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can't solve the blanks! please help P3-60B (similar to) Question Help Sloan Tire manufactures tires for all-terrain vehicles. Sloan uses job costing and has a
can't solve the blanks! please help
P3-60B (similar to) Question Help Sloan Tire manufactures tires for all-terrain vehicles. Sloan uses job costing and has a perpetual inventory system. On November 22, Sloan received an order for 140 TX tires from ATV Corporation at a price of $60 each. The job, assigned number 298, was promised for December 10. After purchasing the materials, Sloan began production on November 30 and incurred the following direct labor and direct materials costs in completing the order: (Click the icon to view the costs.) Sloan allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($540,000) and expected direct labor hours (20,000). Job 298 was completed on December 3 and shipped to ATV on December 5. Read the requirements Direct Materials Direct Labor Manufacturing Overhead Allocated Labor Time Record Requisition Number Date Amount Number Amount Date Rate Amount 20XX 11-30 437 $ 960 1896 $ 216 12-3 27 per direct labor hr. 12-2 439 480 12-3 501 1,400 1904 600 Overall Cost Summary Direct Materials Direct Labor Manufacturing Overhead Allocated Totals $ 2,840 $ 816 Total Job Cost Choose from any list or enter any number in the input fields and then click Check Answer. ? Sloan Tire manufactures tires for all-terrain vehicles. Sloan uses job costing and has a perpetual inventory system. On November 22, Sloan received an order for 140 TX tires from ATV Corporation at a price of $60 each. The job, assigned number 298, was promised for December 10. After purchasing the materials, Sloan began production on November 30 and incurred the following direct labor and direct materials costs in completing the order: E (Click the icon to view the costs.) Sloan allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($540,000) and expected direct labor hours (20,000). Job 298 was completed on December 3 and shipped to ATV on December 5. Read the requirements Requirement 1. Prepare a job cost record for Job 298. Calculate the predetermined overhead rate, then apply manufacturing overhead to the job. Begin by identifying the formula and computing the predetermined overhead rate. Estimated yearly overhead costs Estimated yearly direct labor hours Predetermined overhead rate $ 540,000 20,000 = $ 27 per hour Complete the job cost record in order of direct materials, direct labor, and allocated manufacturing overhead. Then prepare the overall cost summary. (List the dates in chronological order. Enter the labor time records in the correct row according to date. If an input field is not used in the table, leave the input field empty; do not enter a zero.) Job Cost Record Job No. 298 ATV Corporation Customer Name Job Description 140 TX tires Data Table X - Date Amount Labor Time Record No. 1896 1904 Description 12 hours at $18 30 hours at $20 $ 11/30 12/3 216 $ 600 Materials Requisition No. Amount 437 $ 960 Date 11/30 12/2 12/3 Description 60 lbs.rubber at $16 40 meters polyester fabric at $12 100 meters steel cord at $14 439 $ 480 501 $ 1,400 Print DoneStep by Step Solution
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