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PLEASE HELP Kaitlyn, Inc. is a manufacturer who uses a job order costing system. The data below summarizes the operations related to production and sales
PLEASE HELP
Kaitlyn, Inc. is a manufacturer who uses a job order costing system. The data below summarizes the operations related to production and sales for January, the first month of operations. Kaitlyn, Inc. allocates factory overhead on a monthly basis based upon total monthly factory overhead costs and direct labor hours. Total direct labor hours for January are 75,000 hours. - Purchased the following raw materials: - 6,000 units for Job 1@$10/ unit - 5,500 units for Job 2@$15/ unit - 12,300 units for Job 3@$5/ unit - Requisitioned materials for production: - 5,000 units for Job 1@$10/ unit - 4,000 units for Job 2@$15/ unit - 10,000 unit for Job 3@$5/ unit - Direct labor costs: - 2,000 hours of direct labor on Job 1 at $15 per hour - 10,000 hours of direct labor on Job 2 at $14 per hour - 8,000 hours of direct labor on Job 3 at $20 per hour - Total factory overhead costs for the month: - $70,000 of indirect materials - $115,000 of indirect labor - $97,000 of utilities costs - $18,000 of factory depreciation - Production data: - Job 1 produced 5,000 units out of an estimated possible 8,000 units, - Job 2 produced 20,000 units out of an estimated possible 24,000 units - Job 3 produced 11,000 units out of an estimated possible 12,100 units, - Sales data: - Job 14,000 units sold on credit for $25 per unit - Job 218,000 units sold on credit for $30 per unit - Job 310,000 units sold on credit for $50 per unit To Do: Complete the T-Accounts on the following page, as well as the Cost Flow Worksheets. Helpful Hint: While not required for this assignment, it might be helpful to create the related journal entries. Question 13 (4 points) Saved What is the Job 1's cost per unit? $11 $15 $10 $18 $20 Question 14 (4 points) What is the Job 2's cost per unit? $20 $15 $11 $10 $18 Question 15 (4 points) Saved What is the Job 3's cost per unit? $10 $18 $15 $11 $20 Question 16 (4 points) What is the ending value of Raw Materials (also referred to as Raw Materials Inventory) relating to Jobs 1,2 and 3 ? $45,000$53,000$44,000$59,000$51,000 What is the ending value of WIP (also referred to as Work in Process Inventory) relating to Jobs 1,2 and 3 ? $51,000$95,000$53,000$45,000$44,000 Question 18 (4 points) What is the ending value of Finished Goods (also referred to as Finished Goods Inventory) relating to Jobs 1,2 and 3 ? $44,000$53,000$45,000$59,000$51,000 Question 19 (3 points) What is the January Sales Revenue related to Job 1? $380,000$450,000$500,000$100,000$540,000 Question 20 (3 points) What is the January Sales Revenue related to Job 2? $100,000$540,000$380,000$450,000$500,000Step by Step Solution
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