Job Costs Using a Plantwide Overhead Rate Perrin Company designs industrial prototypes for outside companies....
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Accounting
Job Costs Using a Plantwide Overhead Rate
Perrin Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $337,500, and budgeted direct labor hours were 27,000. The average wage rate for direct labor is expected to be $25 per hour. During June, Perrin Company worked on four jobs. Data relating to these four jobs follow:
Job 39
Job 40
Job 41
Job 42
Beginning balance
$25,700
$34,300
$18,900
$1,300
Materials requisitioned
16,600
22,400
12,100
14,800
Direct labor cost
7,700
19,500
6,750
5,700
Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 110 percent of cost. Job 40 is the only job in Finished Goods Inventory and will remain there until the customer accepts delivery and pays. Jobs 41 and 42 remain unfinished at the end of the month.
Required:
1. Calculate the balance in Work in Process as of June 30.
$fill in the blank 1
2. Calculate the balance in Finished Goods as of June 30.
$fill in the blank 2
3. Calculate the cost of goods sold for June.
$fill in the blank 3
4. Calculate the price charged for Job 39. Round your answer to two decimal places.
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