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. Direct

image text in transcribed
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. Direct materials Direct labor Overhead applied Job 102 $15,000 8,000 4,000 Job 103 $33,000 14,200 7,100 Job 104 $27,000 21,000 10,500 Job 102 was started in production in May, and the following costs were assigned to it in May, direct materials, $6,000, direct labor, $1,800, and overhead $900. 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? Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cast incurred during the for Complete this question by entering your answers in the tabs below. 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 102 103 104 Total Direct Labor Job May June Total 102 103 104 Total Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Choose Denominator: Choose Numerator: Job 102 Overhead Rate Overhead rate 1 Job 103 1 Overhead rate 1 Job 104 Overhead rate Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 How much total cost is transferred to finished goods during June? Job Applied Overhead Total Cost Cost Transferred to Finished Goods 102 103 Direct Direct Materials Labor $ 15,000 $ 8,000 33,000 14,200 27,000 21,000 $ 43,200 104 Total

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

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions

Question

4.3 Describe the job analysis process and methods.

Answered: 1 week ago