Question 9.2: The job-order cost sheet for a special product is as follows...
The job-order cost sheet for a special product is as follows:
job number:711 | |
Date started: 05/06 | |
Date completed:06/15 |
Raw Materials | Direct Labor | |||||||
Date | Type | Cost | Qty. | Amount | rate | Hours | Amount | |
26-May | 130 | £30 | 6 | £180 | £18 | 5 | £90 | |
15-Jun | 248 | 10 | 20 | 200 | 15 | 10 | 150 | |
£380 | 15 | £240 | ||||||
Total direct materials | £380 | |||||||
Total direct labor | 99 | |||||||
Overhead(5 direct labor hours @£10/hours) | 150 | |||||||
Total job cost | 770 |
Overhead is allocated based on direct labor hours (DLH). The parts were in the Raw Materials inventory before being used on Job 711. The product is sold on July 10. Identify the cost flows on May 26, June 15, and July 10.
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