Following is partial information for Delamunte Industries for the month of August: Work In Process Balance,...
Following is partial information for Delamunte Industries for
the month of August:
| Work In Process | |||
| Balance, August 1 | $ | 134,000 | |
| Direct materials used | 114,800 | ||
| Direct labor | 163,000 | ||
| Manufacturing overhead applied (based on direct labor cost) |
152,000 | ||
Jobs finished during August are summarized here:
| Job # | Cost of Jobs Completed | ||
| 234 | $ | 59,950 | |
| 237 | 28,800 | ||
| 231 | 47,000 | ||
| 246 | 20,000 | ||
Required:
At the end of August, only one job, Job 248, was still in process.
The direct labor cost incurred on Job 248 as of August 31 was
$24,300.
1. Calculate the predetermined overhead rate that
was used to apply manufacturing overhead to jobs during August.
2. Determine the balance in Work in Process at the end of August.
3. Determine how much of the direct materials cost and applied overhead would be recorded for Job 248 as of August 31
Homework Answers
| Answer |
|
1 |
| Predetermined overhead rate = 152000/163000= $0.93 per Direct labor Dollar |
| 2 |
| Total manufacturing costs = 134000+114800+163000+152000= $563,800 |
| Total cost of finished jobs = 59950+28800+47000+20000= $155,750 |
| Work in Process at the end of August = 563,800- 155,750 = $408050 |
| 3 |
| Applied overhead = 24,300*0.93= $22,599 |
| Direct materials = 408050-24,300-22,599= $361,151 |
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Following is partial information for Delamunte Industries for
the month of August:
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Required information
[The following information applies to the questions
displayed below.]
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw
materials purchases in April are $520,000, and factory payroll cost
in April is $388,000. Overhead costs incurred in April are:
indirect materials, $56,000; indirect labor, $28,000; factory rent,
$37,000; factory utilities, $24,000; and factory equipment
depreciation, $61,000. The predetermined overhead rate is 50% of
direct labor cost. Job 306 is sold for $680,000 cash in April.
Costs of...
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