Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company bad the following balances in its inventory accounts: Work-in. process

image text in transcribed
image text in transcribed
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company bad the following balances in its inventory accounts: Work-in. process inventory is made up of three jobs with the following costs: During April, Sangvikar experienced the transoctions listed below. a. Materials purchased on account, $29,290. b. Materials requisitioned: Job 114,$16,370;306115,$11,760; and Job 116,$4,730. c. Job tickets were collected and summarized: Job 114, 130 hours at $11 per hour; Job 115,210 hours at $15 per hour; and Job 116,100 hours at $19 per hour. d. Overhead is applied on the basis of direct tabor cost e. Actual overhead was $4,265. f. Job 115 was completed and transferred to the finished goods warehouse. 9. Job 115 was shipped, and the customer was billed for 125 percent of the cost. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. % of direct labor cost 2. Calculate the ending balance for each job os of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in 2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar, Use vour rounded answers in subsequent computations, if necessary. 3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar. 4. Calculate the cost of goods sold for Apnil. When required, round your answer to the nearest dollar. 5. Assuming that Sangvikar pnices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April. When required, round your answer to the nearest dollar. r Cleck My War 1. Predetermined OH rate = budgeted OH costs + budgeted amount of driver 2. Total job cost = beginning balance +DM+DL+OH 3. The balance in Work in Process can be computed by summing the costs of all incomplete jobs

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

ISE Fundamental Managerial Accounting Concepts

Authors: Thomas Edmonds, Christopher Edmonds, Mark Edmonds, Philip Olds

9th Edition

1260565483, 9781260565485

More Books

Students also viewed these Accounting questions

Question

5 2 9 tuition program qualifies as what

Answered: 1 week ago

Question

What do you think is likely to be Liams problem? Discuss.

Answered: 1 week ago

Question

What laws were passed because of domestic violence?

Answered: 1 week ago