Exercise 19-3 Analyzing 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 $28.000 14,000 5.840 Job 103 $47.000 28,700 1332 Job 104 $48,00 45,000 16, 200 Job 102 was started in production in May, and the following costs were assigned to it in May direct materials. $10.000, direct labor. $3,800, and overhead. $1,368. 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? Answer is complete but not entirely correct. Complete question by entering your answers in the tabs below. Rand 2 Reg Reg4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred each of the three jobs Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 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 lune for each of the three jobs. Job Direct Matos May 10,000S Total 102 s 24,000 14,000 $ 47000 103 0 47.000 48,000 104 0 48,000 Total 109,000 S 119.000 Job 10 000 5 Dimet Labor May 3,800$ 0 102 $ June 3.800 28.700 Total 7,600 28.700 103 104 10.3328 42,832 S 10,332 46,632 Total s 3,800 s Requ> Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Req 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Choose Denominator: Overhead Rate Estimated direct labor $ Overhead rate 28.2% 17,860 Choose Numerator Job 102 Estimated overhead costs $ 5,040 Job 103 Estimated overhead costs $ 10,332 Job 104 Estimated overhead costs s 16.200 Estimated direct labor $ 28,700 Overhead rate 36.0% Estimated direct labor S 10.332 Overhead rate 156.8% Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 How much total cost is transferred to finished goods during June? Job Direct Materials Direct Labor Applied Overhead Total Cost Cost Transferred to Finished Goods 47,040 102 $ 28,000 $ 14,000 $ 5,040 $ 47,040 $ 103 10,332 86,032 86,032 47.000 48.000 $ 123,000 28,700 45,000 104 16,200 109.200 $242,272 Total S 87.700 $ 31,572 $ 133,072
