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Exercise 5.14 Cost, Unit Cost Predetermined Overhead Rate, Application of Overhead to Jobs, Job OBJECTIVE wiest i Cairle Companys work-in-process inventory consisted of three jobs with the following costs: On August 1, Company Job 72 Direct materials Direct labor Applied overhead Job 70 $1,600 1,900 1,425 Job 71 $2,000 1,300 975 $850 900 675 more jobs were started. Information on costs added to the seven jobs dur- Job 70 Job 71 Job 72 Job 73 Job 74Job 75 Job 76 1,000 1,400 2,200 1,800 600 860 172 During August, four ing the month is as follows: 80 Direct materials Direct labor 800 S1,235 $3,550 $5,000 S300 $560 Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold. Required: 1. Calculate the predetermined overhead rate based on direct labor cost. 2. Calculate the ending balance for each job as of August 31. 3. Calculate the ending balance of Work in Process as of August 31 4. Calculate the cost of goods sold for August. S. Assuming that Cairle prices its jobs at cost plus 20 percent, calculate Cairles sales revenue for August.
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Solution: 1 Predetermined overhead rate- (1425/1900) 75% or: 0.75 2) Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76 Beginning Direct Material Direct Labor Applied overhead Sold Ending Balance $ 4,925 $ 4,275 $ 2,425 $ 800 $ 1,235 $ 3,550 $ 5,000 $ 300 $560 $80 $ 1,000 $ 1,400 $ 2,200 $ 1,800 600 $860 $ 172 $ 750 $ 1,050 $ 1,650 $ 1,350 $ 450 $645 $ 129 $ -9,825 $ -2,065 $ 7,475 7,960 $ $ 8,150$ 1,350 $ $ 381 3) Ending balance of Work in process $ 7,960 $ 1,350 $ 381 Ending balance of Work in process (7960+1350+381) $ 9,691 4) Cost of goods sold (Job72+Job75) (9825+2065) $ 11,890 Sales Revenue (11890*120%) $ 14,268

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