Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. job costs using a plantwide overhead rate perrin c

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

90.2K

Verified Solution

Question

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.

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!
Become a Member

Other questions asked by students

Biology
1.2K views

 A nursing student is considering working for a pediatric endocrinologist after graduation and is concerned about her...

Accounting
1.2K views

Consolidation at the end of the first year subsequent to date of acquisition—Equity method (purchase price...

Physics
1.2K views

3 8 5 A particle is executing SHM about y 0 along y axis Its...

Geometry
1.2K views

Use a formula to find the surface area of the figure 11 in drawing not...

Calculus
1.2K views

ollowing matrices to compute H B 03 13 1 3 61 24

Algebra
1.2K views

F1 2 55 3 4 60 5 70 65 75 Temperature in degrees Fahrenheit 6...

Accounting
1.2K views

https://www.chegg.com/homework-help/questions-and-answers/presented-transactions-related-sayid-company-1-december-3-sayid-company-sold-570-000-merch-q65510782

Accounting
1.2K views

12 Required information [The following information applies to the questions displayed below]...

Accounting
1.2K views

Assume you plan to retire in 39 years. If you invest $170.00 per month in...

Accounting
1.2K views

Whitney Corporation acquires Jessamine Corporation. Prior to the merger, Jessamine accumulated a $18,235,000NOL. After the...

Accounting
1.2K views

On January 1, Wilson Incorporated had a retained earnings balance of $500,000. During the year,...

Finance
1.2K views

You have just purchased a municipal bond with a $10,000 par value for $9,500. You...