PLEASE HELP ME WITH THE HIGHTLIGHTED PROBLEMS. PLEASE

There are three problems this week. Click the tabs at the bottom of the spreadsheet to go to problems 2 and 3. Echo Sports Company produces home basketball goal systems consisting of a stand, backboard, rim, and net. The company has sufficient orders and capacity to produce 800 goal systems per month. Manufacturing costs and other costs are shown below: Administrative salary Depreciation on office equipment Depreciation on production equipment Electric and other factory utilities Factory supervisor salary Fiberglass backboards purchased from another manufacturer Insurance on factory building and contents Maintenance costs on factory equipment Nets and rims purchased from another manufacturer Rent on factory building Sales commissions Steel pipe for stand fabrication Supplies for administrative office Wages for production workers 2,400.00 400.00 1,800.00 1,400.00 2,000.00 30,400.00 600.00 1,200.00 6,400.00 2,000.00 1,600.00 14,920.00 600.00 14,720.00 80,440.00 Enter each manufacturing cost in the appropriate column. Leave blank if it does not fit in any column. Administrative salary Depreciation on office equipment Depreciation on production equipment Electric and other factory utilities Factory supervisor salary Fiberglass backboards purchased from another manufacturer Insurance on factory building and contents Maintenance costs on factory equipment Nets and rims purchased from another manufacturer Rent on factory building Sales commissions Steel pipe for stand fabrication Supplies for administrative office Wages for production workers Totals Direct Materials Direct Labor Manufacturing Overhead 1,800.00 1,400.00 2,000.00 30,400.00 600.00 1,200.00 6,400.00 2,000.00 14,920.00 51,720.00 Compute the cost to produce 1 basketball goal system (cost per unit): What will the cost per unit be if we increase production by 100 units with a proportional cost increase for direct materials and direct labor, but no increase in overhead cost? 14,720.00 14,720.00 9,000.00 Job Costing Elite Custom Cabinetry Company produces custom cabinet order to exact measure based off CAD drawings provided by kitchen remodeling firms: As of June 1, there was one order in production (job 5-3) and two new jobs were started in June (jobs 6-1 and 6-2). Job 5-3 had incurred costs as follows prior to the month of June: direct material $4,600; direct labor $6,550, overhead $3,400 There were no finished goods as orders ship out upon completion. Raw material inventory was $18,600 as of June 1. The following events occurred during June: 1. Purchased additional raw materials of $20,000. 2. Incurred direct labor hours of 640 hours at a rate of $24.00 during the month of June. 3. Incurred total manufacturing overhead costs of $18,400 during the month of June. 4. Assigned Direct materials and direct labor hours to jobs as follows: Actual Materials Hours Job 5-3 2,300 112 Job 6-1 8,700 320 Job 6-2 5,420 208 Totals 16,420 640 5. The company uses direct labor hours to assign overhead to individual jobs, and the predetermined overhead rate is $28.00 per hour, based on the budget of 600 labor hours per month. 6. Jobs 5-3 and 6-1 are completed and shipped in the month of June. Job 6-2 is in progress at month end. A. B. C. D. Calculate the completed cost of jobs 5-3 and 6-1. Calculate the cost of work in process (job 6-2). Calculate over or under applied overhead for hours worked and rate per hour. Calculate the actual overhead rate per hour. A. Calculate the completed cost of jobs 5-3 and 6-1. Job 5-3 Job 6-1 Opening Work In Progress Direct Material $4,600 Direct Labor $6,550 Overhead $3,400 Cost incurred in June Direct Material Direct Labor Overhead B. $25,580 Calculate the cost of work in process (job 6-2). Job 6-2 Cost incurred in June Direct Material $5,420 Direct Labor $4,992 Overhead $5,980 Work in progress C. $8,700 $7,680 $9,200 $22,758 Total Cost $2,300 $2,688 $3,220 $16,392 Calculate over or under applied overhead for hours worked and rate per hour. 640 X $28 = $17920 of Overhead for the period. The actually incurred $18400 of overhead costs for the period, so they were: Under-applied manufacturing ov= $17920 - $18400 = $480 D. Calculate the actual overhead rate per hour. Actaul Mfg. overhead cost Actaul hours wroked $18,400 = 640 = $28.75 per direct labour hour Actual Overhead rate = Process Job Costing and Equivalent Units of Production Bay Manufacturing produces paint. The company has two processes: mixing and packaging. The ingredients for the paint are mixed in large batches and then transferred to the packaging department, where one-gallon cans are filled, capped, labeled, and boxed. There was no work in process on February 1. The materials are all brought to the packaging department up front and charged to the job. Nothing is transferred to finished goods until the entire job is complete. The materials costs include the packaging, material, and the cost transferred from the mixing department. On February 2, 15,000 gallons (job 2-1) were transferred into the packaging department from the mixing department and completed on February 19. The costs incurred to complete job 2-1 in the packaging department are as follows: Materials 56,250 Labor 11,250 Overhead (applied based on direct labor hours) 7,500 On February 20, another 20,000 gallons (job 2-2) were transferred into the packaging department. Job 2-2 was 50% complete as to labor at the end of the month. The costs incurred (unit cost unchanged from job 2-1) to complete job 2-2 in the packaging department are as follows: Materials 75,000 Labor 15,000 Overhead (applied based on direct labor hours) 10,000 INSTRUCTIONS: 1. Compute the physical units of production. 2. Compute the cost per unit to complete packaging for labor, materials, overhead, and total. 3. Compute equivalent units and cost of work in process as of the end of February. 4. Record journal entries for: a. the movement of materials from materials inventory to each job b. the allocation of payroll to each job c. the application of overhead to each job d. the movement of work in process to finished goods 1 Compute the physical units of production. Job 2-1 15000 Job 2-2 (20000 x 10000 Total 25000 2 Compute the cost per unit to complete packaging for labor, materials, overhead, and total. (Job 2-1) (Job 2-2) Total Materials 56,250 37,500 93,750 Labor 11,250 7,500 18,750 Overhead (appl 7,500 5,000 12,500 Total 75,000 50,000 125,000 3 Compute equivalent units and cost of work in process as of the end of February. (Job 2-2) Materials 37,500 Labor 7,500 Overhead (appl 5,000 Total 50,000 4 a Work in Progress 56250 Work in Progress 75000 Ram Material Inventory (To record materials used) 131250 b Work in Progress 11250 Work in Progress 15000 Factory Labour 26250 (To assign factory labour to production) c Work in Progress 7500 Work in Progress 10000 Manufacturing Overhe (To assign overhead to production) 17500 d Finish Goods Inve 75000 Work in Progress (2-1) 75000 (To record transfer of units to finished goods