Chapter 2 ICE 2-2

How do you find the ending work in process inventory?

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Journal Entries in Job Cost Accounting Process Practice Problem 5: During the month of July, Creative Printers purchased $ 25,000 of materials on account. The company sent direct materials from the storeroom to jobs as follows: $ 9,000 to Job No. 106, and $ 14,000 to Job No. 107. The company also sent indirect materials of $ 1,000 to each job. The company assigned production-related labor costs to jobs (direct labor) and to Overhead as follows: $4,000 to Job No. 106, $ 16,000 to Job No. 107, and indirect labor of $2,000 to Job No. 106. Pass the jourmal entries in the books of Creative printers for material, labour and overheads.

Preparing and using a job cost record to prepare journal entries Ki Technology Co. manufactures DVDs for computer software and entertainment companies. Ki uses job order costing. On April 2, Ki began production of 6,000 DVDs, Job 423, for Paradigm Pictures for $1.20 sales price per DVD. Ki promised to deliver the DVDs to Paradigm Pictures by April 5. Ki incurred the following direct costs: Ki Technology allocates manufacturing overhead to jobs based on the relation between estimated overhead of $574,000 and estimated direct labor costs of job 423 was completed and shipped on April 3. Requirements Prepare a job cost record for job 423. Calculate the predetermined overhead allocation rate (round to two decimal places); then allocate manufacturing overhead to the job. Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to job 423. Wages are not yet paid. Journalize completion of the job and the…

⦁    Prepare job cost record Global Tire manufactures tires for all-terrain vehicles. Global uses job costing and has a perpetual inventory system. On September 22, Global received an order for 100 TX tires from ATV Corporation at a price of $52 each. The job, assigned number 298, was promised for October 10.After purchasing the materials, Global began production on September 30 and incurred the following direct labor and direct materials costs in completing the order:   Global allocates manufacturing overhead to jobs on the basis of the relation between expected overhead costs ($394,000) and expected direct labor hours (18,000). Job 298 was completed on October 3 and shipped to ATV on October 5. Requirements:1. Prepare a job cost record for Job 298.2. Calculate the total profit and the per-unit profit for Job 298.

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Applying Overhead to Jobs, Costing Jobs Gorman Company builds internal conveyor equipment to client specifications. On October 1, Job 877 was in process with a cost of $18,650 to date. During October, Jobs 878, 879, and 880 were started. Data on costs added during October for all jobs are as follows:   Job 877 Job 878 Job 879 Job 880 Direct materials $14,510 $6,040 $3,480 $1,860 Direct labor 15,200 8,000 1,600 2,100   Overhead is applied to production at the rate of 70% of direct labor cost. Job 877 was completed on October 28, and the client was billed at cost plus 50%. All other jobs remained in process.   Required: 1. Prepare a brief job-order cost sheet showing the October 1 balances of all four jobs, plus the direct materials and direct labor costs during October. There is no need to calculate applied overhead at this point or to total the costs. 2. Calculate the overhead applied to each job during October. 3. Calculate the balance in Work in Process on…

Journalize the entry to record the factory labor costs Journalize the entry to apply factory overhead to production for November.

es Following are simplified job cost sheets for three custom jobs at the end of June for Custom Patios. Job Number 102 Materials Labor Overhead Materials Labor Overhead Job Number 103 Materials Labor Overhead Job Number 104 $ 15,000 8,000 4,000 $ 33,000 14,200 7,100 All jobs were started in June. Overhead is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 will be finished in July. Req 1 and 2 102 103 1. What was the total cost of direct materials requisitioned in June? 2. How much total direct labor cost was incurred in June? 3. How much total cost is transferred to Finished Goods Inventory in June? $ 27,000 21,000 10,500 Complete this question by entering your answers in the tabs below. Job How much total cost is transferred to Finished Goods Inventory in June? Direct Materials Direct Labor Req 3 $ 15,000 $ 33,000 Applied Overhead Total Cost 8,000 $ 4,000 $ 27,000 14,200 7,100 54,300 Cost Transferred to Finished Goods

Question 6, part 2.  Please fill in the blanks in order they need to be inuted

Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,750 and Job 94 with a beginning balance of $7,300. Jagjit applies overhead at the rate of $8 per direct labor hour. Direct labor wages average $18 per hour. Data on August costs for all jobs are as follows: Job 93 Job 94 Job 95 Job 96 Direct materials $ 950 $4,500 $3,300 $1,300 Direct labor cost 2,160 5,400 2,610 900 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process.

Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,750 and Job 94 with a beginning balance of $7,300. Jagjit applies overhead at the rate of $8 per direct labor hour. Direct labor wages average $18 per hour. Data on August costs for all jobs are as follows:   Job 93 Job 94 Job 95 Job 96 Direct materials $950 $4,500 $3,300 $1,300 Direct labor cost 2,160 5,400 2,610 900 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1.  Calculate the number of direct labor hours that were worked on each job in August. Job 93  DLH Job 94  DLH Job 95  DLH Job 96  DLH 2.  Calculate the overhead applied to each job during the month of August. Job 93 $ Job 94 $ Job 95 $ Job 96 $   Feedback   1.…

es Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Source documents revealed the following during March: Job 33 Job 34 Job 35 Indirect Balance on 3/1 $ 4,800 3,000 $ 7,800 Materials Requisitions Forms Required 1 $ 2,200 3,800 4,100 600 $ 10,700 The company applies overhead to products at a rate of 75 percent of direct labor cost. Job 33 Job 34 Job 35 Labor Time Tickets $ 4,000 4,100 3,000 1,900 $ 13,000 Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Status of Job at Month-End Completed and sold Completed, but not sold In process Complete this question by entering your answers in the tabs below. Required 2 Compute the cost of Jobs 33, 34, and 35 at…

