As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 $44, 000 13, 000 Job 103 $72, 000 28, 100 Job 104 $51, 000 44, 000 15, 840 Direct materials Direct labor Overhead applied 4, 680 10, 116 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,600; and overhead, $1,296. 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.) 1&2. 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? 1&2. 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. Req 1 and 2 Req 3 Req 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 0 103 0 104 Total Direct Labor Job May June Total 102 0 $ 103 104 Total Req 3 Req 1 and 2 1&2. 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. Req 1 and 2 Req 3 Req 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Choose Numerator: Choose Denominator: Overhead Rate Job 102 Overhead rate = 0 Job 103 Overhead rate 0 Job 104 Overhead rate = 0 = Req 1 and 2 Req 4 Req 1 and 2 Req 3 Req 4 How much total cost is transferred to finished goods during June? Cost Transferred to Finished Goods Direct Materials Direct Labor Applied Overhead Job Total Cost 44,000 13,000 102 $ 103 72,000 28,100 44,000 104 51,000 167,000 85,100 Total Req 3 Req 4
