Homework Answers
a.
Manufacturing overheads applied to Job 103 = $20,000 X 75% = $15,000
b.
Unit cost:
Job 101 = [$20,000 + $32,000 + ($32,000 X 75%)] / 1,000 = $76
Job 103 = ($24,000 + $20,000 + $15,000) / 200 = $295
c.
Work in process = Total cost of Job 102
= $16,000 + $28,000 + ($28,000 X 75%)
= $65,000
d.
Overhead applied = $80,000 X 75% = $60,000
Actual overhead incurred = $66,000
Overhead is underapplied.
$66,000 - $60,000 = $6,000 underapplied
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please answer 1-4.
Exercise 02-3 Analyzing of cost flows LO C2 As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Direct materials Direct labor Overhead applied Job 102 $15,000 3.000 4,000 Job 103 $33,000 14,200 7,100 Job 104 $27,000 21.000 10,500 Job 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;...
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