managerial accounting
The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. Date 7/1 7/1 775 7/5 7/10 Document Amount 0-4698 $1,250 W-3393 600 0-4725 1,800 W-3479 450 W-3559 300 Determine the total cost on the job cost sheet for Job 9-1005. As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Direct materials Direct labor Overhead applied Job 102 Job 103 $15,000 $33,000 8,000 14,200 4,000 7,100 Job 104 $27.000 21,000 10,500 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $6,000; direct labor, $1,800; and overhead, $900. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July, No raw materials were used Indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 182. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs. 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Choose Denominator: Overhead Rate Choose Numerator Job 102 1 Overhead rate As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom Jobs. Direct materials Direct labor Overhead applied Job 102 Job 103 Job 104 $15,000 $33,000 $27,000 8,000 14,200 21,000 4,000 7.100 10,500 Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials. $6.000; direct labor, $1,800; and overhead, $900. Jobs 103 and 104 were started in June, Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 182. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs. 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Reg 4 Using the accumulated costs of the jobs, what predetermined overhead rate is used? Overhead Rate Choose Denominator: Overhead Rate Choon Numarator Job 102 Overhead rate Check Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold." 5. Gross profit 6. Overapplied or underapplied overhead. "Do not consider any underapplied or overapplied overhead. Work in Process (WIP) April 30 Fuw Materials (RM) 48,000 173.000 RM purchases 221,000 0 Finished Goods (FG) Inventory Factory Overhead Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories April 30 May 31 Raw materials $43,000 $ Work in process 52,000 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 Other overhead costs 120,000 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 704 mpute the following amounts for the month of May using T-accounts, Cost of direct materials used. Cost of direct labor used. Cost of goods manufactured, Cost of goods sold." Gross profit. Overapplied or underapplied overhead. Po not consider any underapplied or overapplied overhead
