Problem 7-64 (Algo) Incomplete Data: Job Costing (LO 7-2, 3, 4) Chelsea Household Renovations (CHR) is a rapidly growing company that has not been profitable despite increases in sales. It has hired you as a consultant to find ways to improve profitability. You believe that the problem results from poor cost control and Inaccurate cost estimation on Jobs The company has essentially no accounting system from which to collect data You are able. however, to piece together the following Information for June Production 1. Completed Job 61 2 Started and completed Job 62 3. Started Job 63. Inventory values 1. Work-in-process inventory (excluding applied overhead: May 31: Job 61 Direct materials Labor (1,110 hours $45) $ 9.500 49,950 June 30:30 Direct materials Labor (1,190 hours 545) $7.900 53.55e Each job in work-in-process inventory was exactly 50 percent completed as to labor-hours:however al direct materials necessary to do the entire job were charged to each job as soon as it was started There were no direct materials inventories of finished goods inventories at the May 31 or June 30 Actual overhead was $95.000 Cost of goods sold (before adjustment for over or underapplied overhead 361 Material $9.500 ework Saved Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations. - All direct materials were purchased for cash and charged directly to Work in Process Inventory when purchased. Direct materials purchased in June amounted to $21.400. Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all toborers for June Required: Calculate the following: o. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over-or underopplied overhead for each job sold b. The value of each cost element (material, labor, and overhead) for each job in Work-in-process inventory at June 30 c. Over- or underapplied overhead for June Complete this question by entering your answers in the tabs below. Required A Required B Required The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for aver. or underapplied overhead for each job sold. $ 0.500 Materials for Job No. 02 Labor for Job No. 02 Overhead for Job No. 02 Required B > work Regulred: Calculate the following: .. The cost elements material, abocand overhead of cost of goods sold before sustment for over of underpoed overhead for each job sold b. The valde at each cost element material, toboc and overhead for each job in Work-in-process inventory atine 30 c. Over or underappled overhead for June Complete this question by entering your answers in the tabs below. Required Required Recured The value of each costament (material ber and overhead) for each you in Wole in proces inventory 30 Cachor Accounts Payable Process Job Ne Beg bar End Prev Ned> MGMT 3105 ASSISpot GoToMeeting Open opee omework End bal Yonkin Frocess Work in Process Jo. Degal Endal Endal CouterCoods Sold Job No 1 Costel Goodid Jo End Endal Overhead Esbe Underlied Overhead A 0 MGMT 3106 Asi pot GoToMeeting Opere eeting Ope exe > > 7 omework Save 13 So 62 Materiais Labor Overhead Total 2.14 points Bop Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations All direct materials were purchased for cash and charged directly to Work in Process Inventory when purchased Direct materials purchased in June amounted to $21.400. Direct labor costs charged to jobs in June were $143,000. Al labor costs were the same per hour for all taborers for June. References Required: Calculate the following: a. The cost elements material, tabor, and overhead of cost of goods sold before adjustment for over- or underapplied overhead for each job sold b. The value of each cost element material, tabor, and overhead) for each job in Work in process inventory at June 30. c Over-or underapplied overhead for June Complete this question by entering your answers in the tabs below. Required Required Required Over or underapplied overhead for June ME GEW A listinchUdhttp%253A%252F%252Fms.mheducation Ork Sed There were no direct materials inventories or finished goods inventories at either May 31 or June 30. Actual overhead was $95,000 Cost of goods sold (before adjustment for over- or underapplied overhead): . $ 9,500 Job 61 Material Labor Overhead Total $159,350 Job 62 Materials Labor Overhead Total Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations, All direct materials were purchased for cash and charged directly to Work-in-Process inventory when purchased Direct materials purchased in June amounted to $21.400. Direct labor costs charged to jobs in June were 5143,000. All labor costs were the same per hour for all laborers for June Required: Calculate the following: a. The cost elements (material, labor and overhead) of cost of goods sold before adjustment for over or underapplied overhead for each job sold b. The value of each cost element material, labor and overhead) for each job in Work in process inventory at June 30, c. Over or underapplied overhead for June Navt > Question 13 - Ch. 07 Homework X to.meducation.com/ext/map/index.html?