Question
Fill in the missing information in the chart below using the following information: (FILL IN WHERE THERE IS *) JOB COST SHEETS JOB # 17-32
Fill in the missing information in the chart below using the following information: (FILL IN WHERE THERE IS *)
JOB COST SHEETS | JOB # | 17-32 | JOB # | 18-01 | JOB # | 18-02 |
DIRECT MATERIALS | In WIP @1/1 | * | In WIP @1/1 | * | In WIP @1/1 | * |
January | * | January | * | January | * | |
DIRECT LABOR | In WIP @1/1 | * | In WIP @1/1 | * | In WIP @1/1 | * |
January | * | January | * | * | ||
MANUFACTURING OVERHEAD APPLICATION | In WIP @1/1 | * | In WIP @1/1 | * | In WIP @1/1 | * |
January | * | January | * | January | * | |
TOTAL COSTS | * | * | * |
This company uses a job-order cost system and applies overhead based on machine hours used at a rate of 22$ per machine hour for 2018.
The factory received materials with the following costs that it requisitioned from its raw materials warehouse to continue to work on Job #17-32 and begin Job # 18-01 and 18-02.
JOB #17-32 $199,700
JOB #18-01 $241,250
JOB #18-02 $75,850
Time cards were processed and payroll recorded direct labor costs incurred for the month:
JOB #17-32 $78,240
JOB #18-01 $93,780
JOB #18-02 $18,100
- Overhead applied to the three jobs:
Job 17-32 Job 18-01 Job 18-02
Machine Hours 5,575 MHs 6,680 MHs 1,290 MHs
Direct Labor Hours 4,230 DLHs 5,070 DLHs 980 DLHs
Overhead Applied * (Calculate for all 3)
Job #17-32 was completed during January 2018 and 5,000 units were transferred to finished goods inventory.
b) Determine Historic cost per unit of the goods completed and transferred to finished goods inventory by the company during January?
c) Determine the selling price per unit of the goods produced in Job #17-32 during January?
d) Determine the Sales Revenue?
e) Determine the Cost of goods sold?
f) Determine the Gross Profit?
g) At January 31, 2018, the remaining jobs were not complete. Determine what the company would report as work in process inventory?
h) During January 2018, the company incurred actual overhead costs of $293,750. Determine the total amount of under(over) applied overhead recorded by the company for January 2018?
Please help! Will Upvote!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started