Question
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of June, Rhone Company had two jobs
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS
At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information:
Job 44 | Job 45 | |
Direct materials | $4,850 | $1,550 |
Direct labor | 1,700 | 3,300 |
Applied overhead | 1,105 | 2,145 |
Balance, June 1 | $7,655 | $6,995 |
During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June:
Job 44 | Job 45 | Job 46 | Job 47 | |
Direct materials | $2,550 | $7,080 | $1,600 | $1,700 |
Direct labor | 700 | 6,340 | 800 | 660 |
At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero.
Required:
1. Calculate the overhead rate based on direct labor cost. The overhead rate based on direct labor cost is fill in the blank 37afab07ffe2051_1 %.
2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. All amount cells must have an entry; enter zeros as needed.
Rhone Company | ||||
Job-Order Cost Sheets | ||||
For the Month of June | ||||
Job 44 | Job 45 | Job 46 | Job 47 | |
Beginning balance, June 1 | $fill in the blank db9c39f90fc6003_1 | $fill in the blank db9c39f90fc6003_2 | $fill in the blank db9c39f90fc6003_3 | $fill in the blank db9c39f90fc6003_4 |
Direct materials | fill in the blank db9c39f90fc6003_5 | fill in the blank db9c39f90fc6003_6 | fill in the blank db9c39f90fc6003_7 | fill in the blank db9c39f90fc6003_8 |
Direct labor | fill in the blank db9c39f90fc6003_9 | fill in the blank db9c39f90fc6003_10 | fill in the blank db9c39f90fc6003_11 | fill in the blank db9c39f90fc6003_12 |
Applied overhead | fill in the blank db9c39f90fc6003_13 | fill in the blank db9c39f90fc6003_14 | fill in the blank db9c39f90fc6003_15 | fill in the blank db9c39f90fc6003_16 |
Total, June 30 | $fill in the blank db9c39f90fc6003_17 | $fill in the blank db9c39f90fc6003_18 | $fill in the blank db9c39f90fc6003_19 | $fill in the blank db9c39f90fc6003_20 |
3. Calculate the ending balances of Work in Process and Finished Goods as of June 30.
Work in Process: | $fill in the blank 04203f08c040039_1 |
Finished Goods: | $fill in the blank 04203f08c040039_2 |
4. Calculate the Cost of Goods Sold for June.
Cost of Goods Sold: | $fill in the blank 04203f08c040039_3 |
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