Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Quicker Company uses a job order costing system. On May 1, Quicker Company's Work in Process Inventory account shows a beginning balance of $161,000. Production

image text in transcribed

Quicker Company uses a job order costing system. On May 1, Quicker Company's Work in Process Inventory account shows a beginning balance of $161,000. Production activity for May was as follows: Materials costing $91,000, along with operating supplies of $18,000, were requisitioned into production. Quicker Company's total payroll was $322,000, of which $73,000 was indirect labor. Overhead is applied at a rate of 110 percent of direct labor cost. Quicker's Cost of Goods Sold for the month of May was $682,000. Finished Goods Inventory was $77, 500 on May 1 and $80,000 on May 31. (Quicker does not close out overhead accounts until year-end.) Calculate Quicker's cost of goods completed for May. Calculate Quidkefs work in process ending inventory (May 31). One of the jobs that was started in May, Job 266, was completed in June. Job 266 was 100 special-order lamps. The following costs had been applied to Job 266 as of June 1: direct materials, $1, 500; direct labor, $1, 300; overhead, $1, 430. In June, $580 in direct materials cost and $900 of direct labor cost were added to complete Job 266. What was the cost per unit for Job 266? (Show your computations. Remember....overhead is applied at 110% of direct labor cost)

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

De Gruyter Handbook Of Personal Finance

Authors: Grable, John E., Chatterjee, Swarn

1st Edition

3110727498, 978-3110727494

More Books

Students also viewed these Finance questions