Question: I need help with # 1 - 4 ! ! ! ! ! ! Heritage Company uses a job - order costing system to assign
I need help with #
Heritage Company uses a joborder costing system to assign costs to jobs. It had no work in process or finished goods inventories on
hand at the beginning of May. The table below provides data concerning the only three jobs worked on in May.
Jobs X and Y were completed in May; however, only of the units included in Job X were sold in May, whereas all of Job
Ys units were sold in May. Job Z was not completed by the end of the month.
Overhead costs are applied to jobs based on direct laborhours, and the predetermined overhead rate is $ per direct laborhour.
The company's total applied overhead always equals its total actual overhead.
Required:
Compute the amount of overhead cost that would have been applied to each job during May.
Compute the work in process inventory that would be reported in the company's May balance sheet.
Compute the finished goods inventory that would be reported in the company's May balance sheet.
Compute the cost of goods sold that would be reported in the company's income statement for May.
Complete this question by entering your answers in the tabs below.
Required
Compute the amount of overhead cost that would have been applied to each job during May.
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
