Exerclse 2-3 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. Job 102 Job 103 Job 104 Direct $15,000 633,000 $27, 000 materials Direct labor B, 000 14,200 21,000 Overhead 4,000 7,100 10,500 applied Job 102 was started in production in May and the following costs were assigned to it in May direct materials, $6.000, direct labor. $1,800; and overhead, $900. 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. Compiete 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 Req 3 Req 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 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 3 Req 4 Req 1 and 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. Direct Materials Job May June Total 102 103 104 Total Direct Labor Total Job June May 102 103 104 Total Req 3 182 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 4 Req 3 Req 1 and 2 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Overhead Rate Choose Denominator: Choose Numerator Job 102 Overhead rate / Job 103 Overhead rate Job 104 Overhead rate Req 4 Req 1 and 2 2LOUV. du uvenRtau, 3uU. JUUS 1D anu iu WEre sMIteu i Jure. uveTTeau cuot Rs dpIRu WII d reueie EIea Idte Udseu u 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 use indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate dic 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 fo 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 enterirg your answers in the tabs below. Req 1 and 2 Req 3 Req 4 How much total cost is transferred to finished goods during June? Cost Transferred to Finished Goods Direct Materials Direct Labor Applied Overhead Total Cost Job 15.000 102 8,000 33.000 14,200 103 104 21,000 27,000 Total 43.200
