I have a homework question I’m not sure if I’m doing it correctly. Below is the information from the question and my answer in bold.
Hi! I have a homework question I’m not sure if I’m doing it correctly. Below is the information from the question and my answer in bold.
Glass Company makes glass orders based on the customer specifications, so the company uses job costing to track costs.
The company uses direct labor hours as the cost driver for manufacturing overhead application.
Save your time - order a paper!
Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines
Order Paper NowManufacturing overhead costs for the year: $600,000
Usage of direct labor hours for the year: 200,000
Beginning Work-in-process, March 1 (Job 57) $108,000
Beginning Finished Goods, March (Job 55) $125,000
Labor Information for March:
Direct labor hours:
Job 57 7,000
Job 58 6,000
Job 59 4,000
Labor costs:
Direct labor wages $408,000
Indirect labor wages $30,000
Supervisory salaries $12,000
Material Information for March:
Raw Materials, Inventory, March 1 $21,000
Purchase or raw material $210,000
Direct material requisitioned:
Job 57 $90,000
Job 58 $75,000
Job 59 $51,000
Other costs incurred in March:
Factory Utilities $12,000
Sales office Utilities $3,200
Administrative offices Utilities $2,000
Factory equip repair & maint costs $11,200
Depreciation on factory equipment $5,000
Manufacturing supplies purch & used $24,000
During March the following jobs were completed and sold for the following sales price:
Job 57 $400,000
Job 58 $250,000
Complete the job cost sheets provided below for the month of March:
Job 57 Job 58 Job 59
Beginning Balance $108,000 $0 $0
Current Costs:
Direct materials $90,000 $75,000 $51,000
Direct labor 7,000 6,000 4,000
Applied overhead $21,000 $18,000 $12,000
Totals $226,000 $99,000 $67,000