San Diego State University Normal Job Costing System Project
Question Description
Please provide the notes i want to know how this is done thank you
X Corporation, which uses a normal job costing system and dispose the over/under applied manufacturing overhead using write-off method, had two jobs in process at the start of 20×2: | |||
Job No. 59, WIP Balance | $66,500 | ||
Job No. 60, WIP Balance | $139,500 | ||
X applies manufacturing overhead on the basis of machine hours. | |||
At the beginning of the 20×2, X corporation estimated its manufacturing overhead | |||
during the first quarter would total | $212,500 | ||
and its budgeted machine hours would total | 6250 | ||
Manufacturing overhead incurred during the first quarter of 20×2 included following charges: | |||
Depreciation | $20,000 | ||
Indirect labor | 50000 | ||
Indirect materials used | 4000 | ||
Other factory costs | 128700 | ||
The company worked on three jobs during the first quarter. | |||
Costs added during the first quarter were as follows: | |||
Job No. | Direct Material | Direct Labor | Machine Hours |
59 | $18,000 | $45,000 | 1500 |
60 | 0 | 25,000 | 1000 |
61 | 37,000 | 35,000 | ? |
The manufacturing overhead account showed that overhead was overapplied by | $14,900 | ||
Job no. 59 and 60 were completed during the quarter, and X sold job no. 59 for | $218,000.00 | ||
Round your answers to the nearest dollar. Fill in the blank without $ or comma or period, e.g., 12345 | |||
How many machine hours were used by Job no. 59? | |||
What was the gross margin of Job no. 59 after the adjustment of overapplied manufacturing overhead? | |||
Have a similar assignment? "Place an order for your assignment and have exceptional work written by our team of experts, guaranteeing you A results."