Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question One: The following selected data were taken from the books of the Bixby Box Company. The company uses job costing to account for manufacturing

image text in transcribed

Question One: The following selected data were taken from the books of the Bixby Box Company. The company uses job costing to account for manufacturing costs. The data relate to June operations. A) 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. B) Time tickets for the month were chargeable as follows: Job 405 $11,000 300 hrs Job 406 14,000 360 hrs Job 407 8,000 190 hrs Indirect labor 3,700 C) Other information: Beginning work-in-process, June 1, $-0- 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 only at the end of the year. Required: (a) Determine the ending work-in-process balance on June 30. (b) Determine the cost of goods manufactured for June. (c) Is factory overhead Over- or underapplied for June? What is the monthly value

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

Top Accounting And Auditing Issues For 2023

Authors: CCH Tax Law Editors

1st Edition

0808059335, 978-0808059332

More Books

Students also viewed these Accounting questions