Hello, Can you please assist. I have completed the first portion, but I am...
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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 |
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Direct Materials | $ | 37,400 |
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| ? |
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Work-in-Process |
| 42,800 |
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| ? |
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Finished Goods |
| 0 |
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| 0 |
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Cost of Goods Sold | $ | ? |
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Direct materials purchased in July |
| 64,000 |
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Materials issued to production: |
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X13 |
| 17,460 |
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X14 |
| 31,420 |
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X15 |
| 14,450 |
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Factory labor hours used ($30/hour): |
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X13 |
| 3,950 |
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X14 |
| 3,250 |
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X15 |
| 2,050 |
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Indirect labor |
| 7,350 |
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Other factory overhead costs incurred: |
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Rent | $ | 136,000 |
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Utilities |
| 551,850 |
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Repairs and maintenance |
| 193,000 |
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Depreciation |
| 135,600 |
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Other |
| 60,500 |
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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.
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