Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS
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 | $5,300 | $1,300 |
Direct labor | 1,400 | 3,100 |
Applied overhead | 980 | 2,170 |
Balance, June 1 | $7,680 | $6,570 |
During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June:
Job 44 | Job 45 | Job 46 | Job 47 | |
Direct materials | $2,400 | $7,160 | $1,850 | $1,750 |
Direct labor | 740 | 6,420 | 1,000 | 520 |
At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero.
Required: | |
1. | Calculate the overhead rate based on direct labor cost. Round to three decimal places. |
2. | Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. |
3. | Calculate the ending balances of Work in Process and Finished Goods as of June 30. |
4. | Calculate the Cost of Goods Sold for June. |
Refer to the list below for the exact wording of text items within your job-order cost sheets.
Amount Descriptions | |
Applied overhead | |
Beginning balance, June 1 | |
Direct labor | |
Direct materials | |
Total, June 30 |
Please show how you got your answers if necessary
1) Overhead rate = applied overhead/Direct labor cost = 980/1400 = 70%
2) Job Cost sheet
Job 44 | Job 45 | Job 46 | Job 47 | |
Beginning balance | 7680 | 6570 | 0 | 0 |
direct material | 2400 | 7160 | 1850 | 1750 |
Direct labor | 740 | 6420 | 1000 | 520 |
Applied overhead | 518 | 4494 | 700 | 364 |
Total | 11338 | 24644 | 3550 | 2634 |
3) Ending work in process = Job 46 = 3550
Finished goods inventory = Job 44+Job 47 = 11338+2634 = 13972
4) Cost of goods sold = Job 45 = 24644
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS 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 $5,100 $1,500 Direct labor 1,200 3,000 Applied overhead 780 1.950 Balance, June 1 $7,080 $6,450 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of June, Donewell Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information: Job 44 Job 45 Direct materials $5,000 $1,800 Direct labour 4,400 3,520 Applied overhead 3,800 3,040 Balance, June 1 $13,200 $8,360 During June, two more jobs (46 and 47) were started. The following direct materials and direct labour costs were added to...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS At the beginning of March, Mendez Company had two jobs in process, Job 86 and Job 87, with the following accumulated cost information: Direct materials Direct labor Applied overhead Balance, March 1 Job 86 $4,800 1,200 888 $6,888 Job 87 $1,600 3,000 2,220 56,820 During March, two more jobs (88 and 89) were started. The following direct materials and direct labor costs were added to...
help please. theres a lot of pictures, but it is 1
problem.
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and Instructions Amount Descriptions Overhead Rate Job-Order Cost Sheets Concluding Questions Instructions Prepare Job-Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS 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...
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 following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 Job...
Instructions 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 following direct materials and direct labor costs were added to the four jobs during the month of June: Job 64 Job 45 Job 46...
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 $5,200 $1,250 Direct labor 1,600 3,500 Applied overhead 1,120 2,450 Balance, June 1 $7,920 $7,200 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 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 $5,000 $1,200 Direct labor 1,700 2,900 Applied overhead 935 1,595 Balance, June 1 $7,635 $5,695 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 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 $4,850 $1,400 Direct labor 800 2,800 Applied overhead 560 1,960 Balance, June 1 $6,210 $6,160 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 44 Job 45 Job 46 Job...
Ar the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cont information Job 44 Job 45 $1,200 Direc labor 1,700 2,900 1.596 Applied overhead Balance June 1 935 57.635 55,895 During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June Job 44 Job 45 Job 46 Job 47 Direct materials...