Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,770 Work-in-Process Inventory 21,640 Finished Goods Inventory 8,730 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,379 $2,682 $3,174 Direct labor 1,800 1,560 4,300 Applied overhead 1,350 1,170 3,225 During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $29,210. Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370. Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,265. Job 115 was completed and transferred to the finished goods warehouse. Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Predetermined Overhead Rate, Application of Overhead to Jobs, Job Cost On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,770 Work-in-Process Inventory 21,640 Finished Goods Inventory 8,730 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,379 $2,682 $3,174 Direct labor 1,800 1,560 4,300 Applied overhead 1,350 1,170 3,225 During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $29,210. Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370. Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,265. Job 115 was completed and transferred to the finished goods warehouse. Job 115 was shipped, and the customer was billed for 125 percent of the cost.
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 9PB: Mountain Tops applies overhead on the basis of direct labor hours and reports the following...
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Predetermined
On April 1, Sangvikar Company had the following balances in its inventory accounts:
Materials Inventory | $12,770 |
Work-in-Process Inventory | 21,640 |
Finished Goods Inventory | 8,730 |
Work-in-process inventory is made up of three jobs with the following costs:
Job 114 | Job 115 | Job 116 | |
Direct materials | $2,379 | $2,682 | $3,174 |
Direct labor | 1,800 | 1,560 | 4,300 |
Applied overhead | 1,350 | 1,170 | 3,225 |
During April, Sangvikar experienced the transactions listed below.
- Materials purchased on account, $29,210.
- Materials requisitioned: Job 114, $16,230; Job 115, $12,430; and Job 116, $5,370.
- Job tickets were collected and summarized: Job 114, 140 hours at $12 per hour; Job 115, 200 hours at $14 per hour; and Job 116, 90 hours at $19 per hour.
- Overhead is applied on the basis of direct labor cost.
- Actual overhead was $4,265.
- Job 115 was completed and transferred to the finished goods warehouse.
- Job 115 was shipped, and the customer was billed for 125 percent of the cost.
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