_con=con&extemal_browser-BlaunchUrl=https%253A%2 ms.mheducatio work Gavec Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations. . All direct materials were purchased for cash and charged directly to Work-In-Process Inventory when purchased Direct materials purchased in June amounted to $21,400, Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all laborers for June Required: Calculate the following: a. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold b. The value of each cost element (material, labor, and overhead) for each job in Work in process inventory at June 30. c. Over- or underapplied overhead for June Complete this question by entering your answers in the tabs below. Required A Required a Required The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold. 5 0,500 Materials for Job No. 2 Labor for Job No. 02 Overhead for Job No. 02 Required > Chec B. Hequired Required Reed The value of each coutelument (materials and overhead for each in Work-ice story at LAPA Wanna De Ww Were 2 * 6 . La Help Wars Process Hoboto Woda Pess JO NO Beg bal Eeg, bal Endel Endbal Cast of Goods Sold Job No.fi Cost of Goods 500 Job Ne Beg, bal Begal End.ba Eridal Overhead Wages Payable Segal Endbal Underpalio Overhead (RA Red> Total Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations . All direct materials were purchased for cash and charged directly to Work in Process inventory when purchased. Direct materials purchased in June amounted to $21,400 Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all laborers for June. Required: Calculate the following: a. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold b. The value of each cost element (material, labor, and overhead for each job in Work-in-process inventory at June 30. c. Over-or underapplied overhead for June. Complete this question by entering your answers in the tabs below. Required A Required B Required Over or underapplied overhead for Jones Required B Problem 7-64 (Algo) Incomplete Data: Job Costing (LO 7-2, 3, 4) Chelsea Household Renovations (CHR) is a rapidly growing company that has not been profitable despite increases in sales. It has hired you as a consultant to find ways to improve profitability. You believe that the problem results from poor cost control and Inaccurate cost estimation on Jobs The company has essentially no accounting system from which to collect data You are able. however, to piece together the following Information for June Production 1. Completed Job 61 2 Started and completed Job 62 3. Started Job 63. Inventory values 1. Work-in-process inventory (excluding applied overhead: May 31: Job 61 Direct materials Labor (1,110 hours $45) $ 9.500 49,950 June 30:30 Direct materials Labor (1,190 hours 545) $7.900 53.55e Each job in work-in-process inventory was exactly 50 percent completed as to labor-hours:however al direct materials necessary to do the entire job were charged to each job as soon as it was started There were no direct materials inventories of finished goods inventories at the May 31 or June 30 Actual overhead was $95.000 Cost of goods sold (before adjustment for over or underapplied overhead 361 Material $9.500 ework Saved Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations. - All direct materials were purchased for cash and charged directly to Work in Process Inventory when purchased. Direct materials purchased in June amounted to $21.400. Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all toborers for June Required: Calculate the following: o. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over-or underopplied overhead for each job sold b. The value of each cost element (material, labor, and overhead) for each job in Work-in-process inventory at June 30 c. Over- or underapplied overhead for June Complete this question by entering your answers in the tabs below. Required A Required B Required The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for aver. or underapplied overhead for each job sold. $ 0.500 Materials for Job No. 02 Labor for Job No. 02 Overhead for Job No. 02 Required B > work Regulred: Calculate the following: .. The cost elements material, abocand overhead of cost of goods sold before sustment for over of underpoed overhead for each job sold b. The valde at each cost element material, toboc and overhead for each job in Work-in-process inventory atine 30 c. Over or underappled overhead