Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Sheridan Company is a manufacturer with a fiscal year that runs from July 1 to June 3 0 . The company uses a normal job
Sheridan Company is a manufacturer with a fiscal year that runs from July to June The company uses a normal joborder cost accounting system for its production costs.
It uses a predetermined overhead rate based on direct labour hours to apply overhead to individual jobs. It prepared three budgets of overhead costs for the fiscal year as follows:
Direct labour hours
Variable overhead costs
$
$
$
Fixed overhead costs
Total overhead
$
$
$
Although the annual ideal capacity is direct labour hours, company officials have determined that direct labour hours represent the normal capacity for the year.
The following information is for November when Jobs X and X were completed:
Inventories, November
Raw materials and supplies
$
Work in process Job X
Finished goods
Purchases of raw materials and supplies
Raw materials
$
Supplies
Materials and supplies requisitioned for production:
Job X
$
Job X
Job X
Supplies
$ total.
Factory direct labour hours DLH:
Job X
DLH
Job X
DLH
Job X
DLH
Labour costs:
Direct labour wages
$
Indirect labour wages hours
Supervisory salaries
$ total.
Building occupancy costs heat light, depreciation:
Factory facilities
$
Sales offices
Administration offices
$ total
Factory equipment costs:
Power
$
Repairs and maintenance
Depreciation
Other
$ total
Prepare schedule showing the costs assigned to each of Jobs X X and XDo not leave any answer field blank Enter Ofor amounts.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started