Compute the total overhead applied to production

Assignment Help Accounting Basics

Reference no: EM13120992

Computations using a job order system

General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger;

Work in process $ 35,200
Finished goods 86,900
Cost of goods sold 128,700

Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows:

Document* Date Department Hours Amount
MR 1165 19-Mar Machining - $5,600
MR 1169 21-Mar Machining - 3,500
TT 1450-52 23-Mar Machining 45 400
MUR 46 23-Mar Machining 105 -
MR 4330 27-Mar Finishing - 700
TT 1475-76 31-Mar Machining 30 300
MUR 47 31-Mar Machining 50 -
TT 6608-13 31-Mar Finishing 200 2,000

Job no. 115 was the only job in process at the end of the month. Job no. 101 and three "other" jobs were sold during May at a profit of 20% of cost. The "other" jobs contained material and labor charges of $21,000 and $17,400, respectively.

General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm's fiscal year ends on May 31.

Instructions:
a. Compute the total overhead applied to production during May.
b. Compute the cost of the ending work in process inventory.
c. Compute the cost of jobs completed during May.
d. Compute the cost of goods sold for the year ended May 31.

----o?ou---------------------14743795513818 Content-Disposition: form-data; name="txtRealTicketID"

Reference no: EM13120992

Questions Cloud

Expected value indifference probabilities expected utility : Expected value, indifference probabilities, expected utility, For the payoff table below, the decision maker will use P(s1) = .15, P(s2) = .5, and P(s3) = .35.

Calculate gross national product : Calculate Gross National Expenditure (GNE) for 2014 and calculate Gross National Product (GNP) for 2014;

How many commuters selected-estimate mean driving time : How many commuters must be randomly selected to estimate the mean driving time of Chicago commuters? We want 98% confidence that the sample mean is within 2 minutes of the population mean.

Graphing equalities and inequalities-trends and forecasting : These data represent the number of students attending a high school. Draw a line graph for the data.

Compute the total overhead applied to production : Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.

Transaction by identifying the account : Analyze each transaction by identifying the account or accounts to be debited and credited and prepare a journal entry for each in the proper format.

Define quantitative methods of business : Chez Paul is contemplating either opening another restaurant or expanding its existing location. Define Quantitative Methods of Business

Which alternative should john choose : John Roberts is 60 years old and has been asked to accept an early retirement from his company. The company has offered John three alternative compensation packages to induce John to retire.

Probability that average for sample is between a range : Assuming that the distribution of the salaries is normal, what is the probability that the average for this sample is between $36,000 and $42,000.

User Account

All Pages