Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The computer workstation furniture manufacturing that Santana Rey started in January is progressing well. As of the end of June, Business Solutions's job cost

image text in transcribed

The computer workstation furniture manufacturing that Santana Rey started in January is progressing well. As of the end of June, Business Solutions's job cost sheets show the following total costs accumulated on three furniture Jobs. Job 682 Job 603. Job 604 Direct materials $1,400 $3,100 $3,100 Direct labor Overhead 800 400 1,600 800 1,600 800 Job 602 was started in production in May, and these costs were assigned to it in May: direct materials, $700, direct labor, $250; and overhead, $125. Jobs 603 and 604 were started in June. Overhead cost is applied with a predetermined rate based on direct labor costs. Jobs 602 and 603 are finished in June, and Job 604 is expected to be finished in July. No raw materials are used indirectly in June. (Assume this company's predetermined overhead rate did not change over these months) Required: 1. What is the cost of the raw materials used in June for each of the three jobs and in total? 2. How much total direct labor cost is incurred in June? 3. What predetermined overhead rate is used in June? 4. How much cost is transferred to finished goods Inventory in June? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 31 Required 4 What is the cost of the raw materials used in June for each of the three jobs and in total?

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_2

Step: 3

blur-text-image_3

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 Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

7th edition

978-1118344262, 111834426X, 1118162285, 978-1118562208, 1118562208, 978-1118162286

More Books

Students also viewed these Accounting questions