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Geo Tire manufactures tires for all-terrain vehicles. Geo uses job costing and has a perpetual inventory system. On November 22, Geo received an order for
Geo Tire manufactures tires for all-terrain vehicles. Geo uses job costing and has a perpetual inventory system. On November 22, Geo received an order for 170 TX tires from ATV Corporation at a price of $90 each. The job, assigned number 298, was promised for December 10. After purchasing the materials, Geo began production on November 30 and incurred the following direct labor and direct materials costs in completing the order: (Click the icon to view the costs.) Geo allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs (5456,000) and expected direct labor hours (19,000). Job 298 was completed on December and shipped to ATV on December 5. Read the requirements 170 TX tires Job Description Date Promised 12-10 Date Started 11-30 Date Completed 12-3 Manufacturing Overhead Allocated Direct Materials Direct Labor Labor Time Record Requisition Number Date Amount Number Amount Date Rate Amount 20xx per direct labor hr. - X Data Table Overall Cost Summary Direct Materials Date Labor Time Record No. Amount Direct Labor Manufacturing Overhead Allocated Total Job Cost 11/30 1896 Description 12 hours at $14 30 hours at $18 $ 168 12/3 1904 $ 540 Totals Requirement 2. Calculate the total profit and the per-unit profit for Job 298. (Round your answer to two decimal places.) Job 298 Materials Requisition No. Date Sales Amount 11/30 437 $ 720 Less: Cost of job Total profit on job Description 60 lbs. rubber at $12 40 meters polyester fabric at $16 100 meters steel cord at $10 12/2 439 $ 640 12/3 501 $ 1,000 Number of tires Per-unit profit Print Done
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