Total dl 1000000 total 101 finished goods 761100

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Total DL 1,000,000 0 Total 101 Finished Goods 761,100 1,282,200 Cost of good sold Total DM 324,200 761,100 Total 101 Finished Goods Total 102 Finished Goods 521,100 0 Total Fixed 209,200 521,100 Total 102 Finished Goods 0 0 Total Variable 62,000 0 End. bal. 0 0 End. bal. 313,200 Cost of Goods sold Beg. bal. 0 0 Finished Goods 1,282,200 0 0 0 End. bal. 1,282,200 b. Using last year's overhead costs and direct labor-hours as this year's estimate, calculate predetermined overhead rates per direct labor-hour for variable and fixed overhead. (Round your answers to 2 decimal places. Use the rounded values in the subsequent requirements.) Predetermined Overhead Rate (per Direct Labor-Hour) Variable Overhead Rate $ 1.56 Fixed Overhead Rate $ 3.64 c. Present in T-accounts the normal manufacturing cost flows for the three jobs in the first quarter of this year. Use the overhead rates derived in requirement ( b ).
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Materials Inventory Wages Payable Beg. bal. 0 0 Beg. bal. 0 0 0 137,200 101: DM 0 490,000 101: DL 0 93,000 102: DM 0 312,400 102: DL 0 94,000 103: DM 0 197,600 103: DL 0 0 0 0 End. bal. 324,200 End. bal. 1,000,000 Variable Manufacturing Overhead Fixed Manufacturing Overhead Actual 62,000 74,700 101: Variable Actual 209,200 104,000 101: Fixed Overapplied 27,500 102: Variable 0 88,200 102: Fixed 0 4,600 103: Variable 0 17,000 103: Fixed 0 0 0 465,455 Underapplied End. bal. 44800 0 0 End. bal. 465455 Work-in-Process Inventory Finished Goods Inventory Beg. bal. 0 0 Beg. bal. 0 0 Total DL 1,000,000 0 Total 101 Finished Goods 761,100 1,282,200 Cost of good sold Total DM 324,200 761,100 Total 101 Finished Goods Total 102 Finished Goods 521,100 0 Total Variable 106,800 521,100 Total 102 Finished Goods 0 0 Total Fixed 209,200 0 End. bal. 0 0 End. bal. 358,000 Cost of Goods sold Under-or Over-Applied Overhead Beg. bal. 0 0 Beg. bal. 0 0 Finished Goods 1,282,200 0 Underapplied 445 545 Overapplied 0 0 0 0 End. bal. 1,282,200 End. bal. 100 d. Calculate operating profit (loss) for the first quarter of this year under actual and normal costing systems. Actual Normal Operating profit $ 5,566 $ 65,464 rev: 09_22_2017_QC_CS-100648, 09_25_2017_QC_CS-100648 References Worksheet Learning Objective: 07-02 Assign costs in a job cost system. Learning Objective: 07-04 Apply job costing methods in service organizations.
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  • Spring '08
  • Fagan,K
  • Brighton Services

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