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MatroZZZ [7]
2 years ago
5

Juanita Corporation uses a job-order costing system and applies overhead on the basis of direct labor cost. At the end of Octobe

r, Juanita had one job still in process. The job cost sheet for this job contained the following information:
Direct materials $480
Direct labor $150
Manufacturing overhead applied $600

An additional 4 hours of labor was incurred in November to complete this job. Considering the additional work in November, how much should Juanita have transferred to finished goods inventory in November when this job was completed?

a. $1,330
b. $1,730
c. $1,000
d. $1,630
e. $1,230
Business
1 answer:
Aleksandr [31]2 years ago
4 0

Answer:

Juanita Corporation

Considering the additional work in November, Juanita should have transferred $1,980 to finished goods inventory in November when this job was completed

Explanation:

a) Data and Calculations:

Direct materials $480

Direct labor      $150

Manufacturing overhead applied $600

Initial labor hours = $600/$150 = 4 hours

Additional labor hours = 4 hours

Total labor hours = 8 hours

Direct labor rate = $150/4 = $37.50

New Total costs:

Direct materials $480

Direct labor         300 ($37.50 * 8)

Overhead         1,200 ($150 * 8)

Total cost =    $1,980

b) Note that there is additional direct labor cost of $150 for 4 hours and additional manufacturing overhead of $600 for the additional 4 direct labor hours.  When these are factored in, the total cost that should be transferred to finished goods inventory in November rises to $1,980.

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Answer:

a. The 2 contracts should be combined.

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c. Revenue should be recognized when control of goods has transferred to the customer.

Explanation:

Part a:

Answer: Yes. The 2 contracts should be combined.

Reasoning:

5-step revenue recognition model indicates identification of contracts with customer in the first step, identification of performance obligations of the contract in the second step, transaction price determination in the third step, allocation of transaction price to the performance obligations to the fourth step and recognition of revenue as the performance obligations in the fifth step. Therefore, two contracts should be combined.

Part b:

Calculate the amount of revenue should P associate with each of the contracts.

There are two performance obligations:

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Goods from contract B ($80,000 + ($5000 x 40%)) = $82000

Reasoning: It is given that the stand-alone prices for Contract A is $120,000 and Contract B is $80,000. Contract price of Contract A is $125,000. Thus, the additional $5,000 should be split between the 2 contracts. Hence, the performance obligations for goods from contract A is $123,000 and goods from contract B is $82,000.

Part C:

Revenue should be recognized when control of goods has transferred to the customer.

Reasoning:

Performance obligation is satisfied when transfer the good or service to the customer. Recognize revenue when the performance obligation is satisfied is the fifth step of the 5-step revenue recognition model. Hence, revenue should be recognized when control of goods has transferred to the customer.

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To take the probability to a percentage, we must know that 889 / 8.89 gives 100. Therefore, dividing 1 / 8.89 we will know the percentage of probabilities of hitting the key on the first attempt: 1 / 8.89 = 0.11.

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3 years ago
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