Job No. 59 60 61 62 Dexter Corporation, which uses a job costing system, had the...

Transcribed Image Text:

Job No. 59 60 61 62 Dexter Corporation, which uses a job costing system, had the following information for December: Two jobs were in process on December 1. The following cost items were in the beginning balance of these jobs: Job No. 59 60 Direct Material $19,400 $17,900 Direct Labor $28,000 $ 8,000 Direct Materials Direct Labor $18,000 $45,000 SO $25,000 $27,000 $29,000 $12.000 $15,000 Manufacturing Overhead $47,600 $13,600 The beginning balance of finished goods inventory for December was $120,600. Job 57 was the only job in the finished goods inventory on December 1. The company applies manufacturing overhead on the basis of direct labor cost. Overhead rate is computed at the beginning of every year. The current rate was 170 percent of direct labor cost. The company worked on four jobs during December. Direct materials used and direct labor incurred were: Dexter completed Job No. 59 and Job No. 60 during the month. In December, Job No. 57 and 59 were sold on account for 120 percent of its cost. Compute the following items (to receive credit, show supporting calculations): 1 (3 points) The cost of direct materials used in production during December. 2. (3 points) The total manufacturing overhead applied to jobs during December. 3. (3 points) The total manufacturing cost for December. 4. (4 points) The cost of goods manufactured for December. 5. (4 points) The cost of goods sold for December. 6. (4 points) The balance of work-in-process inventory as of December 31. 7.(3 points) The balance of finished-goods inventory as of December 31. o o Job No. 59 60 61 62 Dexter Corporation, which uses a job costing system, had the following information for December: Two jobs were in process on December 1. The following cost items were in the beginning balance of these jobs: Job No. 59 60 Direct Material $19,400 $17,900 Direct Labor $28,000 $ 8,000 Direct Materials Direct Labor $18,000 $45,000 SO $25,000 $27,000 $29,000 $12.000 $15,000 Manufacturing Overhead $47,600 $13,600 The beginning balance of finished goods inventory for December was $120,600. Job 57 was the only job in the finished goods inventory on December 1. The company applies manufacturing overhead on the basis of direct labor cost. Overhead rate is computed at the beginning of every year. The current rate was 170 percent of direct labor cost. The company worked on four jobs during December. Direct materials used and direct labor incurred were: Dexter completed Job No. 59 and Job No. 60 during the month. In December, Job No. 57 and 59 were sold on account for 120 percent of its cost. Compute the following items (to receive credit, show supporting calculations): 1 (3 points) The cost of direct materials used in production during December. 2. (3 points) The total manufacturing overhead applied to jobs during December. 3. (3 points) The total manufacturing cost for December. 4. (4 points) The cost of goods manufactured for December. 5. (4 points) The cost of goods sold for December. 6. (4 points) The balance of work-in-process inventory as of December 31. 7.(3 points) The balance of finished-goods inventory as of December 31. o o

Answer rating: 100% (QA)

1 Cost of Direct Materials Used Job 59 45000 Job 60 15000 Total 45000 15000 60000 2 Total Manufactur... View the full answer