Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I really need help on questions 1,2,and 4!! The computer workstation furniture manufacturing that Santana Rey started is progressing well. As of the end of
I really need help on questions 1,2,and 4!!
The computer workstation furniture manufacturing that Santana Rey started is progressing well. As of the end of June, Business Solutions's job cost sheets show the following total costs accumulated on three furniture jobs. Job 602 Job 603 Job 604 Direct materials $1,500 $ 3,300 $ 2,700 Direct labor 800 1,420 2,100 overhead applied 400 710 1,050 Job 602 was started in May, and the following costs were assigned to it in May: direct materials, $600; direct lobor, $180; and overhead, $90. Jobs 603 and 604 were started in June Overhead cost is applied with a predetermined rate as a percent of direct labor costs, Jobs 602 and 603 are finished in June and Job 604 is expected to be finished in July. The company's predetermined overhead rate did not change over these months. Required: 1. What is the cost of direct materials used in June for each of the three jobs and in total? 2. What is the cost of direct labor used in June for each of the three jobs and in total? 3. What predetermined overhead rate is used in June? 4. How much cost is transferred to finished goods inventory in June? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required What is the cost of direct materials used in June for each of the three jobs and in total? Job 603 Job 604 Job 602 $ 000 5 May costs June costs Total Total 000 6,000 3,300 2,700 Required 1 Required 2 Required 3 Required 4 What is the cost of direct labor used in June for each of the three jobs and in total? Job 603 Job 604 Total Job 602 $ 180 $ 180 May costs June costs Total Required 1 Required 2 Required 3 Required 4 How much cost is transferred to finished goods inventory in June? Job Direct Materials Direct Labor Overhead Applied Total Cost Cost transferred Costs of to finished goods Ending WIP 602 603 604 Total 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