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As of the end of June, the job cost sheets at Racing Wheels, Inc. show the following total costs accumulated on three custom jobs:

Job 102 Job 103 Job 104
Direct materials $30,000 $66,000 $54,000
Direct Labor $16,000 $28,400 $42,000
Overhead $8,000 $12,200 $21,000

• Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $12,000; direct labor, $3,600; and overhead, $1,800.
• Jobs 103 and 104 are started in June. Overhead cost is applied with a predetermined rate based on direct labor cost.
• Jobs 102 and 103 are finished in June, and Job 104 is expected to be finished in July. No raw materials are used indirectly in June.

Using this information, answer the following problems. (Assume this company's predetermined overhead rate did not change across these months).

1. What is the cost of the raw materials requisitioned in June for each of the three jobs? What is the total cost of raw materials requisitioned for June?
2. How much direct labor cost is incurred during June for each of the three jobs? What is total direct labor cost incurred in June?
3. What predetermined overhead rate is used during June? How much total cost is transferred to finished goods during June?

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940577

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