Question Three (20 marks) At the beginning of June, Glove Manufacturer had two jobs in process, Job 78 and Job 79, with

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Question Three 20 Marks At The Beginning Of June Glove Manufacturer Had Two Jobs In Process Job 78 And Job 79 With 1 (46.04 KiB) Viewed 123 times

Question Three (20 marks) At the beginning of June, Glove Manufacturer had two jobs in process, Job 78 and Job 79, with the following accumulated cost information: Job 78 Job 79 Direct materials $1,000 $ 800 Direct labor costs 600 1,000 Applied overhead 750 1,250 Balance, June 1 $2,350 $ 3,050 During June, two more jobs (80 and 81) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June: Job 78 Job 79 Job 80 Job 81 Direct materials $ 500 $ 1.110 $ 900 S 100 Direct labor costs 400 1,400 2,000 320 At the end of June, Jobs 78, 79, and 80 were completed. Only Job 79 was sold. On June 1, the balance in Finished Goods was zero. Job 81 is still work in progress. Required: 1. Calculate the overhead rate based on direct labor cost. 2. Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. 3. Calculate the ending balances of Work in Process and Finished Goods as of June 30. 4. Calculate Cost of Goods Sold for June