Question acct 212 homework 3 chapter 19

29 Jun Question acct 212 homework 3 chapter 19

Question
acct 212 homework 3 chapter 19

1.

award:
3 out of
3.00 points

Exercise 19-4 Analysis of cost flows L.O. C2, P1, P2, P3

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

$ 45,000

$ 64,000

$ 54,000

Direct labor

18,000

28,000

39,000

Overhead

7,740

12,040

16,770

Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $9,000; direct labor, $3,100; and overhead, $1,333. 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 questions. (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? (Omit the “$” sign in your response.)

2.

How much direct labor cost is incurred during June for each of the three jobs? (Omit the “$” sign in your response.)

3.

What predetermined overhead rate is used during June? (Omit the “%” sign in your response.)

4.

How much total cost is transferred to finished goods during June? (Omit the “$” sign in your response.)

2.

award:
2 out of
2.00 points

Exercise 19-5 Overhead rate; costs assigned to jobs L.O. P3

In December 2010, Kent Computer’s management establishes the year 2011 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur $729,300 of overhead costs and $510,000 of direct labor cost in year 2011. During March 2011, Kent began and completed Job No. 13-56.

1.

What is the predetermined overhead rate for year 2011? (Omit the “%” sign in your response.)

143 %

2.

Use the information on the following job cost sheet.

Determine the total cost of the job. (Round your answer to the nearest whole number. Omit the “$” sign in your response.)

3.

award:
1.34 out of
2.00 points

Exercise 19-6 Analysis of costs assigned to goods in process L.O. P3

Lopez Company uses a job order cost accounting system that charges overhead to jobs on the basis of direct material cost. At year-end, the Goods in Process Inventory account shows the following.

Date

Explanation

Debit

Credit

Balance

2011

Dec. 31

Direct materials cost

1,600,000

1,600,000

31

Direct labor cost

240,000

1,840,000

31

Overhead costs

560,000

2,400,000

31

To finished goods

2,311,000

89,000

1.

Determine the overhead rate used (based on direct material cost). (Omit the “%” sign in your response.)

2.

Only one job remained in the goods in process inventory at December 31, 2011. Its direct materials cost is $30,000. How much direct labor cost and overhead cost are assigned to it? (Round your answers to the nearest dollar amount. Omit the “$” sign in your response.)

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Worksheet

Difficulty: Medium

Exercise 19-6 Analysis of costs assigned to goods in process L.O. P3

Learning Objective: 19-P3 Describe and reco