Homework Help

Business
Accounting
always handwrite and show your work when doing homework box...

Question: always handwrite and show your work when doing homework box...

Question details

Always handwrite and show your work when doing homework! Box or Circle final answers unless you are dealing with a financial statement (in that case, double underline your final answer). Have lots of FUN!! Duestion 1) Brandt Company produces unique metal sculptures. On February 1, four jobs were in process with the following costs: Direct materials Direct labor Applied overhead405 Job 35 $300 324 Job 37 $600 648 810 Job 38 $460 486 621 432 540 During the month of February, two more jobs were started, Jobs 39 and 40. Materials and labor costs incurred by each job in February are as follows: Job 35 oDirect labor Job 36 Job 37 Job 38 Job 39 Job 40 $940 260 480 800 760 400 $820 260 180 440 700 340 Jobs 35, 36, and 38 were completed and sold by February 28. When Brandt Company sells their products, they include a markup of 77.6%. Selling and administrative expenses totaled $543 during February. Brandt Company has a tax rate of 29.5%. Required (round to 2 decimal places when needed): 1) What are the total costs for each job (35-40) and in total at the end of February? 2) What are the WIP, FG, and COGS balances as of February 28? 3) What is the amount of operating income (or loss) and net income (or loss) for the month of February (do a mini-income statement)?

Solution by an expert tutor

Blurred Solution

This question has been solved

Subscribe to see this solution