Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs. 1. The company uses direct labor
Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs. 1. The company uses direct labor hours as the cost driver for manufacturing overhead application. The company estimated the following manufacturing overhead costs for the yea $787,500 The company estimated the following usage of direct-labor hours for the year: 225,000 2. Beginning Work-in-process, March 1(Job 57) $80,000 3. Beginning Finished Goods, March 1(Job 55) $150,000 2. Labor Information for March: Direct-labor hours: Job 57 Job 58 Job 59 Labor costs in factory: Direct-labor wages Indirect-labor wages Supervisory salaries 7.000 8.000 5,000 $420,000 $25,000 $30,000 $20,000 $220,000 3. Material Information for March: Raw Materials, Inventory, March 1 Purchase or raw material Direct materials requisitioned: Job 57 Job 58 Job 59 $80,000 $75,000 $51,000 4. Other costs incurred in March: Factory Utilities Sales offices Utilities Administrative offices Utilities Factory equipment repair and maintenance costs Depreciation on factory equipment Manufacturing supplies purchased and used $7,000 $4,000 $3,000 $6,000 $2,000 $5.000 5. During March the following jobs were completed: Job 57 Job 59 6. During March the following jobs were sold for the following amounts: Job 55 Job 59 $200,000 $250,000 Require: You need to use cell references to provide answers and calculations. There are 9 questions in Part 1 1. Develop the predetermined overhead rate. 2. Complete the job cost sheets provided below for the month of March: Job 57 Job 58 Job 59 Beginning Balance Current costs: Direct materials Direct Labor Applied overhead Total Hint - You need to calculate the hourly rate and
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