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ment. ob S ob T

ment. ob S ob T

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: 1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2 decimal places.) 2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased or decreased by the adjustment. 1. Total manufacturing costs - Job S Total manufacturing costs - Job T 2. Cost of goods sold
Transcribed Image Text:Required: 1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2 decimal places.) 2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased or decreased by the adjustment. 1. Total manufacturing costs - Job S Total manufacturing costs - Job T 2. Cost of goods sold
The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $44.00 per labor hour. Job S incurred 6,190 labor hours; Job T used 4,290 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: Material A Material B Subtotal Indirect materials. Total g. Direct incurred for $ 14,700 45,750 18,300 $78,750 Job S Job T Indirect labor Total Job S Job T $ 29,250 $ 72,000 12,450 35,450 $41,700 $ 107,450 Total $ 101,250 47,900 $ 149, 150 211,750 $360,900 two jobs and indirect labor are as $ 57,000 46,500 136,000 $ 239,500 llows:
Transcribed Image Text:The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $44.00 per labor hour. Job S incurred 6,190 labor hours; Job T used 4,290 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: Material A Material B Subtotal Indirect materials. Total g. Direct incurred for $ 14,700 45,750 18,300 $78,750 Job S Job T Indirect labor Total Job S Job T $ 29,250 $ 72,000 12,450 35,450 $41,700 $ 107,450 Total $ 101,250 47,900 $ 149, 150 211,750 $360,900 two jobs and indirect labor are as $ 57,000 46,500 136,000 $ 239,500 llows:
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