Homework Answers
a. Pre-determined overhead rate = $145950/210 = $695 per hour
b. Overhead applied = 215 x $695 = $149425
c. Over (Under) applied overhead = $149425-116000 = $33425 i.e. over applied overhead
d. Adjusted Cost of Goods sold = ($28975+190000+213000+149425)/200 x 125 - 33425= $329950
e. Finished goods inventory = ($28975+190000+213000+149425)/200 x 75= $218025
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Chapter 4 Problem 1 Please use the following information to answer questions a-e: Gateway had only...
Answers for the questions: A) 695 B) 149,425 C) 9,425 (Overapplied overhead cost) D) 338,950 E)...
Answers for the questions:
A) 695 B) 149,425 C) 9,425 (Overapplied overhead cost) D)
338,950 E) 209,025
(Chapter 4) Chapter 4 Problem 1 Please use the following information to answer questions G-e: Gateway hod only one lob in process during August (Job 2922) and had no finished goods inventory on August 14 Job 2922 was started in July and finished during August. Data pertaining to the job is as follows: Job 2922 Beginning WIP balance on August Materials ($172,000 wos...
Required information The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4] [The following information applies to the questions...
Required information The Foundational 15 [LO3-1, LO3-2, LO3-3,
LO3-4] [The following information applies to the questions
displayed below.] Bunnell Corporation is a manufacturer that uses
job-order costing. On January 1, the company’s inventory balances
were as follows: Raw materials $ 62,500 Work in process $ 23,200
Finished goods $ 36,900 The company applies overhead cost to jobs
on the basis of direct labor-hours. For the current year, the
company’s predetermined overhead rate of $11.00 per direct
labor-hour was based on...
Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs...
Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
Dacosta Corporation had only one job in process on May 1. The job had been charged...
Dacosta Corporation had only one job in process on May 1. The job had been charged with $1,850 of direct materials. $6.990 of direct labor, and $9.950 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.50 per direct labor-hour. During May, the following activity was recorded: $ 8,550 $38,050 $39,350 Raw materials (all direct materials Beginning balance Purchased during the month Used in production Labor: Direct labor-hours worked during the month...
Part B of 8 Required information [The following information applies to the questions displayed below) Sweeten...
Part B of 8 Required information [The following information applies to the questions displayed below) Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q Job P was completed and sold by the end of March and Job was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available...
Required information The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4] [The following information applies to the questions...
Required information The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4] [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 62,500 Work in process $ 23,200 Finished goods $ 36,900 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $11.00 per direct labor-hour was based on...
Required information The Foundational 15 (LO3-1, LO3-2, LO3-3, LO3-4) (The following information applies to the questions...
Required information The Foundational 15 (LO3-1, LO3-2, LO3-3, LO3-4) (The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 60,500 $ 20,800 $ 57,600 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.25 per direct labor-hour was based on...
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress...
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labor hours. The following additional information is available for the company as...
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress...
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
Required information The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4] [The following information applies to the questions...
Required information
The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4]
[The following information applies to the questions
displayed below.]
Bunnell Corporation is a manufacturer that uses job-order
costing. On January 1, the company’s inventory balances were as
follows:
Raw materials
$
62,500
Work in process
$
23,200
Finished goods
$
36,900
The company applies overhead cost to jobs on the basis of direct
labor-hours. For the current year, the company’s predetermined
overhead rate of $11.00 per direct labor-hour was based on...
Answers for the questions:
A) 695 B) 149,425 C) 9,425 (Overapplied overhead cost) D)
338,950 E) 209,025
(Chapter 4) Chapter 4 Problem 1 Please use the following information to answer questions G-e: Gateway hod only one lob in process during August (Job 2922) and had no finished goods inventory on August 14 Job 2922 was started in July and finished during August. Data pertaining to the job is as follows: Job 2922 Beginning WIP balance on August Materials ($172,000 wos...
Required information The Foundational 15 [LO3-1, LO3-2, LO3-3,
LO3-4] [The following information applies to the questions
displayed below.] Bunnell Corporation is a manufacturer that uses
job-order costing. On January 1, the company’s inventory balances
were as follows: Raw materials $ 62,500 Work in process $ 23,200
Finished goods $ 36,900 The company applies overhead cost to jobs
on the basis of direct labor-hours. For the current year, the
company’s predetermined overhead rate of $11.00 per direct
labor-hour was based on...
Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
Dacosta Corporation had only one job in process on May 1. The job had been charged with $1,850 of direct materials. $6.990 of direct labor, and $9.950 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.50 per direct labor-hour. During May, the following activity was recorded: $ 8,550 $38,050 $39,350 Raw materials (all direct materials Beginning balance Purchased during the month Used in production Labor: Direct labor-hours worked during the month...
Part B of 8 Required information [The following information applies to the questions displayed below) Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q Job P was completed and sold by the end of March and Job was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available...
Required information The Foundational 15 (LO3-1, LO3-2, LO3-3, LO3-4) (The following information applies to the questions displayed below.) Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 60,500 $ 20,800 $ 57,600 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.25 per direct labor-hour was based on...
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of March and Job Q was incomplete at the end of March. The company uses a plantwide predetermined overhead rate based on direct labor hours. The following additional information is available for the company as...
[The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It started only two jobs during March-Job P and Job Q. Job P was completed and sold by the end of the March and Job Q was incomplete at the end of the March. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company...
Required information
The Foundational 15 [LO3-1, LO3-2, LO3-3, LO3-4]
[The following information applies to the questions
displayed below.]
Bunnell Corporation is a manufacturer that uses job-order
costing. On January 1, the company’s inventory balances were as
follows:
Raw materials
$
62,500
Work in process
$
23,200
Finished goods
$
36,900
The company applies overhead cost to jobs on the basis of direct
labor-hours. For the current year, the company’s predetermined
overhead rate of $11.00 per direct labor-hour was based on...
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