(NEED THIS ASAP) Red Wing Company applies factory overhead based on direct labor costs . The company incurred the following costs during 2013: direct materials...
(NEED THIS ASAP)
Red Wing Company
applies factory overhead based on direct labor costs
.
The company
incurred the following costs during 2013: direct materials costs, $637,500; direct labor costs,
$2,500,000; and factory overhead costs
applied
,
$1,000,000.
1.
Calculate the predetermined over
head rate for year 2013.
2.
Assuming that the company’s $57,000 ending Goods in Process Inventory account for
year 2013 had $18,000 of direct labor
costs;
determine the inventory’s direct materials
costs.
3.
Assuming that the company’s $337,485 ending Finished G
oods Inventory account for
year 2013 had $137,485 of direct materials costs, determine the inventory’s
(a).
direct labor costs and
(b).
its overhead costs.
The following information is available for Lock
-
Down Company, which produces special
-
order
security products and uses a job order cost accounting system.
Complete the
following amounts for the month of May.
1.
Cost of direct materials used.
2.
Cost of direct labor used.
3.
Cost of goods manufactured.
4.
Cost of goods sold.
*
5.
Gross profit.
6.
Overapplied or underapplied overhead.
*
Do not consider any underapplied or overapplied over
head.
V. Analysis of cost flows
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 was started in production in May and the following costs were assigned to it in
May: direct materials, $12,000; direct labor, $3,600; and overhead,
$1,800.
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.What is the cost of the raw materials requisitioned in
June for each of the three jobs?
What is the total cost of raw materials requisitioned for June?
2.How much direct labor cost is incurred during June for ea
ch of the three jobs? What istotal direct labor cost incurred in June?
3.What predetermined overhead rate is used during June?
How much total cost is
transferred to finished goods during June?
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