Bob Company. is a construction company specializing in the construction of custom patios. The patios are constructed
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Bob Company. is a construction companyspecializing in the constructionof custom patios. The patios areconstructed of concrete, brick, fiberglass and wood, according tothe client's preferences. The June The company had the following data.
Raw Materials Inventory $
Work in Process Inventory
The informationpertaining to the inventory in process at the June is next.
Jobcost Sheets
Customer Job
Cost element gannon Rosenthal Linton
Direct Materials
Directorate of Labor
manufacturing overhead
During June, the company bought commodities on creditfor $ All salaries were paid. Additional indirect manufacturing costsconsisted of depreciation of equipment by $ and costs miscelneos per $ incurred on the account.
A summary of material requisitions and time cards for June shows the following.
Customer Job Materials Requesition Slips Time Tickets
Ganon
Koss
Rosenthal
Linton
Gannon
General Use
Indirect manufacturing costsare charged to jobs at the same rate of $. by direct labor weight.
Patios for customers Gannon, Rosenthal and Linton were completed in June and sold for a total of $100
Required:
to Calculate the Cost of Jobs Completed in June Value
b Determine the under- or over-applicationof CIF during the month of June. In what quantity? Value
c Determine the contractor's gross profit at the end of the period. Value
d Calculate the Inventory Cost of products in process at the end of June. Value
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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