a. | Total cost of each job: | ||||||||||||
CC723 | CH291 | PS812 | DS444 | ||||||||||
Accumulated cost | 960000 | 433000 | 300000 | 1693000 | |||||||||
Material cost | 192000 | 18500 | 247000 | 260000 | |||||||||
Direct labor cost | 122400 | 47200 | 225500 | 138000 | |||||||||
Overhead assinged | (Note:1) | 65000 | 23000 | 110000 | 85000 | ||||||||
Total cost | 1339400 | 521700 | 882500 | 2176000 | |||||||||
Note:1 | |||||||||||||
Predetermined overhead rate=Estimated manufacturing overhead/Estimated machune hours=5000000/1000000=$5 per machine hour | |||||||||||||
Overhead assigned=Machine hours worked*Predetermined overhead rate | |||||||||||||
CC723 | CH291 | PS812 | DS444 | ||||||||||
Machine hours | 13000 | 4600 | 22000 | 17000 | |||||||||
Predetermined overhead rate | 5 | 5 | 5 | 5 | |||||||||
Overhead assigned | 65000 | 23000 | 110000 | 85000 | |||||||||
b. | Total manufacturing cost=Material cost+direct labor cost+Overhead assigned | ||||||||||||
CC723 | CH291 | PS812 | DS444 | Total | |||||||||
Material cost | 192000 | 18500 | 247000 | 260000 | 717500 | ||||||||
Direct labor cost | 122400 | 47200 | 225500 | 138000 | 533100 | ||||||||
Overhead assinged | 65000 | 23000 | 110000 | 85000 | 283000 | ||||||||
Total manufacturing cost | 1533600 | ||||||||||||
c. | Cost of goods manufactured: | ||||||||||||
$ | |||||||||||||
Total manufacturing cost | 1533600 | ||||||||||||
Add: Beginning work in process inventory | |||||||||||||
(Accumulated cost at the beginning) | 1693000 | ||||||||||||
3226600 | |||||||||||||
Less: Ending work in process inventory | |||||||||||||
(Refer d) | 882500 | ||||||||||||
Cost of goods manufactured | 2344100 | ||||||||||||
d. | Balance in work in process inventory on Dec 31. | ||||||||||||
Balance in work in process consist of Jobs not completed. | |||||||||||||
Only uncompleted job is PS812 | |||||||||||||
Hence,balance in work in process inventory on Dec 31=Cost of job PS812=$ 882500 | |||||||||||||
e. | CC723 | CH291 | DS444 | Total | |||||||||
Total cost | 1 | 1339400 | 521700 | 2176000 | |||||||||
Units completed | 2 | 25000 | 18000 | 9000 | |||||||||
Cost per unit | 3=1/2 | 53.58 | 28.98 | 241.78 | |||||||||
Units sold | 4 | 15000 | 12000 | 4500 | |||||||||
Cost of goods sold | 5=3*4 | 803640 | 347800 | 1088000 | 2239440 | ||||||||
CC723 | CH291 | DS444 | Total | ||||||||||
Units completed | 1 | 25000 | 18000 | 9000 | |||||||||
Units sold | 2 | 15000 | 12000 | 4500 | |||||||||
Units in hand | 3=1-2 | 10000 | 6000 | 4500 | |||||||||
Cost per unit | 4 | 53.58 | 28.98 | 241.78 | |||||||||
Cost of finished goods inventory | 5=3*4 | 535760 | 173900 | 1088000 | 1797660 | ||||||||
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