Exercise 15 3 Analysis of cost flows LO C2 As of the end of June, the job cost sheets at Racing Wheels, Inc , show the following total costs accumulated on three custom jobs Direct materials Direct labor Overhead applied Job 102 $41,000 16,000 7,520 Job 103 $67,000 26,000 12,220 Job 104 $57,000 44,000 20,680 Job 102 was started in production in May and the following costs were assigned to it in May direct materials, $13,000 direct labor, $2,900 and overhead, $1,363 Jobs 103 and 104 were started in June Overhead cost is applied with a predetermined rate based on direct labor cost Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July No raw materials were used indirectly in June Using this information, answer the following questions (Assume this company's predetermined overhead rate did not change across these months ) 1 2 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs 3 Using the accumulated costs of the jobs, what predetermined overhead rate is used 4 How much total cost is transferred to finished goods during June Complete this question by entering your answers in the tabs below Req 1 and 2 Req3 Reg 4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs Direct Materials Job May June Total 102 $ 0 103 0 104 0 Total Direct Labor May June Total Job 102 103 0 104 0 Total Req 1 and 2 Req3 Req 1 and 2 Req3 Reg 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used Overhead Rate Choose Denominator Overhead Rate Choose Numerator Job 102 Overhead rate 0 Job 103 Overhead rate 0 Job 104 Overhead rate 0 Req 1 and 2 Reg 3 Reg 4 How much total cost is transferred to finished goods during June Job Applied Overhead Total Cost Cost Transferred to Finished Goods 102 103 Direct Direct Materials Labor $ 41,000 $ 16,000 67,000 26,000 57,000 44,000 $ 165,000 $ 86,000 104 Total

Question

Exercise 15 3 Analysis of cost flows LO C2 As of the end of June, the job cost sheets at Racing Wheels, Inc , show the following total costs accumulated on three custom jobs  Direct materials Direct labor Overhead applied Job 102 $41,000 16,000 7,520 Job 103 $67,000 26,000 12,220 Job 104 $57,000 44,000 20,680 Job 102 was started in production in May and the following costs were assigned to it in May  direct materials, $13,000  direct labor, $2,900  and overhead, $1,363  Jobs 103 and 104 were started in June  Overhead cost is applied with a predetermined rate based on direct labor cost  Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July  No raw materials were used indirectly in June  Using this information, answer the following questions  (Assume this company's predetermined overhead rate did not change across these months ) 1 2  Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs  3  Using the accumulated costs of the jobs, what predetermined overhead rate is used  4  How much total cost is transferred to finished goods during June  Complete this question by entering your answers in the tabs below  Req 1 and 2 Req3 Reg 4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs  Direct Materials Job May June Total 102 $ 0 103 0 104 0 Total Direct Labor May June Total Job 102 103 0 104 0 Total Req 1 and 2 Req3   Req 1 and 2 Req3 Reg 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used  Overhead Rate Choose Denominator  Overhead Rate Choose Numerator  Job 102 Overhead rate 0 Job 103 Overhead rate 0 Job 104 Overhead rate 0 Req 1 and 2 Reg 3 Reg 4 How much total cost is transferred to finished goods during June  Job Applied Overhead Total Cost Cost Transferred to Finished Goods 102 103 Direct Direct Materials Labor $ 41,000 $ 16,000 67,000 26,000 57,000 44,000 $ 165,000 $ 86,000 104 Total

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Exercise 15-3 Analysis of cost flows LO C2 As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following

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