Question

5), 61 and during march The company is working on the job The data is provided below Beginning Balance Materials Requisitioned Direct Laber Cast 3 $ 620 5 4 5 200 $ Overhead s eda oferect labor cost During manch ob 62 was completed and sold at 125 of cost Los 61 and 64 remaininished at the end of the march Questions 01 What is the meaning of beginning balance for job 627 Why is there no beginning balance for Jobs 63 and 647 02 Set up a simple cost sheet for jobs 62. 63, and 64 Q3 Calculate price and press margin for Job 62 Beginning Balance Materials Requisitioned Direct Labor Cost Applied overheads Total cost 2 620 $ 450 $ 2,500 $1,500,0 $ 9.520 ob 63 - 4,600 $ 1,740 $1,044.0 S 7,384 ob 64 $ $3,000 $ 1,600 S 960.0 S 5460 04 What overhead rate was 80% of direct labor cost? Sales price COGS Gross Margin $11.900.00 $ 9,520 $ 2,180.00

Answer 1

The term begining balance refers ter cost which los escurial in the previous month or previous process. For Job 62 Beyining balance $620 (image is not clear it seeme $620.) It means $620 has been incured in the previous month Cor $620 has been incured in the previous procey) for the Tob 62. > For Job 63 There is no beginen, balance for the job 63 · Because this is a fresh job, 8 there is no cost incened. » For Job 64 There is no beging balance for the job 6y, because this a fresh job. 8 these ill no cost incurred in this job till date. es schned with o pscanner Callys canner

02. Job G2 Cost sheet for Begining Balance Material Requisition Direct labour cost Total work cost overhead Total Cost . profit Sales Price $4.900 $ 2,500 $ 8,020 $ 1,500 $ 9.520 $ 2,380 $.11,900 $ 4,600 a cost Sheet for Job 63 | Begining Balance 1 Matujal Requisition Direct Labour cost 1 Total work cost overhead Totalcost incurred till Mauch, 31st. $ 1,740 $ 6,340 $ fouy $ 7.384 - $ 3.00 1 Cost Sheet for Job 64 Begining Balanca Matural Requisition Direct Labour cost $ 1,600 Total work cost $4,60 love head $.960 i l Totiel cost incured till March 34+ $5.560 Ra

Calculation of price and gross Margin for Job-62 Opening balance Material Requisition 14 Direct Labour cost ( overhead Total cost Gross Margin (125% of cost) Saly price $620 $4.900 $ 2.500 $ 1,500 $9.520 $ 2380 $ 11.900 Job 6 Job 64 particules Job 62 begining Balance $620 Imatical Requisition $ 4.900 Dired labour cost $ 2,500 Total work cost $8020 overhead (807-3. Colour cast) $ 2000 Total cost $ 10,020 Gross Mengin $ 2505 Sales Prices $12,525 $ 4600 $ 1740 $ 6340 $ 1392 $ 7,732 $ 3.00 $ 1.600 $4,600 $1280 $5,880 .