Question
In: Accounting
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs.
| Job 102 | Job 103 | Job 104 | |||||||
| Direct materials | $ | 41,000 | $ | 56,000 | $ | 48,000 | |||
| Direct labor | 15,000 | 28,500 | 45,000 | ||||||
| Overhead applied | 6,300 | 11,970 | 18,900 | ||||||
Job 102 was started in production in May, and the following costs
were assigned to it in May: direct materials, $9,000; direct labor,
$3,600; and overhead, $1,512. Jobs 103 and 104 were started in
June. Overhead cost is applied with a predetermined rate based on
direct labor cost. Jobs 102 and 103 were finished in June, and Job
104 is expected to be finished in July. No raw materials were used
indirectly in June. Using this information, answer the following
questions. (Assume this company’s predetermined overhead rate did
not change across these months.)
1&2. Complete the table below to calculate the
cost of the raw materials requisitioned and direct labor cost
incurred during June for each of the three jobs?
3. Using the accumulated costs of the jobs, what
predetermined overhead rate is used?
4. How much total cost is transferred to finished
goods during J
Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs.
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels,
Inc., show the following total costs accumulated on three custom
jobs.
Job 102
Job 103
Job 104
Direct materials
$
44,000
$
54,000
$
49,000
Direct labor
16,000
29,100
44,000
Overhead applied
5,440
9,894
14,960
Job 102 was started in production in May, and the following costs
were assigned to it in May: direct materials, $10,000; direct
labor, $3,300; and overhead, $1,122. Jobs 103 and 104 were...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June,
the job cost sheets at Racing Wheels, Inc., show the following
total costs accumulated on three custom jobs.
Job 102
Job 103
Job 104
Direct materials
$
41,000
$
51,000
$
65,000
Direct
labor
12,000
29,700
39,000
Overhead
applied
5,400
13,365
17,550
Job 102 was started in production in May and the following costs
were assigned to it in May: direct materials, $13,000; direct
labor, $3,500; and overhead, $1,575. Jobs 103 and 104 were...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels,
Inc., show the following total costs accumulated on three custom
jobs. Job 102 Job 103 Job 104 Direct materials $ 43,000 $ 73,000 $
53,000 Direct labor 11,000 28,600 43,000 Overhead applied 4,400
11,440 17,200 Job 102 was started in production in May and the
following costs were assigned to it in May: direct materials,
$13,000; direct labor, $4,000; and overhead, $1,600. Jobs 103 and
104 were...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels,
Inc., show the following total costs accumulated on three custom
jobs.
Job 102
Job 103
Job 104
Direct materials
$
21,000
$
55,000
$
59,000
Direct labor
12,000
29,700
44,000
Overhead applied
4,560
11,286
16,720
Job 102 was started in production in May, and the following costs
were assigned to it in May: direct materials, $8,000; direct labor,
$3,300; and overhead, $1,254. Jobs 103 and 104 were...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June,
the job cost sheets at Racing Wheels, Inc., show the following
total costs accumulated on three custom jobs.
Job 102
Job 103
Job 104
Direct materials
$
41,000
$
56,000
$
48,000
Direct
labor
15,000
28,500
45,000
Overhead
applied
6,300
11,970
18,900
Job 102 was started in
production in May, and the following costs were assigned to it in
May: direct materials, $9,000; direct labor, $3,600; and overhead,
$1,512. Jobs 103 and 104 were...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels,
Inc., show the following total costs accumulated on three custom
jobs.
Job 102
Job 103
Job 104
Direct
materials
$ 27,000
$
56,000
$
51,000
Direct labor
17,000
26,700
46,000
Overhead
6,800
10,680
18,400
Job 102 was started in production in May and the following costs
were assigned to it in May: direct materials, $12,000; direct
labor, $3,200; and overhead, $1,280. Jobs 103 and 104 are started...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels,
Inc., show the following total costs accumulated on three custom
jobs. Job 102 Job 103 Job 104 Direct materials $ 17,000 $ 64,000 $
57,000 Direct labor 13,000 29,500 45,000 Overhead 6,240 14,160
21,600 Job 102 was started in production in May and the following
costs were assigned to it in May: direct materials, $10,000; direct
labor, $3,100; and overhead, $1,488. Jobs 103 and 104 are started...
As of the end of June, the job cost sheets at Racing Wheels, Inc., show the...
As of the end of June, the job cost sheets at Racing Wheels,
Inc., show the following total costs accumulated on three custom
jobs. Job 102 Job 103 Job 104 Direct materials $ 44,000 $ 54,000 $
53,000 Direct labor 16,000 30,000 41,000 Overhead applied 5,280
9,900 13,530 Job 102 was started in production in May, and the
following costs were assigned to it in May: direct materials,
$11,000; direct labor, $3,400; and overhead, $1,122. Jobs 103 and
104 were...
At the end of June, the job cost sheets for Monson Manufacturing show the following total...
At the end of June,
the job cost sheets for Monson Manufacturing show the following
total costs accumulated on three custom jobs.
Job 203
Job 204
Job 205
Direct materials
$32,000
$47,000
$43,000
Direct labor
18,000
22,000
25,000
Overhead
26,100
31,900
36,250
Job 203 was started in
production in May and the following costs were assigned to it in
May: direct materials, $12,000; direct labor, $6,000; and overhead
$8,700. Jobs 204 and 205 are started in June. Overhead cost is...
The daily cost of producing x high performance wheels for racing is given by the following...
The
daily cost of producing x high performance wheels for racing is
given by the following function, where no more than 100 wheelscan
be produced each day. What production level will give the lowest
average cost per wheel? What is the minimum average cost?
C(x)=0.09x^3 - 4.5x^2 + 171x;(0,100]
what production level will give the lowest average cost per
wheel?
x=_
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