Cost Management

Olson Inc produces custom made floor tiles During June 2001 the Olson Inc. produces custom-made…

Olson Inc produces custom made floor tiles During June 2001 the
Olson Inc. produces custom-made floor tiles. During June 2001, the following information was obtained relating to operations and production:

1. Direct material purchased on account, $85,000.

2. Direct material issued to jobs, $81,900.

3. Direct labor hours incurred, 1,700. All direct factory employees were paid $18 per hour.

4. Actual factory overhead costs incurred for the month totaled $41,100. This overhead consisted of $9,000 of supervisory salaries, $17,500 of depreciation charges, $3,600 of insurance, $6,250 of indirect material, and $4,750 of utilities. Salaries, insurance, and utilities were paid in cash, and indirect material was removed from the supplies account.

5. Overhead is applied to production at the rate of $25 per direct labor hour. The beginning balances of Raw Material Inventory and Work in Process Inventory were $4,150 and $11,150, respectively. The ending balance in Work in Process Inventory was $2,350.

a. Prepare journal entries for the above transactions.

b. Determine the balances in Raw Material Inventory and Work in Process Inventory at the end of the month.

c. Determine the cost of the goods completed during June. If 5,000 similar units were completed, what was the cost per unit?

d. What is the amount of under-applied or over-applied overhead at the end of June?

Olson Inc produces custom made floor tiles During June 2001

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