Jankins Company uses a joh arder cast systam with avarhaad appied to johs on the
ID: 2332045 • Letter: J
Question
Jankins Company uses a joh arder cast systam with avarhaad appied to johs on the hasis ot diract lahar hours The direct labar rata is $20 par haur, and tha pradatarminad cvarhead rata is $15 per diract lahor hour. Tha company werked on threa johs during April Johs A and Bwera in ocass at the heainnlng n April Job A was c m leted and del erer t the cus nner Jon B was con Pa ed during A n but not so don C was starte dunn A r but not com lata Tha n cost sha s ravealed ha llawing ons s nr Anr Cost at lobs in Process, 411201 Direct Matenals Isad Direct Lahcr Appliad Manufactunng Ovarhaad 1,000 00D 00D 1,500 IN 7,500 2,500 Required: ir no other obs were started, completed, or sold, determine the balance n each of the foliom accounts at the end of April. a Wark in Pocess b. Finished GoodsExplanation / Answer
Answer
Working
Job A
Job B
Job C
A
Direct Labor cost
$ 9,000.00
$ 7,000.00
$ 2,500.00
B
Direct labor rate per hour
$ 20.00
$ 20.00
$ 20.00
C = A/B
No. of direct labor hours
450
350
125
D
Predetermined Overhead rate per direct labor hour
$ 15.00
$ 15.00
$ 15.00
E = C x D
Applied manufacturing Overhead
$ 6,750.00
$ 5,250.00
$ 1,875.00
Job A
Job B
Job C
Beginning WIP
$ 11,500.00
$ 1,000.00
$ -
Direct Material Added
$ 1,500.00
$ 7,000.00
$ 7,500.00
Direct Labor
$ 9,000.00
$ 7,000.00
$ 2,500.00
Applied manufacturing Overhead [see working]
$ 6,750.00
$ 5,250.00
$ 1,875.00
Total Cost
$ 28,750.00
$ 20,250.00
$ 11,875.00
Status
Sold
Finished Inventory
Work in Process
a.
Work In Process [Job C]
$ 11,875.00
b.
Finished Goods [Job B]
$ 20,250.00
c.
Cost of Goods Sold [Job A]
$ 28,750.00
Working
Job A
Job B
Job C
A
Direct Labor cost
$ 9,000.00
$ 7,000.00
$ 2,500.00
B
Direct labor rate per hour
$ 20.00
$ 20.00
$ 20.00
C = A/B
No. of direct labor hours
450
350
125
D
Predetermined Overhead rate per direct labor hour
$ 15.00
$ 15.00
$ 15.00
E = C x D
Applied manufacturing Overhead
$ 6,750.00
$ 5,250.00
$ 1,875.00
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