Question
In: Accounting
At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that...
At the beginning of the month, Arthur's Olde Consulting
Corporation had two jobs in process that had the following costs
assigned from previous months:
| Job Number | Direct Labor | Applied Overhead | ||
| SY-400 | $ | 23,340 | ? | |
| SY-403 | 15,420 | ? | ||
During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $25,800 in direct labor. For SY-403, $75,000 in labor was used.
During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $149,220 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing, and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $92,000.
Required:
a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed?
b. What is the cost of Job SY-404 at the end of the month?
c. How much was under- or overapplied service overhead for the month?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that...
At the beginning of the month, Arthur's Olde Consulting
Corporation had two jobs in process that had the following costs
assigned from previous months:
Job Number
Direct Labor
Applied
Overhead
SY-400
$
23,990
?
SY-403
16,070
?
During the month, Jobs SY-400 and SY-403 were completed but not
billed to customers. The completion costs for SY-400 required
$27,100 in direct labor. For SY-403, $81,500 in labor was used.
During the month, the only new job, SY-404, was started but not...
At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job...
At the beginning of June, Rhone Company had two jobs in process,
Job 44 and Job 45, with the following accumulated cost
information:
Job 44
Job 45
Direct materials
$5,250
$1,600
Direct labor
1,500
3,300
Applied overhead
1,125
2,475
Balance, June 1
$7,875
$7,375
During June, two more jobs (46 and 47) were started. The
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Job 45
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• The company applies manufacturing overhead on the basis of
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were anticipated to be $720,000 and 20,000 hours,
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completed, and sold only two jobs during March—Job P and Job Q. The
following additional information is available for the company as a
whole and for Jobs P and Q (all data and questions relate to the
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manufacturing departments—Molding and Fabrication. It started,
completed, and sold only two jobs during March—Job P and Job Q. The
following additional information is available for the company as a
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March and no beginning inventories. The company has two
manufacturing departments--Molding and Fabrication. It started,
completed, and sold only two jobs during March—Job P and Job Q. The
following additional information is available for the company as a
whole and for Jobs P and Q (all data and questions relate to the
month of March):
Molding
Fabrication
Total
Estimated total machine-hours used
2,500
1,500
4,000
Estimated total fixed manufacturing...
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories....
Sweeten Company had no jobs in progress at the beginning of
March and no beginning inventories. The company has two
manufacturing departments--Molding and Fabrication. It started,
completed, and sold only two jobs during March—Job P and Job Q. The
following additional information is available for the company as a
whole and for Jobs P and Q (all data and questions relate to the
month of March):
Molding
Fabrication
Total
Estimated total machine-hours used
2,500
1,500
4,000
Estimated total fixed manufacturing...
Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories....
Sweeten Company had no jobs in progress at the beginning of
March and no beginning inventories. The company has two
manufacturing departments--Molding and Fabrication. It started,
completed, and sold only two jobs during March—Job P and Job Q. The
following additional information is available for the company as a
whole and for Jobs P and Q (all data and questions relate to the
month of March): Molding Fabrication Total Estimated total
machine-hours used 2,500 1,500 4,000 Estimated total fixed
manufacturing...
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