Question

Golden Heaven Ltd. Manufactures custom kitchen cabinets and uses a job costing system. On January 1,...

Golden Heaven Ltd. Manufactures custom kitchen cabinets and uses a job costing system. On January 1, 2015, there were no balances in work-in-process or finished goods inventories. The following events occurred in January 2015: 1. The company began two jobs: Job CC456 (comprising 40 tables) and Job DD789 (comprising 60 chairs). 2. 400 square metres of timber were purchased at a total cost of $5,800. 3. 80 litres of glue were purchased at a cost of $6 per litre. 4. The following materials were issued during the month: Issue 1: Job CC456 — 200 square metres of timber Issue 2: Job DD789 — 150 square metres of timber Issue 3: 20 litres of glue to be used on each job 5. The following number of direct labour hours was spent on the two jobs: Job CC456: 200 direct labour hours Job DD789: 100 direct labour hour Actual direct labour cost per hour was $30. 6. Overhead should be charged to each job on the basis of $25 per direct labour hour. 7. Job CC456 was completed and 30 tables from the job were sold for a total price of $15,000. Job DD789 was unfinished at month-end. REQUIRED a. Calculate the inventory value at month-end of • Raw materials • Work in process • Finished goods b. Calculate both, the cost of goods sold and the gross profit for the month.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
A company began operations on January 1, 20x3. The company uses a job order system and...
A company began operations on January 1, 20x3. The company uses a job order system and started the following jobs during January 20x3: Job 101 Job 102 Job 103 Direct materials $18422 $24413 $35988 Direct labour hours 971 1387 737 Additional information is as follows: Total estimated overhead $302539 Total estimated direct labour hours 19248 Actual direct labour rate $19 per direct labour hour All three jobs were completed by the end of January 20x3. Finished goods at January 31,...
Problem 1 (14 marks) (28 minutes) Cicero Company uses a job-order costing system that uses a...
Problem 1 (28 minutes) Cicero Company uses a job-order costing system that uses a plantwide overhead rate based on direct labour hours. Estimated information for the year is as follows: Overhead $665,000 Direct labour hours 100,000 There was one job in finished goods inventory at the beginning of July: Job 209 Direct materials $18,500 Direct labour cost 37,500 Direct labour hours 2,500 Cicero worked on five jobs in July. Data are as follows: Job 210 Job 211 Job 212 Job...
Kimberlee Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct...
Kimberlee Corporation manufactures custom cabinets for kitchens. It uses a normal costing system with two direct costing categories- direct materials and direct manufacturing labor-- and one indirect cost pool, manufacturing overhead costs. It provides the following informtion for April 2017. Actual direct materials used      $75,000 Actual direct manufacturing labor costs paid in cash $55,000 Indirect materials used   $3,500 Supervision and engineering salaries paid in cash $49,000 Plant utilities and repairs paid in cash $13,000 Plant Depreciation $11,000 Actual direct manufacturing...
using a job costing system that applies factory overhead on the basis of direct labour hours....
using a job costing system that applies factory overhead on the basis of direct labour hours. Budgeted factory overhead for the year 2020 was $1,235,475, and management budgeted 86 700 direct labour hours. the company had no direct materials, indirect materials, work-in-process, or finished goods inventory at the beginning of February 2020. The following transactions were recorded during February: 1. Purchased 5 000 square meters of oak on account at $25 per square meter. 2. Purchased 50 litres of glue...
Z Company manufactures wooden, hand-carved figurines and uses a job order costing system. Last month on...
Z Company manufactures wooden, hand-carved figurines and uses a job order costing system. Last month on the “Pine” job, 180 units were made with 400 direct labor hours worked and $4,500 of direct materials used and $6,000 of direct labor used. Last month on the “Oak” job, 100 units were made with 200 direct labor hours worked and $2,700 of direct materials used and $3,000 of direct labor used. Last month on the “Cherry” job, 80 units were made with...
Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of...
Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for home builders. The following information is available for the month of July: Costs Incurred to July 1 Added in July Job Number Direct Materials Direct Labour Direct Materials Direct Labour Status at July 31 101 $9,000 $2,000 $ 0 $1,000 Completed but not sold 103 2,500 1,500 ? ? Not completed 111 600 100 500 3,000 Completed but not...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 50,000 Work in process $ 30,800 Finished goods $ 43,200 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $12.00 per direct labor-hour was based on a cost formula that estimated $480,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 40,000 Work in process $ 18,000 Finished goods $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were...
Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company’s operating year. Data from the job cost sheets of the three jobs follow:    Job Cost Sheet    Job 105 Job 106 Job 107   November costs incurred:      Direct materials $ 16,500 $ 9,300 $ 0...
Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were...
Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company’s operating year. Data from the job cost sheets of the three jobs follow:    Job Cost Sheet    Job 105 Job 106 Job 107   November costs incurred:      Direct materials $ 19,500 $ 12,300 $ 0...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT