Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Part 1: Information to use in completing is below and the requirements follow where you will answer the questions. Glass Company makes glass orders based

Part 1: Information to use in completing is below and the requirements follow where you will answer the questions.

Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs.

The company uses direct labor hours as the cost driver for manufacturing overhead application.

The company estimated the following manufacturing overhead costs for the year: $600,000

The company estimated the following usage of direct-labor hours for the year: 200,000

Beginning Work-in-process, March 1 (Job 57) $108,000

Beginning Finished Goods, March 1 (Job 55) $125,000

Labor Information for March:

Direct-labor hours:

Job 57 7,000

Job 58 6,000

Job 59 4,000

Labor costs:

Direct-labor wages $408,000

Indirect-labor wages $30,000

Supervisory salaries $12,000

Material Information for March:

Raw Materials, Inventory, March 1 $21,000

Purchase or raw material $210,000

Direct materials requisitioned:

Job 57 $90,000

Job 58 $75,000

Job 59 $51,000

Other costs incurred in March:

Factory Utilities $12,000

Sales offices Utilities $3,200

Administrative offices Utilities $2,000

Factory equipment repair and maintenance costs $11,200

Depreciation on factory equipment $5,000

Manufacturing supplies purchased and used $24,000

During March the following jobs were completed and sold for the following sales price:

Job 57 $400,000

Job 58 $250,000

Required: You need to use cell references to provide answers and calculations.

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

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

Public Finance And Public Policy

Authors: Jonathan Gruber

7th Edition

1319281109, 9781319281106

More Books

Students also viewed these Finance questions

Question

Understand the use of visualizations as a tool in tax analytics.

Answered: 1 week ago