Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lumber: 50 units at $10 per unit Padding: 15 yards at $19 per yard Upholstery fabric: 24 yards at $25 per yard Jeff Inglis: 16

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribedimage text in transcribedimage text in transcribed

Lumber: 50 units at $10 per unit Padding: 15 yards at $19 per yard Upholstery fabric: 24 yards at $25 per yard Jeff Inglis: 16 hours at $18 per hour Kevin Ohlmstead: 14 hours at $15 per hour 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record. 2. Job 310 consists of four recliners. If each recliner sells for $850, what is the gross profit per recliner? Lounge Lizard Furniture started and finished Job 310 during December. The company's records show that the following direct materials were requisitioned for Job 310: (Click the icon to view the direct materials for Job 310.) Labor time records show the following employees (direct labor) worked on Job 310: (Click the icon to view the labor time records for Job 310.) Lounge Lizard allocates manufacturing overhead at a rate of $13 per direct labor hour. Read the fequirements ..... Requirement 1. Compute the total amount of direct materials, direct labor, and manufacturing overhead that should be shown on Job 310's job cost record. Job Cost Record for Job 310 Direct Materials: Total Lumber units at per unit yards at per yard Padding Upholstery fabric Total Direct Materials yards at per yard Direct Labor: Jeff Inglis hours at per hour Kevin Ohlmstead hours at per hour Total Direct Labor hours Manufacturing Overhead Allocated: $ 13 Per direct labor hour Total Job Cost Requirement 2. Job 310 consists of four recliners. If each recliner sells for $850, what is the gross profit per recliner? Identify the formula and then compute the gross profit. (Round your answers to the nearest whole number.) Gross profit (per unit)

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

Between The Lines Of The Balance Sheet The Plain Mans Guide To Published Accounts

Authors: Michael Greener

2nd Edition

0080240712, 9780080240718

More Books

Students also viewed these Accounting questions

Question

1. What is the difference between exempt and nonexempt jobs?pg 87

Answered: 1 week ago