Exercise 7-40 (Static) Job Costing in a Service Organization (LO 7-4) At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Direct Labor Applied Overhead SY-40e $23,040 15,120 Job Number SY-403 ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $25,200 in direct labor. For SY.403, $72,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $148,320 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing. and travel costs to meet with clients Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $90,000 Required: a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost of Job SY-404 at the end of the month? c. How much was under or overapplied service overhead for the month? Complete this question by entering your answers in the tabs below. Required A Required B Required What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? SY-400 SY-403 The cost of jobs at the beginning of the month The cost of job when completed Required A Required B > Exercise 7-40 (Static) Job Costing in a Service Organization (LO 7-4) At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months Applied Overhead Job Number SY-400 SY-403 Direct Labor $23,040 15,120 During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY 400 required $25,200 in direct labor. For SY-403, $72,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $148,320 for the month Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying printing. and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $90,000 Required: a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost of Job SY-404 at the end of the month? c. How much was under or overapplied service overhead for the month? Complete this question by entering your answers in the tabs below. Required A Required B Required What is the cost of Job SY-404 at the end of the month? The of Job SY 404 at the end of the month Exercise 7-40 (Static) Job Costing in a Service Organization (LO 7-4) At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number SY-400 SY-403 Applied Overhead Direct Labor $23,040 15,120 5 During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $25,200 in direct labor. For SY-403, $72,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $148,320 for the month Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing. and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $90,000 Required: a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost of Job SY-404 at the end of the month? c. How much was under-or overapplied service overhead for the month? Complete this question by entering your answers in the tabs below. Required A Required B Required C How much was under or overapplied service overhead for the month? overhead
