Geolander Tire manufactures tires for all-terrain vehicles. Geolander uses job costing and has a perpetual inventory system, On September 22, Geolander recelved an order for 120 TX tires from ATV Corporation at a price of S60 each. The job, assigned number 298, was promised for October 10. After purchasing the materials, Geolander began production on September 30 and incurred the following direct labor and direct materials costs in completing the order EEB (Click the icon to view the costs.) Geolander allccates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($540,000) and expected direct labor hours (20,000). Job 298 was completed on October 3 and shipped to ATV on October 5 Read the requirements. Requirement 1. Prepare a job cost record for Job 298. Calculate the predetermined overhead rate, then apply manufacturing overhead to the job. Begin by identifying the formula and computing the predetermined overhead rate Data Table
Requirements Date 9J30 10/3 Labor Time Record No. 1896 1904 Description 12 hours at $20 30 hours at $18 Amount S 240 S 540
1. Prepare a job cost record for Job 298
2. Calculate the total profit and the per-unit profit for Job 298. Materials Print Done Requisition Date 9/30 10/2 10/3 No. 437 60 lbs. rubber at $14 43940 meters polyester fabric at $16 640 501 Description Amount $ 840 100 meters steel cord at $12 $ 1200