Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q22r-F7 Company uses a job-order costing system and applies overhead costs to jobs using a pre-determined overhead rate of 80% of direct materials cost .

Q22r-F7 Company uses a job-order costing system and applies overhead costs to jobs using a pre-determined overhead rate of 80% of direct materials cost. Q22r-F7 Company began work on four jobs during June. Information related to the four jobs appears below:  Job C-8d Job L-1f COSTS ADDED DURING JUNE direct materials .............. $3,800 $3,400 direct labor .................. $2,300 $2,700  Job P-3z Job U-7e COSTS ADDED DURING JUNE direct materials .............. $2,900 $4,200 direct labor .................. $3,400 $3,500 By the end of June, Jobs L-1f and U-7e had been completed while Jobs C-8d and P-3z were not completed. In addition, all of the units from Job U-7e have been sold and one-half of the units from Job L-1f were sold. The actual overhead cost for June amounted to $14,986. Q22r-F7 Company had no inventories of any type at June 1. Calculate Q22r-F7 Company's cost of goods sold for June after the overhead variance has been closed.

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

Financial Accounting

Authors: Anne Britton, Chris Waterston

4th Edition

0273703609, 978-0273703600

More Books

Students also viewed these Accounting questions