Predetermined Overhead Rate, Application of Overhead 5-6 to Jobs, Job Cost 3, 104 On August 1, Cimino Company had the following balances in its inventory accounts: Materials Inventory $16,350 Work-in-Process Inventory 21,232 Finished Goods Inventory 15,200 Work-in-process inventory is made up of three jobs with the following costs: Job 30 Job 31 Job 32 Direct materials $2,650 $1,900 $3,650 Direct labor 1,900 1,340 4,000 Applied overhead 1,520 1,072 3,200 During August, Cimino experienced the following transactions: a. Purchases materials on account for $21,000. b. Requisitioned materials: Job 30, 512,500; Job 31, $11,200; and Job 32, $5,500. C. Collected and summarized job tickets: Job 30, 250 hours at $12 per hour; Job 31, 275 hours at $15 per hour, and Job 32, 140 hours at $20 per hour. d. Applied overhead on the basis of direct labor cost. e. Actual overhead was 88,718. f. Completed and transferred Job 31 to the finished goods warehouse. g. Shipped Job 31 and billed the customer for 130 percent of the cost. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. 2. Calculate the ending balance for each job as of August 31. 3. Calculate the ending balance of Work in Process as of August 31. 4. Calculate the cost of goods sold for August. 5. Assuming that Cimino prices its jobs at cost plus 30 percent, calculate the price of the one job that was sold during August. (Round to the nearest dollar.) 605 Party sny A DO GR TY 10 Pins/them and wat waktu 1. Leshow waste movimental standards and lub reports the way 100.000 esper year. The lacht 160.000 i to on Mave no sava valuton cout 250.000 and will have no other people, Labas si se borey techcians, chal whom I am Tacity, den er tatt expected to for chemicals Lam 100.000 tests are performed. Last year, treba (15 palculate the annual activity rate for the right into feed and variable components 1.5 points compute the total activity valability and break the city and se activity Predetermined Overhead Rate, Application of Overhead 5-6 to Jobs, Job Cost 3, 104 On August 1, Cimino Company had the following balances in its inventory accounts: Materials Inventory $16,350 Work-in-Process Inventory 21,232 Finished Goods Inventory 15,200 Work-in-process inventory is made up of three jobs with the following costs: Job 30 Job 31 Job 32 Direct materials $2,650 $1,900 $3,650 Direct labor 1,900 1,340 4,000 Applied overhead 1,520 1,072 3,200 During August, Cimino experienced the following transactions: a. Purchases materials on account for $21,000. b. Requisitioned materials: Job 30, 512,500; Job 31, $11,200; and Job 32, $5,500. C. Collected and summarized job tickets: Job 30, 250 hours at $12 per hour; Job 31, 275 hours at $15 per hour, and Job 32, 140 hours at $20 per hour. d. Applied overhead on the basis of direct labor cost. e. Actual overhead was 88,718. f. Completed and transferred Job 31 to the finished goods warehouse. g. Shipped Job 31 and billed the customer for 130 percent of the cost. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. 2. Calculate the ending balance for each job as of August 31. 3. Calculate the ending balance of Work in Process as of August 31. 4. Calculate the cost of goods sold for August. 5. Assuming that Cimino prices its jobs at cost plus 30 percent, calculate the price of the one job that was sold during August. (Round to the nearest dollar.) 605 Party sny A DO GR TY 10 Pins/them and wat waktu 1. Leshow waste movimental standards and lub reports the way 100.000 esper year. The lacht 160.000 i to on Mave no sava valuton cout 250.000 and will have no other people, Labas si se borey techcians, chal whom I am Tacity, den er tatt expected to for chemicals Lam 100.000 tests are performed. Last year, treba (15 palculate the annual activity rate for the right into feed and variable components 1.5 points compute the total activity valability and break the city and se activity
