Use below information for Questions 8 to 10:
Company X is a manufacturing firm producing specialized equipments. June 1, 2018 B/S shows below balances:
Item |
Beg |
RM |
4,270 |
MOH Applied |
32,740 |
MOH Incurred |
36,650 |
June 1, 2018 subsidiary ledgers (job cost sheets) show 3 jobs are being performed with following balances[1]:
Assigned Costs |
DM |
DL |
MOH |
|
R |
660 |
320 |
403 |
|
S |
800 |
543 |
675 |
|
L |
930 |
580 |
765 |
During June, RM purchases on account were TL4,970, and all wages (inclusive of payroll taxes) were paid in cash. Additional MOH of depreciation on factory equipment of TL900 was incurred together with miscellaneous production costs of TL470 on account. A summary of MRSs and LTTs shows below information (Hint: General use is also for production.):
Assigned Costs |
DM |
DL |
|
R |
870 |
850 |
|
K |
2,000 |
870 |
|
S |
560 |
360 |
|
L |
1,300 |
1,260 |
|
R |
360 |
390 |
|
General Use |
1,500 |
1,203 |
MOH was charged to jobs at a rate of 1.35 per TL of DL costs. Jobs R, S and L were completed in June and sold for a total of TL19,700 in cash.
[1] Note that the total of job cost sheets is the Beg WIP
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Company X | ||||||||||||
Predetermined overhead rate | Amount TL | Note | ||||||||||
Predetermined overhead rate | 1.35 | A | ||||||||||
Job Cost sheet |
|
|
|
|
|
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Particulars | Job R | Job K | Job S | Job L | Job R | Total | Note | |||||
Opening work in process | ||||||||||||
Direct Materials | 660.00 | 800.00 | 930.00 | 2,390.00 | ||||||||
Direct Labor | 320.00 | 543.00 | 580.00 | 1,443.00 | ||||||||
Overhead | 403.00 | 675.00 | 765.00 | 1,843.00 | ||||||||
Cost incurred during the month | ||||||||||||
Direct Materials | 870.00 | 2,000.00 | 560.00 | 1,300.00 | 360.00 | 5,090.00 | ||||||
Direct Labor | 850.00 | 870.00 | 360.00 | 1,260.00 | 390.00 | 3,730.00 | B | |||||
Overhead applied | 1,147.50 | 1,174.50 | 486.00 | 1,701.00 | 526.50 | 5,035.50 | C=A*B | |||||
Total Cost | 4,250.50 | 4,044.50 |
|
6,536.00 | 1,276.50 | 19,531.50 | D | |||||
Answer 1 |
|
|
||||||||||
Work in Process Inventory | $ 4,044.50 | |||||||||||
Work in Process Inventory is $ 4,044.50. | ||||||||||||
|
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Answer 2 | Job R | |||||||||||
Finished goods Inventory | $ 1,276.50 | |||||||||||
Finished goods Inventory is $ 1,276.50. | ||||||||||||
Answer 3 |
|
|||||||||||
Balance of MOH account | Amount TL | |||||||||||
Opening Balance- Incurred | 36,650.00 | |||||||||||
Opening Balance- Applied | 32,740.00 | |||||||||||
Opening Balance- Under Applied | 3,910.00 | E | ||||||||||
Depreciation on factory equipment | 900.00 | |||||||||||
Miscellaneous production costs | 470.00 | |||||||||||
General Use- DM | 1,500.00 | |||||||||||
General Use- DL | 1,203.00 | |||||||||||
Actual overhead | 4,073.00 | F | ||||||||||
Less: Overhead applied |
|
See C | ||||||||||
Balance of MOH account (Credit balance) | 2,947.50 | G=E+F-C |
Use below information for Questions 8 to 10: Company X is a manufacturing firm producing specialized...
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Please help. Exam tomorrow, just a review.
Blurry #s on info:
a.102
b. 96
c. 100
d. 40
e. 27
Everything else seems viisible?
Please help me out! Show all work necessary. No excel work
please, thank you!
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