Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost
On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inventory | $12,930 |
Work-in-Process Inventory | 21,210 |
Finished Goods Inventory | 8,730 |
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 | Job 115 | Job 116 | |
Direct materials | $2,431 | $2,660 | $3,505 |
Direct labor | 1,700 | 1,660 | 4,060 |
Applied overhead | 1,190 | 1,162 | 2,842 |
During April, Sangvikar experienced the transactions listed below.
Required:
1. Calculate the predetermined overhead rate based on direct labor cost.
% of direct labor cost
2. Calculate the ending balance for each job as of April 30. When required, round your answers to the nearest dollar. Use your rounded answers in subsequent computations, if necessary.
Ending Balance | |
Job 114 | $ |
Job 115 | $ |
Job 116 | $ |
3. Calculate the ending balance of Work in Process as of April 30. When required, round your answer to the nearest dollar.
$
4. Calculate the cost of goods sold for April. When required, round your answer to the nearest dollar.
$
5. Assuming that Sangvikar prices its jobs at cost plus 25 percent, calculate the price of the one job that was sold during April. When required, round your answer to the nearest dollar.
$
Ques 1 | 70.00% | of direct labor cost | ||
1190/1700 | ||||
Ques 2 | Job114 | Job115 | Job116 | |
Balance Apr1 | 5321 | 5482 | 10407 | |
2431+1700+1190 | 2660+1660+1162 | 3505+4060+2842 | ||
Direct Materials | 16880 | 11970 | 5430 | |
Direct Labor | 1680 | 3000 | 1260 | |
Applied Overhead(65% of labor cost) | 1176 | 2100 | 882 | |
Total | 25057 | 22552 | 17979 | |
Ques 3 | Ending WIP | |||
Job 114 | 25057 | |||
Job 116 | 17979 | |||
Ending WIP | 43036 | |||
Ques 4 | Cost of goods sold (Job 115) | 22552 | ||
Ques 5 | Price of Job 115 | 28190 | ||
22552*1.25 |
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had...
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