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Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies....

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Accounting

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Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $297,500, and budgeted direct labor hours were 17,000. The average wage rate for direct tabor is expected to be $35 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $24,400 $35,500 $17,200 $1,200 Materials requisitioned 17,200 22,600 10,200 14,200 Direct labor cost 3,300 19,700 4,850 5,100 Overhead is assigned as a percentage of direct labor cost. During Sune, Jobs 39 and 40 were completed; Job 39 was sold at 120 percent of cost (Naranje had onginally developed Job 40 to order for a customer, however that customer was near bankruptcy and the chance of Naranjo being paid was growing dermer Naranjo decided to hold Job in wventory while the customer worked out its financial difficulties Job 40 is the only yob in Finished Goods Inventory) Jobs 41 and 42 remain untirished at the end of the month.

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