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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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Explanation:

To determine the budgeted factory overhead for November, prepare a budgeted factory overhead for November as follows :

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Budgeted Variable factory overhead ($5.00 × 7,000 hours)  = $35,000

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Total budgeted factory overhead                                              = $110,000

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Total Cash Disbursements                                                         = $105,000

Less Budgeted Fixed factory overhead  ($75,000 - $15,000) =  $60,000

Budgeted Variable factory overhead                                        =   $45,000

Therefore, budgeted direct labor hours = $45,000 / $5.00

                                                                  = 9,000 hours.

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Budgeted Variable factory overhead ($5.00 × 8,000 hours)  = $40,000

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Total budgeted factory overhead                                              = $115,000

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Which is $14.38 (rounded)

                                                               

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2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

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