1 answer

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

Question:

Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhRequired: 1. Calculate the balance in Work in Process as of June 30. $ 46,318 7 2. Calculate the balance in Finished Goods as

Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $260,000, and budgeted direct labor hours were 20,000. The average wage rate for direct labor is expected to be $25 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $23,700 $34,600 $17,000 $0 12,000 Materials requisitioned 8,350 18,900 10,000 21,400 18,000 Direct labor cost 3,000 2,900 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. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) 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. $ 46,318 7 2. Calculate the balance in Finished Goods as of June 30. $ 84,120 x 3. Calculate the cost of goods sold for June. $ 57,800 4. Calculate the price charged for Job 39. $ 75,140 5. What if the customer for Job 40 was able to pay for the job by June 30? What would happen to the balance in Finished Goods? Finished Goods would decrease What would happen to the balance of Cost of Goods Sold? Cost of Goods Sold would increase

Answers

Calculate balance in Finished goods

Job 40
Beginning balance 34600
Direct material 21400
Direct labor 18000
Overhead (18000/25*13) 9360
Total 83360
.

Similar Solved Questions

1 answer
In the lottery game known as 6/50, a player picks six numbers from 1 to 50....
In the lottery game known as 6/50, a player picks six numbers from 1 to 50. How many different ways are there for the player to pick 6 numbers, if order doesn't matter?...
1 answer
Zero-coupon bond Wesley Company will issue a zero-coupon bond this coming month. The projected bond yield...
Zero-coupon bond Wesley Company will issue a zero-coupon bond this coming month. The projected bond yield is 5% of the par value is $1,000, what is the bond's price using a semiannual convention it a. the maturity is 20 years? b. the maturity is 30 years? c. the maturity is 50 years? d. the matu...
1 answer
24. [-/1 Points) DETAILS CJ10 20.TB.067. Five resistors are connected as shown in the diagram. The...
24. [-/1 Points) DETAILS CJ10 20.TB.067. Five resistors are connected as shown in the diagram. The potential difference between points A and B is 25 V. 3.622 3.5 A. 1.89 2.42 5.12 B. What is the potential drop across the 3.5-6 resistor? 8.0 V 17 V 2.0 V 25 V 5.0 V...
1 answer
Two conductors carrying currents of 6.0A and 4.0A are seperated by 10.0 cm as shown. Determine...
Two conductors carrying currents of 6.0A and 4.0A are seperated by 10.0 cm as shown. Determine the magnitude and direction of the magnetic field midway between the conductors. Two conductors carrying currents of 6.0 A and 4.0 A are separated by 10.0 cm as shown. Determine the magnitude and direc...
1 answer
11 10/19 26 Question (6 points) See page 1069 Provide a mechanism for the crossed Claisen...
11 10/19 26 Question (6 points) See page 1069 Provide a mechanism for the crossed Claisen condensation shown here by providing the missing structures (including the final product) and curved arrows. Your structures should include all nonzero formal charges and lone pairs of electrons. When drawing t...
1 answer
Dr. Able has asked you to be in charge of a new compliance team for the...
Dr. Able has asked you to be in charge of a new compliance team for the prevention of fraud and abuse practices. What types of employees would you ask to be part of the team? The agenda of the first meeting will be to define fraud and abuse and provide examples of each. Once you have compiled a list...
1 answer
(8a) Solve the ODE y" - 3y' = 4y (86) Solve the ODE y" - 3y'...
(8a) Solve the ODE y" - 3y' = 4y (86) Solve the ODE y" - 3y' = 4y + 3 (9a) Solve the ODE" = - 4y (9b) Solve the ODE y" = -4y - 8x...
1 answer
Question 6 3.5 pts ABC Company employs a periodic inventory system and sells its inventory to...
Question 6 3.5 pts ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Company reported the following inventory information for the month of May May 1 May 6 May 8 May 13 May 18 May 21 May 28 May 30 Beginning inventory 4,200 units e$9 cost per un...
1 answer
B D F G H 4 Student Work Area Required: Provide input into cells shaded in...
B D F G H 4 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or work area as indicated. E 1 Formula: Subtract; Cell Referencing 2 3 E4.7 - Using Excel to Determine Manufacturing Costs PROBLEM 5 The f...
1 answer
Required information [The following information applies to the questions displayed below.] The following data refer to...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31...
1 answer
Problem 05-01 A firm can manufacture a product according to the production function: Q=F(K.L) = 3/4...
Problem 05-01 A firm can manufacture a product according to the production function: Q=F(K.L) = 3/4 1/4 a. Calculate the average product of labor, AP, when the level of capital is fixed at 81 units and the firm uses 16 units of labor. Instruction: Round your responses to 3 decimal places. What is th...
1 answer
Prevalence-incidence bias occurs: a.The exposure is associated with a decrease in both the incidence and prevalence...
Prevalence-incidence bias occurs: a.The exposure is associated with a decrease in both the incidence and prevalence of disease b.Most commonly in cross-sectional studies c.The outcome has an influence on the duration of disease d.The disease has long duration...
1 answer
The table below lists information about the radioactive decay of three nuclides. Fill in the missing...
The table below lists information about the radioactive decay of three nuclides. Fill in the missing information. nuclide decay mode daughter nuclide 201 80Hg electron capture 0 X 5 ? 150 Gd 146 (choose one) V Sm 62 10 beta emission B...
1 answer
Please help so i may know how to do for test Kennedy is considering following two...
please help so i may know how to do for test Kennedy is considering following two investment proposals: Proposal X Proposal Y Investment $740,000 $508,000 Useful life 5 years 4 years Estimated annual net cash inflows received at the end of each year $154,000 $92,000 Residual value $66,000 Depreci...
1 answer
E. 32 overall length Li 2 Figure 105.1401 9. The wall, shown above in Figure 105.1401,...
e. 32 overall length Li 2 Figure 105.1401 9. The wall, shown above in Figure 105.1401, has an overall length that is 37'-84". Three receptacle outlets are to be installed in this wall. L2 is twice as long as L. L, should be a. 9-634" b. 6'-33%" c. 12-634" d. 9-5/16"...
1 answer
7-Parent purchased Subsidiary on January 1, 2019. The parent uses the equity method to account for...
7-Parent purchased Subsidiary on January 1, 2019. The parent uses the equity method to account for its investment in its subsidiary. The excess of investment cost over book value was allocated as follows: Equipment (20-year life) $400,000 Customer list (10-year life) 90,000 Patent (5-year life) 125,...