Reference no: EM133050768
Question - At the beginning of September, Sunshine Ltd had two works in progress, work 01 and work 02, with the following cost information:
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work 01
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work 02
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Direct material
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$40,800
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$12,000
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Direct labour
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$9,600
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$24,000
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Applied overhead
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$3,120
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$7,800
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Total
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$56,640
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$51,600
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The balance of finished goods inventory on 1 September was $0.
During September, two new works, work 03 and work 04, were started. The following direct material and direct labour costs were added to the four jobs during September:
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work 01
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work 02
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work 03
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work 04
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Direct material
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$2,500
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$7,100
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$1,800
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$1,700
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Direct labour
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$800
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$6,400
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$900
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$560
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At the end of September, work 01, 02 and 03 were completed. Only work 01 was sold.
Required -
-Calculate the pre-determined overhead rate based on direct labour cost.
-Prepare a work-order cost sheet for the four works. Show the balance as of 1 September as well as direct material and direct labour added in September. Allocate the overhead to the four works for the month of September and show the closing balance.
-Calculate the ending balances of work in process and finished goods as of 30 September.
-What is normal costing? How does it differ from actual costing?
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