Question
In: Accounting
Haughton Company uses a job costing system for its production costs and a predetermined factory overhead...
Haughton Company uses a job costing system for its production costs and a predetermined factory overhead rate based on direct labor costs to apply factory overhead to all jobs. During the month of July, the firm processed three jobs: X13, X14, and X15, of which X13 was started in June.
| July 1 | July 31 | ||||||
| Inventories | |||||||
| Direct Materials | $ | 36,500 | ? | ||||
| Work-in-Process | 41,000 | ? | |||||
| Finished Goods | 0 | 0 | |||||
| Cost of Goods Sold | $ | ? | |||||
| Direct materials purchased in July | 55,000 | ||||||
| Materials issued to production: | |||||||
| X13 | 16,380 | ||||||
| X14 | 24,220 | ||||||
| X15 | 14,000 | ||||||
| Factory labor hours used ($30/hour): | |||||||
| X13 | 3,500 | ||||||
| X14 | 2,800 | ||||||
| X15 | 1,600 | ||||||
| Indirect labor | 6,900 | ||||||
| Other factory overhead costs incurred: | |||||||
| Rent | $ | 131,500 | |||||
| Utilities | 180,600 | ||||||
| Repairs and maintenance | 188,500 | ||||||
| Depreciation | 131,100 | ||||||
| Other | 56,000 | ||||||
As of July 31, Job X13 was sold and Jobs X14 and X15 were still in
process.
Total factory overhead applied in July was $900,600.
5. Prepare the Statement of Cost of Goods Manufactured for July.
6. Compute the amount of overapplied or underapplied overhead.
7. What is the cost per unit of Job X13 if it has a total of 100 units?
8. Prepare the Statement of Cost of Goods Sold for July.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Haughton Company uses a job costing system for its production costs and a predetermined factory overhead...
Haughton Company uses a job costing system for its production
costs and a predetermined factory overhead rate based on direct
labor costs to apply factory overhead to all jobs. During the month
of July, the firm processed three jobs: X13, X14, and X15, of which
X13 was started in June.
Account
July 1
July 31
Iventories
Direct Materials
38,300
?
Work - In - Process
44600
?
Finished Goods
0
0
COGS
?
Direct Materials Purchased in July
73,000
Materials...
Haughton Company uses a job costing system for its production costs and a predetermined factory overhead...
Haughton Company uses a job costing system for its production
costs and a predetermined factory overhead rate based on direct
labor costs to apply factory overhead to all jobs. During the month
of July, the firm processed three jobs: X13, X14, and X15, of which
X13 was started in June.
Account
July 1
July 31
Iventories
Direct Materials
38,300
?
Work - In - Process
44600
?
Finished Goods
0
0
COGS
?
Direct Materials Purchased in July
73,000
Materials...
Script Company uses a job costing accounting system for its production costs. A predetermined overhead rate...
Script Company
uses a job costing accounting system for its production costs. A
predetermined overhead rate based on direct labor-hours is used to
apply overhead to individual jobs. An estimate of overhead costs at
different volumes was prepared for the current year as
follows:
Direct labor-hours
18,000
24,000
30,000
Variable overhead costs
864,000
1,152,000
1,440,000
Fixed overhead costs
1,200,000
1,200,000
1,200,000
Total overhead
2,064,000
2,352,000
2,640,000
The expected volume is 24,000
direct labor-hours for the entire year. The following information...
Erkens Company uses a job costing system with normal costing and applies factory overhead on the...
Erkens Company uses a job costing system with normal costing and
applies factory overhead on the basis of machine hours. At the
beginning of the year, management estimated that the company would
incur $1,980,000 of factory overhead costs and use 66,000 machine
hours.
Erkens Company recorded the following events during the month of
April:
Purchased 180,000 pounds of materials on account; the cost was
$5.00 per pound.
Issued 120,000 pounds of materials to production, of which
15,000 pounds were used...
Erkens Company uses a job costing system with normal costing and applies factory overhead on the...
Erkens Company uses a job costing system with normal costing and
applies factory overhead on the basis of machine hours. At the
beginning of the year, management estimated that the company would
incur $1,680,000 of factory overhead costs and use 60,000 machine
hours.
Erkens Company recorded the following events during the month of
April:
Purchased 182,000 pounds of materials on account; the cost was
$5.10 per pound.
Issued 121,000 pounds of materials to production, of which
15,500 pounds were used...
Erkens Company uses a job costing system with normal costing and applies factory overhead on the...
Erkens Company uses a job costing system with normal costing and
applies factory overhead on the basis of machine hours. At the
beginning of the year, management estimated that the company would
incur $1,860,000 of factory overhead costs and use 60,000 machine
hours.
Erkens Company recorded the following events during the month of
April:
a.
Purchased 214,000 pounds of materials on account; the cost was
$5.10 per pound.
b.
Issued 137,000 pounds of materials to production, of which
23,500 pounds...
Erkens Company uses a job costing system with normal costing and applies factory overhead on the...
Erkens Company uses a job costing system with normal costing and
applies factory overhead on the basis of machine hours. At the
beginning of the year, management estimated that the company would
incur $2,553,000 of factory overhead costs and use 69,000 machine
hours.
Erkens Company recorded the following events during the month of
April:
Purchased 200,000 pounds of materials on account; the cost was
$6.00 per pound.
Issued 130,000 pounds of materials to production, of which
20,000 pounds were used...
Kansas Company uses a job costing accounting system for its production costs. The company uses a...
Kansas Company uses a job costing accounting system for its
production costs. The company uses a predetermined overhead rate
based on direct labor-hours to apply overhead to individual jobs.
The company prepared an estimate of overhead costs at different
volumes for the current year as follows.
Direct labor-hours
150,000
180,000
210,000
Variable overhead costs
$
1,200,000
$
1,440,000
$
1,680,000
Fixed overhead costs
612,000
612,000
612,000
Total overhead
$
1,812,000
$
2,052,000
$
2,292,000
The expected volume is 180,000 direct...
Kansas Company uses a job costing accounting system for its production costs. The company uses a...
Kansas Company uses a job costing accounting system for its
production costs. The company uses a predetermined overhead rate
based on direct labor-hours to apply overhead to individual jobs.
The company prepared an estimate of overhead costs at different
volumes for the current year as follows:
Direct labor-hours
150,000
180,000
210,000
Variable overhead costs
$
1,050,000
$
1,260,000
$
1,470,000
Fixed overhead costs
684,000
684,000
684,000
Total overhead
$
1,734,000
$
1,944,000
$
2,154,000
The expected volume is 180,000 direct...
Kansas Company uses a job costing accounting system for its production costs. The company uses a...
Kansas Company uses a job costing accounting system for its
production costs. The company uses a predetermined overhead rate
based on direct labor-hours to apply overhead to individual jobs.
The company prepared an estimate of overhead costs at different
volumes for the current year as follows.
Direct labor-hours
150,000
180,000
210,000
Variable overhead costs
$
900,000
$
1,080,000
$
1,260,000
Fixed overhead costs
630,000
630,000
630,000
Total overhead
$
1,530,000
$
1,710,000
$
1,890,000
The expected volume is 180,000 direct...
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