Click Submit to complete this assessment Question 2 JASON'S MADE 2 FIT-U JASON'S MADE 2-FIT-U is a producer of uniquely custom Pro Golf Shoes and Gloves. The following transactions occurred during the month of June of the fiscal year a. Raw material was purchased, on account$646.400 b. Factor labor, Total, was 5485 888 c Based on relevant documents, material requisitioned to jobs was King $ 112,768 Priest 137,344 Buffettee Freelie 115,520 125664 14.304 Factory Use d. Payroll records reveal the following allocations to jobs King 46,080 Priest 56,320 Buffetten 38,400 Freebie 64000 Factory Use 18.688 Freelie Factory Use 18,688 e. Actual factory overhead costs were occurred on account, $58,400. 1. Depreciation on factory equipment, $34,560 9. Taxes on the factory building, 35,760. h. The predetermined overhead rate is 80% of direct labor 1. Jobs for King, Priest, and Freelie were completed during the month of June. INSTRUCTION#1: COMPLETE THE FOLLOWING REQUIREMENTS NOTE: You MUST provide ALL detailed computation to earn full credit. 1. If the ending balance in the Raw Materials inventory is $90,000 at June 30, what was the beginning balance on June 1? 2. What documents were reviewed and provide the information in "c" above? BE SPECIFIC 3. How much TOTAL factory overhead is applied to the three completed jobs? Show computations 4. Indicate the journal entry required to record transaction "1" 5. Is factory overhead over- or under-applied at April 30? Indicate S-value and explain in clear terms. Click Submit to complete this assessment Question 2 JASON'S MADE 2 FIT-U JASON'S MADE 2-FIT-U is a producer of uniquely custom Pro Golf Shoes and Gloves. The following transactions occurred during the month of June of the fiscal year a. Raw material was purchased, on account$646.400 b. Factor labor, Total, was 5485 888 c Based on relevant documents, material requisitioned to jobs was King $ 112,768 Priest 137,344 Buffettee Freelie 115,520 125664 14.304 Factory Use d. Payroll records reveal the following allocations to jobs King 46,080 Priest 56,320 Buffetten 38,400 Freebie 64000 Factory Use 18.688 Freelie Factory Use 18,688 e. Actual factory overhead costs were occurred on account, $58,400. 1. Depreciation on factory equipment, $34,560 9. Taxes on the factory building, 35,760. h. The predetermined overhead rate is 80% of direct labor 1. Jobs for King, Priest, and Freelie were completed during the month of June. INSTRUCTION#1: COMPLETE THE FOLLOWING REQUIREMENTS NOTE: You MUST provide ALL detailed computation to earn full credit. 1. If the ending balance in the Raw Materials inventory is $90,000 at June 30, what was the beginning balance on June 1? 2. What documents were reviewed and provide the information in "c" above? BE SPECIFIC 3. How much TOTAL factory overhead is applied to the three completed jobs? Show computations 4. Indicate the journal entry required to record transaction "1" 5. Is factory overhead over- or under-applied at April 30? Indicate S-value and explain in clear terms
