Job 102 $18,000 14,000 6,020 Job 103 $51,000 26,200 11, 266 Job 104 $64,000 43,090 18,490 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $14,000; direct labor, $4,000; and overhead, $1,720. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 182. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Return to question Req 1 and 2 Reg 3 Reg 4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs. Direct Materials Job May June Total 102 S 6,000 $ 9,000 S 15.000 103 33.000 33,000 104 27.000 69,000 S Total 27,000 75,000 $ 6,000 18 Direct Labor May June Job 102 Total 0 103 0 104 D Total Req 1 and 2 Req3 Reg 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Choose Numerator: Job 102 Overhead Rate Choose Denominator: Overhead Rate Overhead rate 0 Job 103 4 Overhead rate 0 Job 104 Overhead rate 0

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

Auditing Electronics Data Processing Systems

Authors: WATNE

1st Edition

0130516163, 978-0130516169

More Books

Students also viewed these Accounting questions