MNC provides customized engineering services to large manufacturing companies and uses a…

MNC provides customized engineering services to large manufacturing companies and uses a job-order costing system. The system provided the following information June 30, 2016 July 31, 2016 Inventories: Jobs in process $ 31,500 47,800 Information about July: Materials purchases Payroll Actual overhead incurred: 69,100 1,341,900 Supplies Indirect labour Other overhead costs lling & administration 8,300 234,700 65,700 883,800 $2,659,000 Sel Sales MNC purchases materials as needed and consumes them during the accounting period. Therefore, it does not need to maintain a materials inventory account. The payroll amount includes salaries/wages paid to professional (direct) labour as well as indirect labour Overhead is allocated to jobs using a predetermined overhead allocation rate based on professional labour costs computed at the beginning of the year. For 2016, MNC estimated its professional labour and overhead amounts to be $2.9 million and $696,000 respectively Required 1. Compute the predetermined overhead allocation rate for the year d allocation redetermined ov ate : % of direct labour cost 2. Compute the following amounts for the month of July: a. Cost of jobs completed b. Gross profit c. Net income


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