Assume that the management of H. S. Job, Inc.calculated an estimated overhead application rate of $5...

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Finance

Assume that the management of H. S. Job, Inc.calculated anestimated overhead application rate of $5 per direct laborhour.
At the beginning of the year one job was on hand.  Job#678 had accumulated 200 kilogram of materials at $2 per kilogramsand 100 hours of direct labor at $12 per hour.
During the year Job #678 was completed and Jobs #679, 680, and#681 were started.  Job #678 and #679 were delivered totheir respective customers, while Job #681 had not yet beencompleted.
Actual overhead for the period was $11,500.  Any overor under applied overhead is charged to cost of goods sold for theperiod.
The following job cards were available at the end of theyear.
Required:          Calculatethe following amounts for May.
                        Work-in-Process:May 1
                        Work-in-Process:May 31
                        FinishedGoods: May 31
                        Costof Goods manufactured: May
                        AdjustedCost of Goods Sold: May
Job # 678
April                            DirectMaterial           200kilograms at $2 per kilogram
April                            DirectLabor                100hours at $12 per hours
April                            MachineTime               50hours
May                             DirectMaterial           200kilograms at $2 per kilogram
May                             DirectLabor                700hours at $12 per hours
May                             MachineTime             200hours
Job # 679
May                             DirectMaterial           225kilograms at $2 per kilogram
May                             DirectLabor                900hours at $12 per hours
May                             MachineTime             300hours
Job # 680
May                             DirectMaterial           150kilograms at $2 per kilogram
May                             DirectLabor                600hours at $12 per hours
May                             MachineTime             200hours
Job # 681
May                             DirectMaterial             50kilograms at $2 per kilogram
May                             DirectLabor                  75hours at $12 per hours
May                             MachineTime               25hours

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Assume that the management of H. S. Job, Inc.calculated anestimated overhead application rate of $5 per direct laborhour.At the beginning of the year one job was on hand. Job#678 had accumulated 200 kilogram of materials at $2 per kilogramsand 100 hours of direct labor at $12 per hour.During the year Job #678 was completed and Jobs #679, 680, and#681 were started. Job #678 and #679 were delivered totheir respective customers, while Job #681 had not yet beencompleted.Actual overhead for the period was $11,500. Any overor under applied overhead is charged to cost of goods sold for theperiod.The following job cards were available at the end of theyear.Required: Calculatethe following amounts for May. Work-in-Process:May 1 Work-in-Process:May 31 FinishedGoods: May 31 Costof Goods manufactured: May AdjustedCost of Goods Sold: MayJob # 678April DirectMaterial 200kilograms at $2 per kilogramApril DirectLabor 100hours at $12 per hoursApril MachineTime 50hoursMay DirectMaterial 200kilograms at $2 per kilogramMay DirectLabor 700hours at $12 per hoursMay MachineTime 200hoursJob # 679May DirectMaterial 225kilograms at $2 per kilogramMay DirectLabor 900hours at $12 per hoursMay MachineTime 300hoursJob # 680May DirectMaterial 150kilograms at $2 per kilogramMay DirectLabor 600hours at $12 per hoursMay MachineTime 200hoursJob # 681May DirectMaterial 50kilograms at $2 per kilogramMay DirectLabor 75hours at $12 per hoursMay MachineTime 25hours