Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Job 5 $ 15,800 8,800 4,400 Predetermined overhead rate Job 6 $ 33,400 15,000 7,500 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 3. What is the predetermined overhead rate? % Job 7 $ 27,400 21,800 10,900

Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Job 5 $ 15,800 8,800 4,400 Predetermined overhead rate Job 6 $ 33,400 15,000 7,500 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 3. What is the predetermined overhead rate? % Job 7 $ 27,400 21,800 10,900

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Description: Required information[The following information applies to the questionsdisplayed below.]At the end of June, the job cost sheets at Ace Roofers showthe following costs accumulated on three jobs.At June 30Direct materials.Direct laborOverhead appliedJ

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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At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number SY-400 SY-403 Direct Labor Applied Overhead $23,440 15,520 ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $26.000 in direct labor. For SY-403, $76,000 in labor was used. During the month, the only new job, SY 404, was started but not finished. Total direct labor costs for all jobs amounted to $149,520 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing. and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $93,000. Required: 6. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost of…
At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number SY-400 SY-403 Direct Labor Applied Overhead $23,440 15,520 ? ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $26,000 in direct labor. For SY-403, $76,000 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $149,520 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing, and travel costs to meet with clients. Overhead is applied at a rate of 60 percent of direct labor costs for this and previous periods. Actual overhead for the month was $93,000. Required: a. What are the costs of Jobs SY-400 and SY-403 at the beginning of the month and when completed? b. What is the cost…
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Can you please show how its done? I got $75,000 and its not correct
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