Answered step by step
Verified Expert Solution
Link Copied!

Question

00
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 sheets

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage 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. Direct materials Direct labor Overhead Job 602 $1,400 900 450 Job 603 $3,800 1,420 710 Job 604 $2,700 2,000 1,000 Job 602 was started in production in May, and these costs were assigned to it in May: direct materials, $400; 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 Required 2 Required 3 Required 4 What is the cost of the raw materials used in June for each of the three jobs and in total? Job 602 Job 603 Job 604 Total May costs June costs Total Requine Required 2 > Required 1 Required 2 Required 3 Required 4 How much total direct labor cost is incurred in June? Job 602 Job 603 Job 604 Total May costs June costs Total Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 What predetermined overhead rate is used in June? Predetermined overhead rate Required 1 Required 2 Required 3 Required 4 How much cost is transferred to finished goods inventory in June? Job Raw Materials Direct Labor Overhead Applied Total Cost Cost transferred Costs of to finished goods Ending WIP 602 603 604 Total

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions