Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chum Company has just completed its first year of operations. During the year, Chum Company purchased $527,000 of materials. The year-end balance reported in the

image text in transcribed

image text in transcribed

image text in transcribed

Chum Company has just completed its first year of operations. During the year, Chum Company purchased $527,000 of materials. The year-end balance reported in the raw materials account was $52,000.$29,000 of the raw materials consumed was considered as indirect materials and entered into manufacturing overhead. Chum Company incurred $1,248,000 in total direct labor wages during the year. Factory workers are paid $26 per hour. Total manufacturing overhead during the year amounted to $354,000, which was $36,000 less than estimated. Total factory worker hours were 10% less than estimated. Chum Company's manufacturing overhead was allocated using direct labor hours as the allocation base. Chum Company charges any over or under-allocated manufacturing overhead to cost of goods sold. During the year, Chum Company started and completed Job 003 . This job consumed 35% of the total direct direct materials used this year and 45% of the direct labor hours. Determine the total cost for Job 003. Do not enter dollar signs or commas in the input boxes. Round the predetermined overhead to 2 decimal places. Round all other answers to the nearest whole number. Total Direct Material Costs: Total Direct Labor Hours: Total Estimated Direct Labor Hours: Total Estimated Manufacturing Overhead: : Predetermined Overhead Rate: $ Direct Material Costs Job 003: Do not enter dollar signs or commas in the input boxes. Round the predetermined overhead to 2 decimal places. Round all other answers to the nearest whole number. Total Direct Material Costs: Total Direct Labor Hours: Total Estimated Direct Labor Hours: Total Estimated Manufacturing Overhead: $ Predetermined Overhead Rate: $ Direct Material Costs Job 003: $ Labor Costs Job 003: $ Manufacturing Overhead Job 003:\$ Total Costs Job 003: Take me to the text Chum Company has just completed its first year of operations. During the year, Chum Company purchased $527,000 of materials. The year-end balance reported in the raw materials account was $52,000.$29,000 of the raw materials consumed was considered as indirect materials and entered into manufacturing overhead. Chum Company incurred $1,248,000 in total direct labor wages during the year. Factory workers are paid $26 per hour. Total manufacturing overhead during the year amounted to $354,000, which was $36,000 less than estimated. Total factory worker hours were 10% less than estimated. Chum Company's manufacturing overhead was allocated using direct labor hours as the allocation base. Chum Company charges any over or under-allocated manufacturing overhead to cost of goods sold. During the year, Chum Company started and completed Job 003 . This job consumed 35% of the total direct direct materials used this year and 45% of the direct labor hours. Determine the total cost for Job 003 . Do not enter dollar signs or commas in the input boxes. Round the predetermined overhead to 2 decimal places. Round all other answers to the nearest whole number

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Why CISOs Fail Security Audit And Leadership Series

Authors: Barak Engel

2nd Edition

1032299258, 978-1032299259

More Books

Students also viewed these Accounting questions

Question

Which form of proof do you find most persuasive? Why?

Answered: 1 week ago