Reference no: EM132494961
Question - Wind Power Ltd uses a job order costing system. During the month of July, Wind Power Ltd has only one job W236. This job was started in late June and completed on 26 July. Following are the cost information for job W236, other July costs, and relevant annual estimates. Material issued: $10,000 (75% for direct use on job W236 and 25% for indirect use through July) Labour Direct labour for job W236 (300 DLH @$25 per DLH) 7,500 Indirect labour for July 450 Other July costs Depreciation (40% Factory and 60% Administrative) 2,000 Others (80% Factory and 20% Administrative) 800 Overhead cost driver: Direct Labour Hour (DLH) Estimated Annual Overhead 45,000 Estimated Annual DLH 3,000 Mark-up as a percent of cost 25%.
Required -
(a) Compute the overhead to be applied for July to job W236 upon completion on 26 July.
(b) Calculate the total manufacturing costs for July for job W236.
(c) Prepare the journal entry when job W236 was completed on 26 July, assuming that the balance of work-in-process inventory for job W236 on 1 July was $1,200.
(d) Determine the profit on job W236 when it was sold on 26 July.
(e) Compute the under- or over-applied overhead for July.
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