for June Complete this question by entering your answers in the tabs below. Required Required Recured The value of each costament (material ber and overhead) for each you in Wole in proces inventory 30 Cachor Accounts Payable Process Job Ne Beg bar End Prev Ned> MGMT 3105 ASSISpot GoToMeeting Open opee omework End bal Yonkin Frocess Work in Process Jo. Degal Endal Endal CouterCoods Sold Job No 1 Costel Goodid Jo End Endal Overhead Esbe Underlied Overhead A 0 MGMT 3106 Asi pot GoToMeeting Opere eeting Ope exe > > 7 omework Save 13 So 62 Materiais Labor Overhead Total 2.14 points Bop Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations All direct materials were purchased for cash and charged directly to Work in Process Inventory when purchased Direct materials purchased in June amounted to $21.400. Direct labor costs charged to jobs in June were $143,000. Al labor costs were the same per hour for all taborers for June. References Required: Calculate the following: a. The cost elements material, tabor, and overhead of cost of goods sold before adjustment for over- or underapplied overhead for each job sold b. The value of each cost element material, tabor, and overhead) for each job in Work in process inventory at June 30. c Over-or underapplied overhead for June Complete this question by entering your answers in the tabs below. Required Required Required Over or underapplied overhead for June ME GEW A listinchUdhttp%253A%252F%252Fms.mheducation Ork Sed There were no direct materials inventories or finished goods inventories at either May 31 or June 30. Actual overhead was $95,000 Cost of goods sold (before adjustment for over- or underapplied overhead): . $ 9,500 Job 61 Material Labor Overhead Total $159,350 Job 62 Materials Labor Overhead Total Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations, All direct materials were purchased for cash and charged directly to Work-in-Process inventory when purchased Direct materials purchased in June amounted to $21.400. Direct labor costs charged to jobs in June were 5143,000. All labor costs were the same per hour for all laborers for June Required: Calculate the following: a. The cost elements (material, labor and overhead) of cost of goods sold before adjustment for over or underapplied overhead for each job sold b. The value of each cost element material, labor and overhead) for each job in Work in process inventory at June 30, c. Over or underapplied overhead for June Navt > Question 13 - Ch. 07 Homework X to.meducation.com/ext/map/index.html?_con=con&extemal_browser-BlaunchUrl=https%253A%2 ms.mheducatio work Gavec Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations. . All direct materials were purchased for cash and charged directly to Work-In-Process Inventory when purchased Direct materials purchased in June amounted to $21,400, Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all laborers for June Required: Calculate the following: a. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold b. The value of each cost element (material, labor, and overhead) for each job in Work in process inventory at June 30. c. Over- or underapplied overhead for June Complete this question by entering your answers in the tabs below. Required A Required a Required The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold. 5 0,500 Materials for Job No. 2 Labor for Job No. 02 Overhead for Job No. 02 Required > Chec B. Hequired Required Reed The value of each coutelument (materials and overhead for each in Work-ice story at LAPA Wanna De Ww Were 2 * 6 . La Help Wars Process Hoboto Woda Pess JO NO Beg bal Eeg, bal Endel Endbal Cast of Goods Sold Job No.fi Cost of Goods 500 Job Ne Beg, bal Begal End.ba Eridal Overhead Wages Payable Segal Endbal Underpalio Overhead (RA Red> Total Overhead was applied to jobs using a predetermined rate per labor dollar that has been used since the company began operations . All direct materials were purchased for cash and charged directly to Work in Process inventory when purchased. Direct materials purchased in June amounted to $21,400 Direct labor costs charged to jobs in June were $143,000. All labor costs were the same per hour for all laborers for June. Required: Calculate the following: a. The cost elements (material, labor, and overhead) of cost of goods sold before adjustment for over- or underapplied overhead for each job sold b. The value of each cost element (material, labor, and overhead for each job in Work-in-process inventory at June 30. c. Over-or underapplied overhead for June. Complete this question by entering your answers in the tabs below. Required A Required B Required Over or underapplied overhead for Jones Required B