- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 1 (138.68 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 2 (132.75 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 3 (149.19 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 4 (135.79 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 5 (115.14 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 6 (135.9 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 7 (50.2 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 8 (224.06 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 9 (139.31 KiB) Viewed 9 times
- At The Beginning Of The Year Learer Company S Manager Estimated Total Direct Labor Cost To Be 2 500 000 The Manager A 10 (134.29 KiB) Viewed 9 times
At the beginning of the year, Learer Company's manager estimated total direct labor cost to be $2,500,000. The manager also estimated the following overhead costs for the year. Indirect labor Rent on factory building Factory utilities Depreciation-Factory equipment Repairs expense-Factory equipment Indirect materials Total estimated overhead costs $ 559,200 140,000 156,000 480,000 60,000 104,800 $1,500,000 For the year, the company incurred $1,520,000 of actual overhead costs. It completed and sold five jobs with the following direct labor costs: Job 201, $604,000; Job 202, $563,000; Job 203, $298,000; Job 204, $716,000; and Job 205, $314,000. In addition, Job 206 is in process at the end of the year and had been charged $17,000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on a percent of direct labor cost. Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. X Answer is not complete.
Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Actual overhead cost Answer is not complete. Determine the over- or underapplied overhead at the year-end. Factory Overhead 1,505,700 X Req 2 < Req 1B Applied overhead cost Req 2 >
Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the overhead applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Complete this question by entering your answers in the tabs below. Req 1A No 1 Req 1B Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold at year-end. Date Req 1C December 31 Answer is not complete. Cost of goods sold Factory overhead Req 2 General Journal < Req 1C Req 2 > Debit 1,505,680 Credit 30,600 X
Sager Company builds custom retaining walls for large commercial customers. On May 1, the company had no inventories of work in process or finished goods but held the following raw materials. Cinder block Boulders Stain (indirect materials) Total 200 units @ $250 = 95 units @ 180 = 55 units @ 75 =_ $ 50,000 17,100 4,125 $ 71,225 On May 4, the company began work on Job 102 for Woz Company and Job 103 for Reuben Company. Required: 1. Prepare job cost sheets for Jobs 102 and 103. Prepare three materials ledger cards for cinder blocks, boulders, and stain. Enter the beginning raw materials inventory amounts from above for each of these materials on their ledger cards. Then, follow the instructions in this list of activities to complete the job cost sheets and the materials ledger cards. a. Purchased raw materials on credit and recorded the following information from receiving reports. Receiving Report Number 426, cinder blocks, 250 units at $250 each. Receiving Report Number 427, boulders, 90 units at $180 each. Instructions: Enter the receiving report information on the materials ledger cards. b. Requisitioned the following raw materials for production. Requisition Number 35, for Job 102, 135 units of cinder blocks Requisition Number 36, for Job 102, 72 units of boulders. Requisition Number 37, for Job 103, 70 units of cinder blocks. Requisition Number 38, for Job 103, 38 units of boulders. Requisition Number 39, for 15 units of t
5 Instructions: Enter amounts for direct materials requisitions on the materials ledger cards and the job cost sheets. Enter the indirect materials amount on the materials ledger card. c. Received the following employee time tickets for work in May. Time tickets Numbers 1 to 10 for direct labor on Job 102, $90,000. Time tickets Numbers 11 to 30 for direct labor on Job 103, $65,000. Time tickets Numbers 31 to 36 for indirect labor, $19,250. Instructions: Record direct labor from the time tickets on the job cost sheets. d. Finished Job 102. The company applies overhead to each job with a predetermined overhead rate of 80% of direct labor cost. Instructions: Enter the applied overhead on the cost sheet for Job 102, fill in the cost summary section of the cost sheet, and then mark the cost sheet "Finished." e. Applied overhead cost to Job 103 based on the job's direct labor used to date. Instructions: Enter applied overhead on the job cost sheet for Job 103. 2. Job 102 was sold on credit for $400,000. Compute gross profit for the month. 3. Determine the balances reported on the month-end balance sheet for Raw Materials Inventory and Work in Process Inventory.
S Prepare job cost sheets for Jobs 102 and 103 using the information given in part a, b, c and e. Customer's Name Requisition Number Total Total cost of Job Summary of Costs Customer's Name Requisition Number Total Woz Company Direct Materials Cost $ Reuben Company Direct Materials Cost JOB COST SHEET 0 0 Total Time Ticket Number Direct Labor Direct Labor Time Ticket Number Total Cost Cost Job Number 0 Total Rate % Overhead Job Number 0 Total Rate % Overhead Cost 103 102 Cost 0 0
Total Summary of Costs Total cost of Job S 0 Total 0 0 Total Required 1 Materials Requisition 0
19 2 ts Skipped eBook Print eferences Mc Graw Prepare three materials ledger cards for cinder blocks, boulders, and stain using the information given in part a and b. Item Date Receiving Report May 1 Item Date May 1 Item Date May 1 Receiving Report Receiving Report $ MATERIALS LEDGER CARD Received Issued Units Unit Price Total Price Requisition Units Unit Price Cinder blocks $ 0 Boulders Received Issued Units Unit Price Total Price Requisition Units Unit Price 0 Stain Received Issued Units Unit Price Total Price Requisition Units Unit Price Prev Total Price Units Unit Price Balance Total Price Units Unit Price 19 of 19 Balance www Total Price Units Unit Price Balance Next Total Price $ S S Total Price Total Price 0 0 0 0 0 0 0 0 0
es Required 1 Materials Requisition Job 102 was sold on credit for $400,000. Compute gross profit Required 1 Job Cost Sheets $ Required 2 0 Required 3 < Required 1 Materials Requisition
Complete this question by entering your answers in the tabs below Required 1 Materials Requisition Determine the balances reported on the month-end balance sheet for Raw M. Required 1 Job Cost Sheets Raw materials inventory Work in process inventory Required 2 Required 3 < Required 2