Prepare Job$-$Order Cost Sheets, Predetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS

At the beginning of June, Rhone Company had two jobs in process, Job $44$ and Job $45,$ with the following accumulated cost information:

During June, two more jobs $(46$ and $47)$ were started. The following direct materials and direct labor costs were added to the four jobs during the month of June:

At the end of June, Jobs $44,45,$ and $47$ were completed. Only Job $45$ was sold. On June $1,$ the balance in Finished Goods was zero.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

Required:

$1.$ Calculate the plantwide overhead rate based on direct labor cost.

Required:

$1.$ Calculate the plantwide overhead rate based on direct labor cost.

The overhead rate based on direct labor cost is

$2.$ Prepare a brief job$-$order cost sheet for the four jobs. Show the balance as of June $1$ as well as direct materials and direct labor added in June. Apply overhead to the four jobs for the month of June, and show the ending balances. All amount cells must have an entry; enter zeros as needed.

Rhone Company

Job$-$Order Cost Sheets

For the Month of June

$3.$ Calculate the ending balances of Work in Process and Finished Goods as of June $30.$

Work in Process: $()/((/$ddagger $/))$

Finished Goods: $()/()$$

$4.$ Calculate the Cost of Goods Sold for June.

Cost of Goods Sold: : Prepare Job$-$Order Cost Sheets, Fredetermined Overhead Rate, Ending Balance of WIP, Finished Goods, and COGS

At the beginning of June, Rhone Company had two jobs in process, Job $44$ and Job $45,$ with the following accumulated cost information:

DATA

During June, two more jobs $(46$ and $47)$ were started. The following direct materials and direct labor costs were added to the four jobs during the month of June:

At the end of June, Jobs $44,45,$ and $47$ were completed. Only Job $45$ was sold. On June $1,$ the balance in Finished Goods was zero.

REQUIRED:

Calculate the overhead rate based on direct labor cost.

Using formulas and cell references from the problem data, perform the required analysis.

Formulas entered in the green cells show in the orange cells. Transfer amounts to CNOWv$2$ for grading.