12 complete the table below to calculate the cost of

This preview shows page 3 - 6 out of 32 pages.

We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Cornerstones of Cost Management
The document you are viewing contains questions related to this textbook.
Chapter 5 / Exercise 10
Cornerstones of Cost Management
Hansen/Mowen
Expert Verified
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 foreach 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 June?Req 1 and 2Req 3Complete this question by entering your answers in the tabs below.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.Req 1 and 2Req 3Req 4$$$$Direct MaterialsJobMayJuneTotal1026,0009,00010333,00010427,000TotalDirect LaborJobMayJuneTotal1021,8006,20010314,20010421,000Total$15,00033,00027,000$6,000$69,000$75,000$8,00014,20021,000$1,800$41,400$43,200FFFFFFFFFFFFrev: 07_15_2017_QC_CS-93741, 07_20_2017_QC_CS-93741Explanation:1.The cost of direct materials requisitioned in the month equals the total direct materials costs accumulated on the three jobs less theamount of direct materials cost assigned to Job 102 in May:Job 102$ 15,000
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Cornerstones of Cost Management
The document you are viewing contains questions related to this textbook.
Chapter 5 / Exercise 10
Cornerstones of Cost Management
Hansen/Mowen
Expert Verified
1/20/2018Chapter 15 Homework2/2Less prior costs(6,000)$9,000 Job 10333,000 Job 10427,000 Total materials used (requisitioned)$ 69,000 2.Direct labor cost incurred in the month equals the total direct labor costs accumulated on the three jobs less the amount of directlabor cost assigned to Job 102 in May:Job 102$ 8,000 Less prior costs(1,800) $6,200 Job 10314,200 Job 10421,000 Total direct labor$ 41,400 3.The predetermined overhead rate equals the ratio of the amount of overhead assigned to jobs divided by the amount of direct laborcost assigned to them. Since the same rate is used for all jobs started and completed within a month, the ratio for any one job equalsthe rate that was applied. This table shows the ratio for jobs 102 and 104:Job 102Job 104Overhead$ 4,000 $ 10,500 Direct labor8,000 21,000 Ratio50%50%4.Job 102: May OH 900 + June OH 3,100 = $4,000.
Hint #1ReferencesHints
1/20/2018Chapter 15 Homework1/23.Award: 10.00 pointsProblems? Adjust credit for all students.Exercise 15-3 Analysis of cost flows LO C2As 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$27,000Direct labor8,00014,20021,000Overhead applied4,0007,10010,500Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $6,000; direct labor,$1,800; and overhead, $900. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based ondirect labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were usedindirectly in June. Using this information, answer the following questions. (Assume this company’s predetermined overhead rate did notchange 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 eachof the three jobs?3.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture