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Category > Accounting Posted 21 Dec 2017 My Price 10.00

Bowen started work on three bridges

Bowen Bridge Company constructs bridges for the State of Kentucky. During 2015, Bowen started work

on three bridges. The cost of materials and labor for each bridge follows: 

      Special Orders         Materials               Labor 

      Bridge 305               $407,200             $352,700

      Bridge 306               $362,300             $375,000

     Bridge 307                $801,700             $922,800

The predetermined overhead rate is $1.20 per direct labor dollar. Actual overhead costs were

$2,170,800. Bridge 306 was completed for a contract price of $1,357,000 and was turned over to the

state. Construction on Bridge 305 was also completed but the state had not yet finished its inspection

process. General selling and administrative expenses amounted to $210,000. Over- or underapplied

overhead is closed directly to the Cost of Goods Sold account. The company recognizes revenue when it

turns over a completed bridge to a customer.

Required

a. 

(1) Determine the cost of construction for Bridge 305.

(2) Determine the cost of construction for Bridge 306.

(3) Determine the cost of construction for Bridge 307.

b. Select a spokesperson from each section. Use input from the three spokespersons to prepare an

income statement and the asset section of the balance sheet.

c. Does the net income accurately reflect the profitability associated with Bridge 306? Explain.

d. Would converting to a process costing system improve the accuracy of the amount of reported net

income? Explain.

Answers

CourseLover
(12)
Status NEW Posted 21 Dec 2017 02:12 PM My Price 10.00

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