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mr_godi [17]
3 years ago
13

Degelman Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January

1, 2014, Job No. 50 was the only job in process. The costs incurred prior to January on this job were as follows: direct materials $23,400, direct labor $24,040, and manufacturing overhead $28,720. As Of January 2, Job NO. 49 had been completed at a cost of $205,300 and was part of finished goods inventory. There was a $27,550 balance in
the Raw Materials Inventory account.

During the month Of January, Deglman Manufacturing began production on Jobs 52 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $142,740 and $284,860, respectively. The following additional events occurred during the month.

1. Purchased additional raw materials of $105,300 on account.
2. Incurred factory labor costs of $81,900. Of this amount $18,720 related to employer payroll taxes.
3. Incurred manufacturing overhead costs as follows: indirect materials $19,890; indirect labor $23,400; depreciation expense on equipment $14,040; and various other manufacturing overhead costs on account $18,720.
4. Assigned direct materials and direct labor to jobs as follows.

Job No Direct Materials Direct Labor
50 $11,700 $5,850
51 45,630 29,250
52 35,100 23,400

Required:
Open job cost sheets for Jobs 50, 51, and 52. Enter the January 1 balances on the job cost sheet for Job No. 50.
Business
1 answer:
zaharov [31]3 years ago
5 0

Answer:

Degelman Company

Job Cost Sheets:

                                            Job 50          Job 51           Job 52

Beginning balances:

Direct materials                $23,400

Direct labor                       $24,040

Manufacturing overhead $28,720

Direct materials                    11,700         $45,630      $35,100

Direct labor                           5,850           29,250       23,400

Manufacturing overhead     7,605           38,025       30,420

Total cost of Job 50        $101,315          $74,880     $88,920

Explanation:

a) Data and Calculations:

Beginning WIP: Job 50

Direct materials                $23,400

Direct labor                       $24,040

Manufacturing overhead $28,720

Total cost of Job 50         $76,160

Finished Goods Inventory:

Completed Job No. 49 at a cost of $205,300

Raw materials $27,550

Sales of Job 49 = $142,740

Sales of Job 50 = $284,860

Manufacturing overhead:

indirect materials $19,890;

indirect labor       $23,400;

depreciation expense

on equipment     $14,040;

other manufacturing

overhead costs  $18,720

Total overheads $76,050

Applied Overhead:

              Direct Labor   Overhead Applied

Job 50       5,850                $7,605  

Job 51     29,250                38,025

Job 52    23,400                30,420

Total    $58,500               $76,050

Overhead rate = 76,050/58,500 = $1.30

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Answer:

differences in national cultures

Explanation:

Based on the scenario being described it can be said that the most likely challenge that Globe Cars is likely to face would be differences in national cultures. This is mainly due to the fact that each company originates from different countries with different cultures and beliefs. Therefore there is a high possibility that some of the values of each culture may contradict with the others.

5 0
3 years ago
Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a 15 percent decrease in the n
Gala2k [10]

Answer:

Option (B) is correct.

Explanation:

Given that,

Percentage increase in price = 5%

Percentage decrease in quantity demanded = 15%

Therefore,

Elasticity\ of\ demand=\frac{percentage\ change\ in\ quantity\ demanded}{percentage\ change\ in\ price}

Elasticity\ of\ demand=\frac{15}{5}

                                           = 3.0

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6 0
3 years ago
Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan.1 Inventory 26 units at
Mila [183]

Answer:

a. $26,400

b. $20,520

c. $24,140.64

Explanation:

a. The computation of inventory cost by the first-in, first-out method is shown below:-

Inventory cost under first-in, first-out method = Number of units × Unit cost of 3rd purchase

= 48 × $550

= $26,400

b. The computation of inventory cost by the last-in, first-out method is shown below:-

Inventory cost by Last in first out method = (Jan 1 units × Jan 1 Inventory per unit) + (Number of units - Jan 1 units) × Feb. 19 Inventory per unit

= (26 × $400) + (48 - 26) × $460

= $10,400 + $10,120

= $20,520

c. The computation of inventory cost by the average cost method is shown below:-

Average cost per unit = (26 × $400) + (57 × $460) + (62 × $540) + (60 × $550)

= $10,400 + $26,220 + $33,480 + $33,000

= $103,100

Per unit cost = Inventory cost ÷ Total number of units

= $103,100 ÷ (26 + 57 + 62 + 60)

= $103,100 ÷ 205

= $502.93

Inventory cost under average cost method = Per unit cost × Number of units

= 48 × $502.93

= $24,140.64

Therefore we have applied the formulas.

4 0
3 years ago
In January of 2015, the appropriate construction cost index had a value of $3,260. In January of 2005, the value was $1,746. In
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Answer:

11.63 million dollar

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In 2005 the construction cost index was 1746 , in 2015 , it was 3260.

change in index in 10 years  = 3260-1746 = 1514

change in 5 years ( estimated ) = 757

Estimated index in 2010 = 1746 + 757

= 2503

Estimated index in 2020  = 3260 + 757

= 4017

Value of building in 2010 = 1746 million dollar

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8 0
3 years ago
Low Carb Diet Supplement Inc. has two divisions. Division A has a profit of $134,000 on sales of $2,310,000. Division B is able
Genrish500 [490]

Answer:

a. Division A = 5.80 %, Division B = 8.95 %

b. Division B is superior. Because, it generates a greater profit margin per each sale made.

Explanation:

<u> a. Compute the profit margins</u>

Profit margin = Profit / Sales × 100

Division A = $134,000 / $2,310,000 × 100

                 = 5.80 % (2 decimal places.)

Division B = $33,400 / $373,000 × 100

                 = 8.95 % (2 decimal places.)

<u> b. Based on the profit margins</u>

Division B is superior as it generates a greater profit margin per each sale made.

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