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Quiz 2 Solution - $ 28,812.50 Job 1013 Job 1014 Direct...

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1 Solution – Quiz 2 ACCT 310 Fall 2008 2008 Predetermined Overhead Rate: Overhead applied to Job 1011 in June/Direct labor assigned to Job 1011 in June = $5,100/$6,000 = 85% of direct labor cost Balance of Job 1012, June 1: Work in Process, June 1 $ 2,000 Balance of Job 1011, June 1 (800) Balance of Job 1012, June 1 $ 1,200 Direct Labor Costs Assigned to Job 1012 in June: Direct labor costs incurred in June $ 27,000 Direct labor costs assigned to Job 1011 in June (6,000) Direct labor costs assigned to Job 1013 in June (4,750) Direct labor costs assigned to Job 1014 in June (2,000) Direct labor costs assigned to Job 1012 in June $ 14,250 Job Cost Sheets, June 30: Job 1011 Job 1012 Balance, June 1 $ 800 Balance, June 1 $ 1,200.00 Direct material - June 250 Direct material - June 1,250.00 Direct labor - June 6,000 Direct labor - June 14,250.00 Applied overhead - June (.85 * $6,000) 5,100 Applied overhead (.85 * $14,250) 12,112.50 Total job cost, June 30 $ 12,150 Total job cost, June 30
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Unformatted text preview: $ 28,812.50 Job 1013 Job 1014 Direct material - June $ 2,100.00 Direct material - June $ 1,850 Direct labor - June 4,750.00 Direct labor - June 2,000 Applied overhead - June (.85 * $4,750) 4,037.50 Applied overhead - June (.85 * 2,000) 1,700 Total job cost, June 30 $ 10,887.50 Total job cost, June 30 $ 5,550 2 Journal entries for June: Work in Process Inventory (250 + 1,250 + 2,100 + 1,850) 5,450 Raw Materials Inventory 5,450 Work in Process Inventory (6,000 + 14,250 + 4,750 + 2,000) 27,000 Wages Payable/Cash 27,000 Work in Process Inventory (5,100 + 12,112.50 + 4,037.50 + 1,700) 22,950 Manufacturing Overhead 22,950 Manufacturing Overhead 25,000 Accumulated Depreciation, Equipment (.60 * $25,000) 15,000 Wages Payable 10,000 Finished Goods Inventory (12,150 + 28,812.50) 40,962.50 Work in Process Inventory 40,962.50 Advertising Expense 7,500 Cash/Accounts Payable 7,500...
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