Serlal Problem Business Solutlons L.O. P1, P2, P3 The computer workstation furni

Question

Serlal Problem Business Solutlons L.O. P1, P2, P3 The computer workstation furniture manufacturing that Santana Rey started in January is progressing well. As of the end of June, Business Solutions job cost sheets show the following total costs accumulated on three furniture jobs. Job 6.02 Job 6.03 Job 6.04 2,900 Direct materials $1,600 $3.300 $ Direct labor Overhead 1.420 1,800 400 710 900 Job 6.02 was started in production in May, and these costs were assigned to it in May: direct materials, $500; direct labor, $150; and overhead, $75. Jobs 6.03 and 6.04 were started in June. Overhead cost is applied with a predetermined rate based on direct labor costs. Jobs 6.02 and 6.03 are finished in June, and Job 6.04 is expected to be finished in July. No raw materials are used indirectly in June. (Assume this company's predetermined overhead rate did not change over these months). Requlrec: 1. What is the cost of the raw materials used in June for each of the three jobs and in total? (Omlt the "$" slgn In your response.) Job 6.02 Job 6.03 Job 6.04 Total How much total direct labor cost is incurred in June? (Omlt the "$" slgn In your response.) Total direct labor $ . 3, what predetermined overhead rate is used in June? (Omlt the "%" sign in your response.) Predetermined overhead rate 4. How much cost is transferred to finished goods inventory in June? (Omlt the "$" slgn In your response.) Total transferred cost

Explanation / Answer

1) job 602 1100 (1600-500) job 603 3,300 job 604 2,900 total 7300 answer 2) job 602 650 (800-150) job 603 1,420 job 604 1,800 total 3870 answer 3) predetermined overhead rate = 50% y 4) cost transferred to finished goods inventory 602 603 total Direct materials 1,600 3,300 4,900 direct labor 800 1,420 2220 overhead 400 710 1110 total 2,800 5,430 8,230 Answer $8,230

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