Question
Chum Company has just completed its first year of operations. During the year, Chum Company purchased $574,000 of materials. The year-end balance reported in the
Chum Company has just completed its first year of operations. During the year, Chum Company purchased $574,000 of materials. The year-end balance reported in the raw materials account was $42,000. $23,000 of the raw materials consumed was considered as indirect materials and entered into manufacturing overhead.
Chum Company incurred $1,125,000 in total direct labor wages during the year. Factory workers are paid $25 per hour. Total manufacturing overhead during the year amounted to $372,000, which was $39,000 less than estimated. Total factory worker hours were 10% less than estimated. Chum Companys 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 50% of the total direct direct materials used this year and 25% 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: $Answer
Total Direct Labor Hours: Answer
Total Estimated Direct Labor Hours: Answer
Total Estimated Manufacturing Overhead: $Answer
Predetermined Overhead Rate: $Answer
Direct Material Costs Job 003: $Answer
Labor Costs Job 003: $Answer
Manufacturing Overhead Job 003: $Answer
Total Costs Job 003: $Answer
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