Solution-Calculate the balance in work in process as of june

Calculate the balance in work in process as of june

Assignment Help Cost Accounting

Reference no: EM133115269

Question - Job Costs Using a Plantwide Overhead Rate - Perrin Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $242,000, and budgeted direct labor hours were 20,000. The average wage rate for direct labor is expected to be $22 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	$28,900	$37,400	$15,000	$0
Materials requisitioned	19,800	24,300	7,000	16,700
Direct labor cost	9,900	13,200	11,000	4,000

Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 130 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.

2. Calculate the balance in Finished Goods as of June 30.

3. Calculate the cost of goods sold for June.

4. Calculate the price charged for Job 39.

Reference no: EM133115269

Questions Cloud

You would take to ensure compliance : What are at least two ways that you would take to ensure compliance? Explain why you chose the resources you did and their value to small businesses.

What the budgeted number of direct labor hours for the year : The predetermined overhead rate for the year was $18.56 per direct labor hour. What the budgeted number of direct labor hours for the year

What are the factors affected to palm oil industry : a. What are the factors affected to palm oil industry and make a trader to enter the derivatives market to protect themselves?

Signs of organizational culture : The text presents five signs of organizational culture: mission statement, stories and language, physical layout, rules and policies, and rituals.

Calculate the balance in work in process as of june : During June, Jobs 39 and 40 were completed; Job 39 was sold at 130 percent of cost. Calculate the balance in Work in Process as of June 30

Differences between salam and istisna : One of the fundamental conditions of sale contracts in Islamic commercial jurisprudence is that the subject matter needs to be in existence.

Non-banking system and a banking system : What is the difference between a non-banking system and a bakning system? How are they valued differently? Regulated differently?

Montana mountain biking : Jerry Singleton founded Montana Mountain Biking (MMB) 18 years ago. MMB offers one-week guided mountain biking expeditions based in four Montana locations

Compute the amount of depreciation expense : Compute the amount of depreciation expense for 2008 after this change in depreciable value and salvage (residual) value

User Account

All Pages

Calculate the balance in work in process as of june

Reference no: EM133115269

Reference no: EM133115269

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT