Reference no: EM132750791
Problem - Cicero Company uses a job-order costing system that uses a plantwide overhead rate based on direct labour hours. Estimated information for the year is as follows:
Overhead $665,000
Direct labour hours 100,000
There was one job in finished goods inventory at the beginning of July: Job 209
Direct materials $18,500
Direct labour cost 37,500
Direct labour hours 2,500
Cicero worked on five jobs in July. Data are as follows:
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Job 210
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Job 211
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Job 212
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Job 213
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Job 214
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Balance, July 1
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$32,780
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$51,770
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$29,600
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$0
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$0
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Direct materials
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25,500
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39,800
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24,450
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13,600
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18,420
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Direct labour cost
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60,000
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28,500
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41,500
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23,000
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21,300
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Direct labour hours
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4,000
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1,900
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2,700
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1,500
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1,400
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By July 31, Jobs 210, 211, 212 were completed. Jobs 209, 210 and 212 were sold.
Required -
a. Calculate the plantwide overhead rate for Cicero Company.
b. Calculate the total cost of the following jobs: 210, 211, 212, 213 and 214.
c. What is the cost of goods manufactured for the month of July?
d. What is the Cost of goods sold for the month of July?
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