Job Costing
Work in process inventory for Bradley Inc. at the beginning of the year was a single job,Job 125 :
Job | Materials | Labor | Overhead | Total |
125 | $22,500 | $22,000 | $33,000 | $77,500 |
The Company’s actual cost incurred during the year are as follows:
|
| Incurred by Jobs |
| |
Jobs | Materials | Labor | Other | Total |
125 | $1,000 | $10,000 | — | $11,000 |
128 | 26,000 | 18,000 | — | 44,000 |
129 | 12,000 | 34,000 | — | 46,000 |
1 30 | 4,000 | 16,000 | — | 20,000 |
| Materials | Labor | Other | Total |
Indirect materials and supplies | $30,000 | — | — | $30,000 |
Indirect labor | — | $23,000 | — | 23,000 |
Employee benefits | — | — | $46,000 | 46,000 |
Depreciation | — | — | 12,000 | 12,000 |
Supervision | — | 15,000 | — | 15,000 |
The Company’s budgeted costs for the year are as follows:
Budgeted overhead |
|
Variable |
|
Indirect materials | $16,000 |
Indirect labor | 56,000 |
Employee benefits | 24,000 |
Fixed |
|
Supervision | 20,000 |
Depreciation | 12,000 |
Total | $128,000 |
Budgeted direct labor dollars | $ 80,000 |
Rate per direct labor dollar ($128,000/$80,000) | 160% |
Required
1. What was the actual factory overhead for Bradley, Inc for the year?
2. What was overapplied or underapplied overhead for the year?
3. Job 125 was the only job completed and sold in the year. What amount was included in the cost of the goods sold for this job?
4. What was the amount of Work-in-Process Inventory at the end of the year?
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