As of the end of June, the job cost sheets

As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs

Job 102

Job 103

Job 104

  Direct materials

$ 15,000

$ 33,000  

$ 27,000  

  Direct labor

8,000

14,200  

21,000

  Overhead applied

4,000

7,100  

10,500

Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $6,000; direct labor, $1,800; and overhead, $900. Jobs 103 and 104 are started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 are finished in June, and Job 104 is expected to be finished in July. No raw materials are used indirectly in June. Using this information, answer the following questions. (Assume this company’s predetermined overhead rate did not change across these months.

1&2.

Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs.

Direct Materials

Job

May

June

Total

102

103

104

Total

Direct Labor

Job

May

June

Total

102

103

104

Total

3.

What predetermined overhead rate is used during June?

Overhead Rate

Choose Numerator:

/

Choose Denominator:

=

Overhead Rate

Job 102

/

=

Overhead rate

/

=

Job 104

/

=

Overhead rate

/

=

+

Accounts receivable

Average raw materials inventory

Cost of goods sold

Estimated direct labor

Estimated overhead costs

Net sales

Raw materials used

How much total cost is transferred to finished goods during June?

Job

Direct Materials

Direct Labor

Applied Overhead

Total Cost

Cost Transferred to Finished Goods

102

$15,000

$8,000

103

33,000

14,200

104

27,000

21,000

Total

$75,000

$43,200

 

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