Question

Br3-Pf Company uses a job-order costing system and applies overhead costs to jobs using a plant-wide...

Br3-Pf Company uses a job-order costing system and applies
overhead costs to jobs using a plant-wide rate of 90% of
direct materials cost. Br3-Pf Company began work on four
jobs during June. Information related to the four jobs
appears below:

                                   Job #1       Job #2
COSTS ADDED DURING JUNE
direct materials ..............    $5,800       $7,500
direct labor ..................    $7,300       $6,300


                                   Job #3       Job #4
COSTS ADDED DURING JUNE
direct materials ..............    $8,200       $6,400
direct labor ..................    $7,920       $7,560

By the end of June, Jobs 2 and 3 had been completed while
Jobs 1 and 4 were not completed. In addition, 1,100 of the
units from Job 2 have been sold and 700 of the units from
Job 3 were sold. Assume Job 2 consisted of a total of 3,000
units and Job 3 consisted of a total of 2,000 units. The
actual overhead cost for June amounted to $24,760. Br3-Pf
Company had no inventory of any type at June 1.

Calculate Br3-Pf Company's finished goods inventory balance
at June 30.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Job 2 and 3 were completed
Job #2 Job #3
Direct materials 7500 8200
Direct labor 6300 7920
Overhead cost [ 90% * Direct materials ] 6750 7380
Total cost 20550 23500
(/) Total units 3000 2000
Cost per unit 6.85 11.75
Job #2 Job #3
Total units 3000 2000
(-) Units sold 1100 700
Finished goods inventory units 1900 1300
(*) Cost per unit 6.85 11.75
finished goods inventory balance at June 30 13015 15275
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
Snappy Company uses job-order costing and applies overhead costs to jobs using a pre-determined overhead rate...
Snappy Company uses job-order costing and applies overhead costs to jobs using a pre-determined overhead rate of $12 per direct labor hour. During 2020, Snappy Company worked on the following jobs Job #16 Job #28 Job #35 beginning cost ............. $3,500 $1,600 $2,000 direct materials used ...... $2,800 $3,700 $2,600 direct labor cost .......... $2,000 $5,300 $3,600 direct labor hours ......... 200 hours 300 hours 280 hours By the end of 2020, Job #16 and Job #28 had been completed....
Johnson Company uses a job-order costing system and started the month of March with three jobs...
Johnson Company uses a job-order costing system and started the month of March with three jobs in process. The cost of beginning work in process plus the costs added during March are shown below: Job #1 Job #2 Job #3 beginning work in process ..... $4,930 $4,970 $2,840 COSTS ADDED DURING MARCH: direct materials .............. $3,400 $4,200 $4,600 direct labor .................. $5,000 $4,000 ? Johnson applies overhead to jobs based on a percentage of direct materials used. During March, Johnson...
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...
1. Granite Company uses a job-order costing system. The company applies manufacturing overhead to jobs using...
1. 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. At the end of the year, it was determined that the company actually worked 15,000 direct labor-hours for the year, and incurred $78,000 in actual manufacturing overhead costs. In June, Job #315 was completed. Materials costs on the...
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...
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis...
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was...
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis...
Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was...
enkins Company uses a job order cost system with overhead applied to jobs on the basis...
enkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April, but not sold. Job C was...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $110,500 of manufacturing overhead for an estimated allocation base of $85,000 direct material dollars to be used in production. The company has provided the following data for the just completed year:         Purchase of raw materials $...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT