Grand Company Uses A xye Granite Company Uses A XYeChegg Study l Guided So X The

Question

Grand Company Uses A xye Granite Company Uses A XYeChegg Study l Guided So X The Sony Corporation uses a job-order cost system. The following data were recorded for July in manufacturing its DVD Players? 6. July 1 Added During July Work in Process Direct Direct Job Number 475 476 477 478 Inventory Materials Labor $ 1,200 300 600 $ 900 800 $1,400 $1,500 $1,800 $2,000 $2,500 $6,000 $ 900 a. Add a column next to direct labor above and calculate the amount of overhead applied to each job. Overhead is applied at the rate of 90% of direct materials cost. b. What is the total cost of each job? (Add beginning WIP, materials, labor, and overhead for each job) Job 475: Job 476: Job 477: Job 478: Jobs 475, 477, and 478 were completed during July and transferred to finished goods. Jobs 475 and 478 have been delivered to the customer c. How much was transferred from WIP to FG? (This is the Cost of Goods Manufactured) d. How much is still in work in process inventory? e. How much is in finished goods inventory? f. How much is in Cost of Goods Sold? g. Assume Job 478 had 100 units produced. What was the cost per unit for these DVD Players? t 5 13

Explanation / Answer

6,320

    Added during july 1-Jul Direct Direct labor overhead total Job WIP materials applied Number 475 2,500 1,200 300 1,080 5,080 476 6,000 600 900 540 8,040 477 800 1,400 1,500 1,260 4,960 478 900 1,800 2,000 1,620 6,320 total 10,200 5,000 4700 4,500 24,400 a) Refer to overhead applied column b) Job total cost Number of each job 475 5,080 476 8,040 477 4,960 478 6,320 c) WIP transferred to Finished goods $16,360 Job total cost Number of each job 475 5,080 476 0 477 4,960 478 6,320 total 16,360 d) WIP inventory 8,040 e) finished goods inventory 4,960 f) cost of goods sold 11,400 Job total cost Number of each job 475 5,080 478

6,320

total 11,400 g) cost per unit      = 6,320/100 63.20 answer

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