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Please help with B, D, and E. The other required steps have the correct answers already. O'Leary Corporation manufactures speclal purpose portable structures (huts, mobile
Please help with B, D, and E. The other required steps have the correct answers already.
O'Leary Corporation manufactures speclal purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only bullds to order (each unit is bull to customer specifications). O'Leary uses a normal job costing system. Direct labor at O'Leary Is pald $31 per hour, but the employees are not pald if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the basis of direct labor-hours. The company incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows. At the beginning of year 3, O'eary has two Jobs, which have not yet been dellvered to customers. Job MC-270 was completed on December 27, year 2 It is scheduled to ship on January 7, year 3. Job MC-275 is still in progress. For the purpose of computing the predetermined overhead rate, O'Leary uses the previous year's actual overhead rate. Data on direct materlal costs and direct laborhours for these jobs in year 2 follow. During year 3, O'eary Incurred the foliowing direct materlal costs and direct labor-hours for all jobs worked in year 3 , Including the completion of Job MC-275. At the end of year 3 , there were four jobs that had not yet shipped. Data on these jobs follow. Required: a. What was the amount In the beginning Finished Goods and beginning Work-In-Process accounts for year 3 ? b. O'eary incurred direct materlals costs of $59,800 and used an additional 580 hours in year 3 to complete job MC-275. What was the final (total) cost charged to job MC-275? c. What was over- or underapplied overhead for year 3 ? d. O'Leary prorates any over-or underapplied overhead to Cost of Goods Sold. Finished Goods Inventory, and Work-In-Process Inventory. Prepare the journal entry to prorate the over-or underapplied overhead. e. A customer has asked O'Leary to bid on a job to be completed in year 4 . O'Leary estimates that the job will require about $93,900 In direct materlals and 5,140 direct labor-hours. Because of the economy, O'Leary expects demand for its services to be low in year 4 , and the CEO wants to bid aggressively, but does not want to lose any money on the project. O'Leary estimates that there would be virtually no sales or administrative costs assoclated with this job. What is the minimum amount O Leary can bid on the job and still not Incur a loss? Complete this question by entering your answers in the tabs below. What was the amount in the beginning Finished Goods and beginning Work-in-Process accounts for year 3 ? Requlred: a. What was the amount in the beginning Finished Goods and beginning Work-In-Process accounts for year 3 ? b. O'Leary incurred direct materlais costs of $59,800 and used an addltional 580 hours in year 3 to complete job MC-275. What was the final (total) cost charged to job MC-275? c. What was over- or underapplied overhead for year 3 ? d. O'Leary prorates any over-or underapplied overhead to Cost of Goods Sold, FInished Goods Inventory, and Work-In-Process Inventory. Prepare the journal entry to prorate the over-or underapplied overhead. e. A customer has asked O'Leary to bid on a job to be completed in year 4 . O'Leary estimates that the job will require about $93,900 In direct materlals and 5,140 direct labor-hours. Because of the economy, O Leary expects demand for its services to be low in year 4 , and the CEO wants to bid aggressively, but does not want to lose any money on the project. O'Leary estimates that there would be virtually no sales or administrative costs associated with this job. What is the minimum amount O'Leary can bid on the job and still not Incur a loss? Complete this question by entering your answers in the tabs below. O'Leary incurred direct materials costs of $59,800 and used an additional 580 hours in year 3 to complete job MC-275. What Was the final (total) cost charged to job MC-275? Requlred: a. What was the amount in the beginning Finished Goods and beginning Work-In-Process accounts for year 3 ? b. O'Leary incurred direct materlals costs of $59,800 and used an additional 580 hours in year 3 to complete job MC-275. What was the final (total) cost charged to job MC-275? c. What was over- or underapplled overhead for year 3 ? d. O'Leary prorates any over-or underapplied overhead to Cost of Goods Sold, Finished Goods Inventory, and Work-In-Process Inventory. Prepare the journal entry to prorate the over-or underapplied overhead. e. A customer has asked OLeary to bid on a job to be completed in year 4 . O'eary estimates that the job will require about $93,900 In direct materials and 5,140 direct labor-hours. Because of the economy, O'Leary expects demand for its services to be low in year 4 , and the CEO wants to bid aggressively, but does not want to lose any money on the project. O'Leary estimates that there would be virtually no sales or administrative costs assoclated with this job. What is the minimum amount OLeary can bid on the job and still not Incur a loss? Complete this question by entering your answers in the tabs below. What was over- or underapplied overhead for year 3 ? Requlred: a. What was the amount in the beginning Finished Goods and beginning Work-in-Process accounts for year 3 ? b. O'Leary incurred direct materials costs of $59,800 and used an addlitional 580 hours in year 3 to complete job MC-275. What was the final (total) cost charged to job MC-275? c. What was over- or underapplled overhead for year 3 ? d. O'Leary prorates any over- or underapplied overhead to Cost of Goods Sold. Finished Goods Inventory, and Work-1n-Process Inventory. Prepare the journal entry to prorate the over-or underapplied overhead. e. A customer has asked O'Leary to bid on a job to be completed in year 4 . O'Leary estimates that the job will require about $93,900 In direct materlals and 5,140 direct labor-hours. Because of the economy, O Leary expects demand for its services to be low in year 4 , and the CEO wants to bid aggressively, but does not want to lose any money on the project. O'Leary estimates that there would be virtually no sales or administrative costs assoclated with this job. What is the minimum amount. O'eary can bid on the job and still not incur a loss? Complete this question by entering your answers in the tabs below. O'Leary prorates any over- or underapplied overhead to Cost of Goods Sold, Finished Goods Inventory, and Work-in-Process Inventory. Prepare the journal entry to prorate the Over-or Underapplied Overhead. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) Requlred: a. What was the amount in the beginning Finished Goods and beginning Work-In-Process accounts for year 3 ? b. O'Leary Incurred direct materlals costs of $59,800 and used an additional 580 hours in year 3 to complete job MC-275. What was the final (total) cost charged to job MC-275? c. What was over- or underapplled overhead for year 3 ? d. O'Leary prorates any over- or underapplied overhead to Cost of Goods Sold. Finished Goods Inventory, and Work-In-Process Inventory. Prepare the joumal entry to prorate the over-or underappled overhead. e. A customer has asked O'eary to bid on a job to be completed in year 4 . O'Leary estimates that the job will require about $93,900 In direct materlals and 5,140 direct labor-hours. Because of the economy, O Leary expects demand for its services to be low in year 4 , and the CEO wants to bid aggressively, but does not want to lose any money on the project. O'Leary estimates that there would be virtually no sales or administrative costs assoclated with this job. What is the minimum amount O'Leary can bid on the job and still not Incur a loss? Complete this question by entering your answers in the tabs below. A customer has asked O 'Leary to bid on a job to be completed in year 4 . O'Leary estimates that the job will require about $93,900 in direct materials and 5,140 direct labor-hours. Because of the economy, O'Leary expects demand for its services to be low in year 4 , and the CEO wants to bid aggressively, but does not want to lose any money on the project. O'Leary estimates that there would be virtually no sales or administrative costs associated with this job. What is the minimum amount O'Leary can bid on the job and still not incur a lossStep by Step Solution
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