Question

Concord Company manufactures custom-order furniture. During 2020, actual manufacturing overhead totaled $710000. Based on the 2020...

Concord Company manufactures custom-order furniture. During 2020, actual manufacturing overhead totaled $710000. Based on the 2020 results, and projected production for 2021, management prepared the 2021 budget and estimated that manufacturing overhead would total $1156900. The estimated number of direct labor hours for 2021 is 50300, and the estimated amount of direct labor cost is $1060000. The company plans to use direct labor hours as the basis to allocate overhead to jobs. During May and June 2021, employees worked on the following four jobs:

Monthly data

Job X43

Job X87

Job Z22

Job A33

May

   Direct materials

 $86600 $71800 $44500 $37500

   Direct labor cost

 $100800 $91700 $78200 $51700

   Direct labor hours

 5100 4520 3960 2600

June

   Direct materials

 $23000 $40700 $34500 $25000

   Direct labor cost

 $28800 $51500 $61800 $32600

   Direct labor hours

 1400 2500 3000 1620


All jobs were started in May. Jobs X87 and A33 were completed and delivered to customers during June. What is cost of goods sold for June?

$417160

$661020

$400700

$243860

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Overhead rate 23 =1156900/50300
Job X87 Job A33
May
Direct materials 71800 37500
Direct labor cost 91700 51700
Overhead applied:
4520 X 23 103960
2600 X 23 59800
June
Direct materials 40700 25000
Direct labor cost 51500 32600
Overhead applied:
2500 X 23 57500
1620 X 23 37260
Total cost 417160 243860
Cost of goods sold for June 661020 =417160+243860
$661020 is correct option
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.Showboat Corporation had actual manufacturing overhead costs for the most recent year of $ 29,700.Manufacturing overhead...
1.Showboat Corporation had actual manufacturing overhead costs for the most recent year of $ 29,700.Manufacturing overhead is allocated using a predetermined manufacturing overhead rate of $3.50 per direct labor hour. Direct labor cost is $27 per hour. At the end of the​ year, Cabaret Corporation found it had overallocated manufacturing overhead by $1,350. How much manufacturing overhead was allocated in total during the​ year? 2.Barefoot Running​ Company's work in process inventory on June 1 has a balance of $23,300 representing...
ob-Order Costing Ace Custom Jewelry Company uses a job-order cost system. The company applies manufacturing overhead...
ob-Order Costing Ace Custom Jewelry Company uses a job-order cost system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours. The estimated MOH was $135,000 for the year and the estimated direct labor hours were 15,000 hours. In May, Job #378 was completed. Direct materials totaled $8,500. Total labor costs were $14,000 at $16 per hour. At the end of the year, it was determined that the company worked 16,000 direct labor...
Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct...
Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 93,000 and estimated factory overhead is $511,500. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished September 1, inventories        Materials inventory $ 8,400    Work-in-process inventory (All Job A) 33,000    Finished goods...
Sneffy Company has a job-order costing system and uses a predetermined overhead rate based on direct...
Sneffy Company has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Manufacturing overhead cost and direct labor hours were estimated at $100,000 and 25,000 hours, respectively, for the year. In July, Job #334 was completed at a cost of $5,000 in direct materials and $2,500 in direct labor. The labor rate is $5 per hour. By the end of the year, Sneffy had worked a total of 45,000...
Parker Company has a job-order costing system and uses a pre-determined overhead rate based on direct...
Parker Company has a job-order costing system and uses a pre-determined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. At the beginning of the year, manufacturing overhead and direct labor hours for the year were estimated at $50,000 and 25,000 hours respectively. In June, Job #461 was started, completed, and sold to a customer. Materials cost on the job totaled $4,000, and labor costs were $5 per hour and totaled $1,500. Sales commissions incurred on...
Benner Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined...
Benner Company uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor hours. Manufacturing overhead and direct labor hours were estimated at $66,000 and 22,000 hours, respectively. In June, Job #461 was completed. Materials costs on the job totaled $4,923 and labor costs totaled $2,325 at $7.50 per hour (310 hours worked on this job). At the end of the year, it was determined that the company worked 23,975 direct...
ABC Manufacturing uses normal costing and allocates manufacturing overhead to jobs based on a budgeted direct...
ABC Manufacturing uses normal costing and allocates manufacturing overhead to jobs based on a budgeted direct labor-hour rate for the actual direct labor hours. Any overallocated or underallocated overhead is written-off to the cost of goods sold at the end of the month. During April 2019, ABC Manufacturing recorded the following: Budgeted manufacturing overhead costs: $400,000 Budgeted direct labor-hours: 20,000 DLHRS Budgeted machine hours: 16,000 MHRS Actual manufacturing overhead costs: $360,000 Actual direct labor-hours:   22,500 DLHRS Actual machine hours: 15,000...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,000, direct labor $12,000, and manufacturing overhead $16,000. As of January 1, Job 49 had been completed at a cost of $90,000 and was part of finished goods inventory. There was a $15,000...
Granite Company uses a job-order costing system. The company applies manufacturing overhead to jobs using a...
Granite Company uses a job-order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year, manufacturing overhead and direct labor-hours were estimated at $80,000 and 16,000 hours respectively, for the year. In June, Job #315 was completed. Materials costs on the job totaled $1,500 and labor costs totaled $2,400 at $6 per hour. At the end of the year, it was determined that the company worked 15,000 direct labor-hours for...
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead...
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 41,000 actual direct labor-hours and incurred $624,000 of actual manufacturing overhead cost. The Corporation had estimated that it would work 39,000 direct labor-hours during the year and incur $585,000 of manufacturing overhead cost. The Corporation's manufacturing overhead cost for the year was:
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT