As of the end of June, the job cost sheets at Racing Wheels, Inc., show the…

Racing Wheels updated their labor rate schedule on June 30th,
Inc. shows the total cost of three custom orders
Work. Job 102 Job103 Job104 Job instruction materials $43,000 $73,000
53,000 Direct labor 11,000 28,600 43,000 Applied overhead 4,400
11,440 17,200 Job 102 went into production in May.
The following cost categories were assigned in May: Direct Materials
$13,000, $4,000 in direct labor and $1,600 in overhead 103 total positions
In June, 104 new projects were added. Added overhead for the project
Flat rates are based on direct labor costs. Jobs 102 and 103
They are done in June. Assignment 104 is scheduled to be completed by the end of September.
July. No raw materials were used indirectly in June. use this
Answer the questions below for more information. (assuming the company
The default overhead rate has not changed in several months.
1&2 1&2
Materials applied for in June and direct labor costs incurred
What are the requirements for each job? 3. Total cost of use
work, how is the default overhead rate used? 4. Overall
Costs will be carried over to final product

Part 2

in June. For Lock-Tite Corporation: The following information is available
It manufactures custom security products and accepts work orders
Cost System

April 30 May 31st
Inventory
Material $ $44,000 $ $54,000
WIP 10,400 21,700
Finished Goods 64,000 37,600
information and events
May
Raw material procurement (paid)
Cash only
212,000
factory pay slip (use
Cash)
349,000
Factory overhead
Indirect materials 17,000
Direct labor 82,000
Additional overhead 122,000
Cash sales 1,420,000 ( *) Pre-determined overhead rates
Assess whether overhead is too high or too low based on direct labor cost
70 % .

Part 3

Santana’s Computer Workstation Furniture Making
Rey has been making good progress since starting in January. At the end of June, Rey saw progress.
The job cost table below from Business Solutions shows the total cost
This accumulation is carried out on three different pieces of furniture.

602

Job 603 Job 604 Direct
Material
$ 1,700 $ 3,600 $ 3,000 Direct Job
900 1,480 2,300 Overhead
450 740 1,150 Job 602 Production started in May. These charges have already been incurred.
It signed a $500 direct material and $150 direct labor contract in May.
And overhead: $75 June, 603 jobs and 604 jobs created. elevated
Costs are calculated using direct wage rates.
cost. In June, assignments 602, 603, and 604 will be completed. Assignment 604 will be completed by the end of June.
Completion is expected in July. Does not use any raw materials
Direct, June (assuming the company’s pre-determined overhead
During these months, the interest rate has not increased.

Mandatory items:


1.

Is the product worth the money?
Total 6 months for all three jobs and the whole job
2.
Total cost of direct labor, right?
June?
3.
Use the previously set overhead rate
June?
4.
Production costs
Inventory for June

4.

These questions are contained in the following:
under. ]


The following information is available for Loctite Corporation
Produce safety products to special order and use custom orders
Cost System

April 30

May 31st Inventory
Materials
$ $50,000 $ $38,000 WIP
9,200 18,500 Finished Goods
59,000 34,300 information and events
May
Material purchase (fees apply)
Cash only
171,000 factory pay slip (use
Cash)
100,000 Factory overhead
Indirect materials
17,000 Direct labor
23,000 Additional overhead
106,000 Cash sales
1,800,000 ( *) Pre-determined overhead rates
Receipt Credit Based on Direct Labor Cost
55
% Other Overheads
account).
Overhead costs are used to support workflow.

Make journal entries to reflect the next month’s transactions.
can.

5.

These questions are included in the following:
under. ]

The following information is available for Loctite Corporation
Produce safety products to special order and use custom orders
Cost System


April 30

May 31

Inventory Material
$
$50,000 $ $38,000 WIP 9,200
18,500 Finished Goods 59,000
34,300 information and events
May
Material Purchase (Paid for
Cash only
171,000
factory pay slip (use
Cash)
100,000
Factory overhead Indirect materials
17,000
Direct labor 23,000
Additional overhead 106,000
Cash sales 1,800. 000
pre-determined overhead rate
Based on direct labor cost
55
% using direct labor. Direct labor.

Pay full salary in cash

Create journal entries to reflect the above transactions each month
can.

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