Connect Ch.2 - Ch 2 Question#1(of 8 1 As of the end of June...

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Ch 2Question #1 (of 8)1. 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 102Job 103Job 104Direct materials$ 15,000 $ 33,000 $ 27,000 Direct labor8,000 14,200 21,000 Overhead4,000 7,100 10,500Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $6,000; directlabor, $1,800; and overhead, $900. Jobs 103 and 104 are started in June. Overhead cost is applied with a predetermined ratebased on direct labor cost. Jobs 102 and 103 are finished in June, and Job 104 is expected to be finished in July. No raw materialsare used indirectly in June. Using this information, answer the following questions. (Assume this company’s predeterminedoverhead rate did not change across these months).1&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during Junefor each of the three jobs.
3. What predetermined overhead rate is used for Job 102?
4. How much total cost is transferred to finished goods during June?
Ch 2Question #2 (of 8)2.The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system.April 30May 31InventoriesRaw materials$ 43,000 $52,000 Goods in process10,200 21,300 Finished goods63,000 35,600 Activities and information for MayRaw materials purchases (paid with cash)210,000 Factory payroll (paid with cash)345,000 Factory overheadIndirect materials15,000 Indirect labor80,000 Other overhead costs120,000 Sales (received in cash)1,400,000 Predetermined overhead rate based on direct labor cost70%Compute the following amounts for the month of May using T-accounts.

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