Hello, Can you please assist. I have completed the first portion, but I am...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Hello,
Can you please assist. I have completed the first portion, but I am stuck on 5 on Adding: Begining work in process inventory when I am completing the Statement of Cost of Goods Manufactured for July
Haughton Company uses a job costing system for its production costs and a predetermined factory overhead rate based on direct labor costs to apply factory overhead to all jobs. During the month of July, the firm processed three jobs: X13, X14, and X15, of which X13 was started in June
July 1
July 31
Inventories
Direct Materials
$
37,400
?
Work-in-Process
42,800
?
Finished Goods
0
0
Cost of Goods Sold
$
?
Direct materials purchased in July
64,000
Materials issued to production:
X13
17,460
X14
31,420
X15
14,450
Factory labor hours used ($30/hour):
X13
3,950
X14
3,250
X15
2,050
Indirect labor
7,350
Other factory overhead costs incurred:
Rent
$
136,000
Utilities
551,850
Repairs and maintenance
193,000
Depreciation
135,600
Other
60,500
5. Prepare the Statement of Cost of Goods Manufactured for July.
6. Compute the amount of overapplied or underapplied overhead.
7. What is the cost per unit of Job X13 if it has a total of 100 units?
8. Prepare the Statement of Cost of Goods Sold for July.
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!