Question

As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three customReg 1 and 2 Req 3 Reg 4 Complete the table below to calculate the cost of the raw materials requisitioned and direct labor co

Reg 1 and 2 Req 4 Req 3 Restengular Snip Using the accumulated costs of the jobs, what predetermined overhead rate is used? O

Reg 1 and 2 Reg 3 Req 4 How much total cost is transferred to finished goods during June? Applied Overhead Direct Materials D

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Answer #1
Solution 1 and 2:
Direct Materials
Job May June Total
102 $11,000 $5,000 $16,000
103 $56,000 $56,000
104 $60,000 $60,000
Total $11,000 $1,21,000 $1,32,000
Direct Labor
Job May June Total
102 $3,900 $16,100 $20,000
103 $30,000 $30,000
104 $44,000 $44,000
Total $3,900 $90,100 $94,000
Solution 3:
Overhead Rate
Choose Numerator / Choose Denominator = Overhead Rate
Job 102
Overhead Applied / Direct Labor Cost = Overhead Rate
$9,200 / $20,000 = 46%
Job 103
Overhead Applied / Direct Labor Cost = Overhead Rate
$13,800 / $30,000 = 46%
Job 104
Overhead Applied / Direct Labor Cost = Overhead Rate
$20,240 / $44,000 = 46%
Solution 4:
Job Direct Material Direct Labor Applied Overhead Total Cost Cost Transferred to finished goods
102 $16,000 $20,000 $9,200 $45,200 $45,200
103 $56,000 $30,000 $13,800 $99,800 $99,800
104 $60,000 $44,000 $20,240 $1,24,240 $0
Total $1,32,000 $94,000 $43,240 $2,69,240 $1,45,000
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