Cost Management

Problem 1 Job cost sheets for Holdly Manufacturing are as follows: Job No 218 Date June 4 9 14 28 Direct Materials 4,000 3,500 0 1,000 Direct Labour 3,000 2,300 5,400 2,100 Quantity 1000 Manufacturing Overhead 1,500 1,150 2,700 1,050 Job No 220 Date June 8 12 16 29 Direct Materials 3,000 0 2,500 1,500 Direct Labour 1,000 1,600 3,600 700 Quantity 600 Manufacturing Overhead 500 800 1,800 350 Required (8 marks - 2 marks each): a. What is the balance in Work in Process Inventory on June 30 if these were the only unfinished jobs? b. What is the predetermined overhead rate in June if overhead was applied on the basis of direct labour cost? c. Assuming Job 218 is complete, what is the total cost for this job, and cost per unit? d. Assuming Job 220 is the only unfinished job at June 30, what is the balance in Work in Process Inventory on this date