Chelsea Household Renovations (CHR) is a rapidly growing company that has not been profitable despite increases in sales. It has hired you as a consultant to find ways to improve profitability. You believe that the problem results from poor cost control and inaccurate cost estimaton on jobs. The company has essentially no accounting system from which to collect data. You are able, however, to piece together the following information for June. Production 1 Completed Job 61 2. Started and completed Job 62 3. Started Job 63 Inventory values 1. Work-in-process inventory (excluding applied overhead: May 31: Job 61 Direct materials Labor (1,110 hours $ 9,500 19.950 June 301 Job 63 Direct materialo $ 7,900 Labor (1,190 hours 51.550 $45) Each job in work-in-process inventory was exactly 50 percent completed as to labor-hours; however, all direct materials necessary to do the entire Job were charged to each job as soon as it was started. . There were no direct materials inventories or finished goods Inventories at either May 31 or June 30. Actual overhead was $95.000 Cost of goods sold (before adjustment for over- or underapplied overhead] Job 61 Materials 9,500 Labor Overhead ? Total $159,350 ? Job 62 Materials Labor Overhead Total Overhead was apoiled to jobs using a predetermined rate per labor dollar that has been used since the company began operations All direct materials were purchased for cash and charged directly to Work in Process Inventory when purchased. Direct materials purchased in June amounted to $21.400 Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all laborers for June Required: Calculate the following: a. The cost elements material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold. b. The value of each cost element (material, labor and overhead, for each job in Work-in-process inventory at June 30. c. Over- or underappred overhead for June. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold. Materials for Job No. Labor for Job No. 62 Overhead for Job No. The value of each cost element (material, labor, and overhead) for each job in Work-in-process inventory at June 30. Cash or Accounts Payable Work-in-Process Job No. 61 Beg bal Current costs | End, bal, Work-In-Process Job No. 62 Work-in-Process Job No. 63 Beg, bal. Beg, bal End, bal. I End, bal. Cost of Goods Sold Job No. 61 Cost of Goods Sold Job No. 62 Beg. bal. Beg. bal. End, bal ER Wages Payable Beg, bal End.ba Underapplied Overhead Over- or underapplied overhead for June. Chelsea Household Renovations (CHR) is a rapidly growing company that has not been profitable despite increases in sales. It has hired you as a consultant to find ways to improve profitability. You believe that the problem results from poor cost control and inaccurate cost estimaton on jobs. The company has essentially no accounting system from which to collect data. You are able, however, to piece together the following information for June. Production 1 Completed Job 61 2. Started and completed Job 62 3. Started Job 63 Inventory values 1. Work-in-process inventory (excluding applied overhead: May 31: Job 61 Direct materials Labor (1,110 hours $ 9,500 19.950 June 301 Job 63 Direct materialo $ 7,900 Labor (1,190 hours 51.550 $45) Each job in work-in-process inventory was exactly 50 percent completed as to labor-hours; however, all direct materials necessary to do the entire Job were charged to each job as soon as it was started. . There were no direct materials inventories or finished goods Inventories at either May 31 or June 30. Actual overhead was $95.000 Cost of goods sold (before adjustment for over- or underapplied overhead] Job 61 Materials 9,500 Labor Overhead ? Total $159,350 ? Job 62 Materials Labor Overhead Total Overhead was apoiled to jobs using a predetermined rate per labor dollar that has been used since the company began operations All direct materials were purchased for cash and charged directly to Work in Process Inventory when purchased. Direct materials purchased in June amounted to $21.400 Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all laborers for June Required: Calculate the following: a. The cost elements material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold. b. The value of each cost element (material, labor and overhead, for each job in Work-in-process inventory at June 30. c. Over- or underappred overhead for June. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold. Materials for Job No. Labor for Job No. 62 Overhead for Job No. The value of each cost element (material, labor, and overhead) for each job in Work-in-process inventory at June 30. Cash or Accounts Payable Work-in-Process Job No. 61 Beg bal Current costs | End, bal, Work-In-Process Job No. 62 Work-in-Process Job No. 63 Beg, bal. Beg, bal End, bal. I End, bal. Cost of Goods Sold Job No. 61 Cost of Goods Sold Job No. 62 Beg. bal. Beg. bal. End, bal ER Wages Payable Beg, bal End.ba Underapplied Overhead Over- or underapplied overhead for June