4. Pete\'s Painting uses a job-orde er costing system and has the following info

Question

4. Pete's Painting uses a job-orde er costing system and has the following information for the first week of June (10 points): 1. Direct labor and direct materials used: Job No Direct Material $1,500 960 415 345 652 308 116 16 18 42 24 10 498 506 508 509 511 512 Total 2. The direct labor wage rate is $4 per hour. 3. The overhead rate is $5 per direct labor hour 4. Actual overhead costs for the week, $1,480 5. Jobs completed: Nos. 498, 506, and 509. 6. The factory had no work in process at the beginning of the week. Required a. Prepare a summary tha will show the total cost assigned to each job. b. Compute the amount of overhead over-or underapplied during the week. c. Calculate the cost of the work in process at the end of the week.

Explanation / Answer

Requirement 1 Summary of cost assigned to job Job No. Direct Material Direct labour Hours Direct Labor @ 4 per hour Overhead costs @ 5 per direct labor hour Total Cost A B C D = C X$4 E =C X$5 F =B+D+E 498         1,500      116 464 580         2,544 506            960        16 64 80         1,104 507            415        18 72 90            577 508            345        42 168 210            723 509            652        24 96 120            868 511            308        10 40 50            398 512            835        30 120 150         1,105 Total         5,015      256               1,024            1,280         7,319 Requirement 2 Overhead costs applied               1,280 Actual overhead cost               1,480 Overhead costs under applied 200 Requirement 3 Cost of the work in process at the end of the week Job No. Total Cost 507            577 508            723 511            398 512         1,105 Total         2,803

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