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Problem 1 The following selected data were taken from the books of the Fisher Foil Company. The company uses job costing to account for manufacturing
Problem 1 The following selected data were taken from the books of the Fisher Foil Company. The company uses job costing to account for manufacturing costs. The data relate to June operations. Job 405 Job 406 Job 407 Indirect labor $11,000 $14.000 $8.000 $3,700 300 hrs 360 hrs 190 hrs (1) Materials and supplies were requisitioned from the stores clerk as follows: Job 405, material X, $7,000. Job 406, material X, $3,000; material Y, $6,000. Job 407, material X, $7,000; material Y, $3,200. For general factory use: materials A, B, and C, $2,300. (2) Time tickets for the month were charged as shown in the table (3) Other information: There was no beginning work-in-process inventory. Factory paychecks for $36,700 were issued during the month. Various factory overhead charges of $19.400 were incurred on account. Depreciation of factory equipment for the month was $5.400 Factory overhead was applied to jobs at the rate of $35.00 per direct labor hour. Job orders completed during the month: Job 405 and Job 406. Selling and administrative costs were $2,100. Factory overhead is closed out to Cost of Goods Sold only at the end of the year. Required: This question refers to Problem 1. What are the total costs assigned to Job 405? This question refers to Problem 1. What are the total costs assigned to Job 406? This question refers to Problem 1. What are the total costs assigned to Job 407? . This question refers to Problem 1. What are the total debits assigned to the manufacturing overhead account? . This question refers to Problem 1. What are the total credits assigned to the manufacturing overhead account? This question refers to Problem 1. Assume the total costs debited to the manufacturing overhead account are 31,000, what would be the balance in the account before adjustment? You can also assume the beginning balance is zero. A credit balance is denoted by a negative number
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