At the beginning of June, Rhone Company had two jobs in process, Job 44 and...
80.2K
Verified Solution
Link Copied!
Question
Accounting
At the beginning of June, Rhone Company had two jobs in process, Job 44 and Job 45, with the following accumulated cost information:
Job 44
Job 45
Direct materials
$4,850
$1,400
Direct labor
800
2,800
Applied overhead
560
1,960
Balance, June 1
$6,210
$6,160
During June, two more jobs (46 and 47) were started. The following direct materials and direct labor costs were added to the four jobs during the month of June:
Job 44
Job 45
Job 46
Job 47
Direct materials
$2,750
$7,140
$1,900
$1,900
Direct labor
760
6,360
860
600
At the end of June, Jobs 44, 45, and 47 were completed. Only Job 45 was sold. On June 1, the balance in Finished Goods was zero.
Required:
1.
Calculate the overhead rate based on direct labor cost. Round to three decimal places.
2.
Prepare a brief job-order cost sheet for the four jobs. Show the balance as of June 1 as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances.
3.
Calculate the ending balances of Work in Process and Finished Goods as of June 30.
4.
Calculate the Cost of Goods Sold for June.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
