ACCOUNTING 208: TAKE HOMEQUIZ #1 (19S) Name: Holly Smith The Bohemia Company uses Normal Job-Order Costing in its only production department....
Can you please help me answer these question? I really need help with question 4 especially
ACCOUNTING 208: TAKE HOMEQUIZ #1 (19S)Name:Holly SmithThe Bohemia Company uses Normal Job-Order Costing in its only production department. Overhead is applied to jobsby a Predetermined Overhead Rate based on Direct Labor Hours. The Company began business on December 1, 2017.The only job started into process during December was Job 450. During December, the Company purchased DirectMaterials with a total cost of $50,000. $5,000 of these Direct Materials were used on Job 450. The Company alsocharged a total of $12,500 in Conversion Costs (Direct Labor & Overhead) to Job 450 during December. Job 450 wasNOT finished as of the end of December and no other jobs were worked on during the month. There was nounderapplied or overapplied overhead for December.The following transactions occurred during 2018.(1. Estimated Overhead for 2018 is $1,500,000. The estimated Direct Labor Hours for 2018 total 300,000.2 Direct Materials purchased during 2018 cost a total of $750,000.3) Direct Materials were used on jobs during 2018 as follows:Job 450$175,000Job 500$125,3755 606Job 550$237,1254 During 2018, Direct Labor HOURS were charges to jobs as followsJob 600$131,875/2560Job 45045,000 Hoursbe 9.1750Job 50056,125 HoursJob 550All Direct Labor Hours used during 2018 had a rate of $30 per hour.Job 60075,750 Hours Lot bo113, 125 Hours5. Other Costs incurred during 2018 include the followingFactory Equipment CalibrationFactory Employee Training$175,000Indirect Labor$110,000$400,000Accounting Department Salaries & ExpensesFactory Utilities$3,575,000Corporate Salaries & Expenses$135,000Sales Salaries & Expenses$4,425,000Factory Errors & Defects$5,650,000Factory Insurance$75,000$150,000Miscellaneous Overhead$150,000Miscellaneous Administrative$125,000Factory Equipment Depreciation$225,0006. Jobs 450, 500 and 550 were completed during the year. Job 450 consisted of 250,000 units; Job 500 consisted of208,975 units; and Job 550 consisted of 165,050 units7. All of Jobs 450 and 500 were sold during 2018 as follows:Job 450 Sold at $20 per UnitAlso. 100,000 units of Job 550 were sold during 2018 for $40 each.Job 500 Sold at $50 per UnitPlease turn the page for your tasks.
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