Answered step by step
Verified Expert Solution
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 Job
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 104 63 Job 102 Direct materials20 Job 103 Direct labor180 Overhead applied 29 14,35 21,07 Job 102 was started in production in May and the following costs were assigned to it in May direct materials, $15,000, direct labor $3,600, and overhead, S1,764. 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 eackh 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? 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? Total 100 103 104 Direct Labor Total 102 103 104 Total RdReg 3 Req 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Choose DenominatorOverhead Rate se Numerator Job 102 Overhead rae Job 103 Overhead rate Job 104 Overhesd rate Req 1 and 2 Req 3 Req 4 How much total cost is transferred to finished goods during June? Direct Direct Applied Labor Total Cost Cost Transferred to Overhead Materials 102 18.000 s 20.000 29.300 103 00.000 104 63.000 43.000 Total S 92.300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started