Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi i need help with this question please: Herron Company designs and builds retaining walls for individual customers. On August 1, there were two jobs

Hi i need help with this question please:

Herron Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 730 with a beginning balance of $12,600, and Job 731 with a beginning balance of $9,400. Herron applies overhead at the rate of $15 per direct labour hour. Direct labour wages average $20 per hour. Data on August costs for all jobs are as follows:

Job 730Job 731Job 732Job 733
Direct materials$1,800$12,000$3,150$4,500
Direct labour cost3,6008,0004,0001,600

During August, Jobs 732 and 733 were started. Job 730 was completed on August 17, and the client was billed at cost plus 60 percent. All other jobs remained in process.

image text in transcribed
Question 4 (18 points) Complete Exercise 5-15. and answer the following questions. Remember to enter numeric amounts without a $ or , {a comma}. If the answer is $20,000.00. then enter the number as 20000. Remember to round to 2 decimal places. For numbers such as 1.456, round up to 1.46 and for numbers such as 1.452. round down to 1.45 Required: 1. Calculate the number of direct labour hours that were worked on each job in August. You will need this information to complete this question. HINT: consider the information you have been given for each job and the wage rate. 2. Calculate the overhead applied to each job during the month of August HINT: you need to use the application rate provided and the ACTUAL direct labour hours you calculated in (1). 3. Provide the following total costs for each of the jobs: The total cost of Job 730 is $ K\" The total cost of Job 731 is $ s? The total cost of Job 732 is $ s? The total cost of Job 733 is $ Q/ 4. The work in process account at August 31 consists of the following unfinished jobs: {730, 731. 732, 733). The total cost of the unfinished jobs sti|| included in work in process is $ 'b/

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 2

Authors: Thomas H. Beechy

5th Edition

0071091319, 978-0071091312

More Books

Students also viewed these Accounting questions

Question

2. To store it and

Answered: 1 week ago