The Following Selected Data Were Taken from the Books of the Fisher

question 136

Essay

The following selected data were taken from the books of the Fisher Foil Company.The company uses job costing to account for manufacturing costs.The data relate to June operations.A)Materials and supplies were requisitioned from the stores clerk as follows:
Job 405,material X,$7,000.Job 406,material X,$3,000;material Y,$6,000.Job 407,material X,$7,000;material Y,$3,200.For general factory use: materials A,B,and C,$2,300.B)Time tickets for the month were chargeable as follows:
$$\begin{array} { | l | r | r | } \hline \text { Job 405 } & \$ 11,000 & 300 \mathrm { hrs } \\\hline \text { Job 406 } & 14,000 & 360 \mathrm { hrs } \\\hline \text { Job 407 } & 8,000 & 190 \mathrm { hrs } \\\hline \text { Indirect labor } & 3,700 & \\\hline\end{array}$$
C)Other information:
Beginning work-in-process,June 1,$-0-
Factory paychecks for $36,700 were issued during the month.Various factory overhead charges of $19,400 were incurred on account.Depreciation of factory equipment for the month was $5,400.Factory overhead was applied to jobs at the rate of $35.00 per direct labor hour.Job orders completed during the month: Job 405 and Job 406.Selling and administrative costs were $2,100.Factory overhead is closed out only at the end of the year.Required:
(a)Determine the ending work-in-process balance on June 30.(b)Determine the cost of goods manufactured for June.(c)Is factory overhead over- or underapplied for June? What is the monthly value?

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Definitions:

Union Constitution

A document that outlines the governing principles, rules, and procedures of a labor union, including membership rights and duties.

Election Procedures

The formal processes and rules established for conducting elections, including how votes are cast, counted, and how the outcomes are determined.

Union Density

A measure of the proportion of workers who are union members, usually expressed as a percentage of the total workforce.

Manufacturing

The process of producing goods and products using raw materials and machinery.