Homework Answers
1. Predetermined overhead rate per direct labor dollar = total manufacturing overhead applied / total direct labor cost
= 151000/166000 = $0.91 per direct labor dollar
| Predetermined overhead rate | $0.91 | Per direct labor dollar |
2.
| Work in progress at the end of August (see calculation in notes ) | $376050 |
Notes :-
1 Balance in work in progress as on Aug 31 will be calculated as follows :-
| Balance WIP as on aug 1 | 128000 |
| Direct material used | 122800 |
| Direct labor | 166000 |
| Manufacturing overhead applied | 151000 |
| Total cost on all jobs till the end of aug | $567800 |
| (-) cost of following fininshed jobs | |
| - job 234 | (71950) |
| - job 237 | (32800) |
| - job 231 | (60000) |
| - job 246 | (27000) |
| Total work in progress at the end of August | $376050 |
3. Following is the direct material cost and applied overhead for job 248 :-
| Direct material cost (see calculation in note3 below ) | $331165 |
| Applied overhead (see calculation in note 2 below ) | $21385 |
Notes :-
Calculation of applied overhead
We know applied overhead rate = $0.91 per direct labor dollar
Direct labor in job 248 = $23500
Thus, applied overhead = 0.91x23500 = $21385.
Thus Thus direct material cost ,= Work in progress - direct labor - applied overhead
= 376050 (from note 1)-23500-21385 = $331165.
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The job cost sheets of the two uncompleted jobs show
charges of $6,000 and $3,000 for materials, and charges of $4,000
and $2,000 for direct labor.
From this information, it appears that the Corporation
is using a predetermined overhead rate, as a percentage of direct
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apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April Jobs A and B were in process at the beginning of April....
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