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Source documents revealed the following during March: Materials Requisitions Forms $ 3,300 2,800 3,900 600 $ 10,600 Job 33 Job 34 Job 35 Indirect View transaction list The company applies overhead to products at a rate of 70 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. < Journal entry worksheet Balance on 3/1 $ 5,500 3,100 $8,600 1 2 Transaction a Labor Time Tickets $ 4,900 4,900 3,800 2,500 $ 16,100 Note: Enter debits before credits. 3 Record the issuance of raw materials to production. Record entry Status of Job at Month-End Completed and sold…

Part 1 Job Order Costing John and Sam went to college together, and both majored in computer science. A few years ago, they formed a computer company called Synergy, Inc. Synergy Inc. is a manufacturer of enterprise management systems. Assume that the company has a division that does custom jobs for large clients. Production costs are accounted for using a job cost system. Suppose that at the beginning of the month, raw materials inventory totaled $8,000, manufacturing supplies amounted to $1,800, and two jobs were in process Job 355 with assigned costs of $18,750 and Job 356 with assigned costs of $2,800, and there were no finished goods inventories. There was no under-applied or over-applied manufacturing overhead on the first day of the month. The following information summarized the month’s manufacturing activities: Synergy purchased raw material costing $50,000 on account. Synergy purchased manufacturing supplies costing $9,000. The manager process requisitioned materials for the…

Part 1 Job Order Costing John and Sam went to college together, and both majored in computer science. A few years ago, they formed a computer company called Synergy, Inc. Synergy Inc. is a manufacturer of enterprise management systems. Assume that the company has a division that does custom jobs for large clients. Production costs are accounted for using a job cost system. Suppose that at the beginning of the month, raw materials inventory totaled $8,000, manufacturing supplies amounted to $1,800, and two jobs were in process Job 355 with assigned costs of $18,750 and Job 356 with assigned costs of $2,800, and there were no finished goods inventories. There was no under-applied or over-applied manufacturing overhead on the first day of the month.  The following information summarized the month's manufacturing activities: Synergy purchased raw material costing $50,000 on account. Synergy purchased manufacturing supplies costing $9,000. The manager process requisitioned…

Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 103 $ 140 $ 120 $147 150 0 1. Cost of goods sold for May 2. Finished goods inventory at the end of May 3. Work in process inventory at the end of May Job B20 $ 120 $ 120 $ 130 $ 160 0 0 Job C30 $ 178 $ 170 $95 $107 65 65 Job D40 $132 $ 125 $150 $168 0 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? Job E50 $ 200…

Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,810 and Job 94 with a beginning balance of $7,320. Jagjit applies overhead at the rate of $10 per direct labor hour. Direct labor wages average $16 per hour. Data on August costs for all jobs are as follows:   Job 93 Job 94 Job 95 Job 96 Direct materials $1,000 $4,550 $3,310 $1,300 Direct labor cost 1,600 4,800 2,560 800 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1.  Calculate the number of direct labor hours that were worked on each job in August. Job 93 fill in the blank fe4a4a013fdefc1_1 DLH Job 94 fill in the blank fe4a4a013fdefc1_2 DLH Job 95 fill in the blank fe4a4a013fdefc1_3 DLH Job 96 fill in the blank fe4a4a013fdefc1_4 DLH 2.…

I don't need ai answer general accounting question

I only want to know how the factory overhead of job101 and job103 ( the highlighted portion of the photo on the right side) were computed in the problem 17.

ces Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of the current year follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $ 15,100 5,200 20,500 The following transactions occurred during January: a. Purchased materials on account for $27,000. b. Issued materials to production totaling $21,600, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $18,400 were recorded as follows: $11,500 for assembly workers $2,900 for factory supervision $1,300 for administrative personnel $2,700 for sales commissions d. Recorded depreciation: $4,100 for factory machines, $1,000 for the copier used in the administrative office. e. Recorded $1,500 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative…

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View Policies Current Attempt in Progress Concord Sportswear manufactures a line of specialty T-shirts using a job order costing system. In March the company incurred the following costs to complete Job ICU2: direct materials, $20,800, and direct labor, $5,200. The company also incurred $1,200 of administrative costs and $2,800 of selling costs to complete this job. Job ICU2 required 1,200 machine hours. Factory overhead was applied to the job at a rate of $30 per machine hour. If Job ICU2 resulted in 4,000 good shirts, what was the cost of goods sold per shirt? (Round answer to 1 decimal place, e.g. 3.5.) Cost per shirt $ e Textbook and Media Save for Later Attempts: 0 of 4 used Submit Answer

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1 Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predicts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700. Note: Enter debits before credits. Date Jan 31 General Journal Work in process inventory Factory overhead Record entry Clear entry Debit < Prev Q Search Credit View general journal 9 10 11 hp of 12

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Source documents revealed the following during March: Materials Requisitions Forms $3,000 2,500 5,000 1,000 $ 11,500 Job 33 Job 34 Job 35 Indirect Balance on 3/1 $ 5,400 3,900 $ 9,300 Labor Time Tickets $ 5,500 3,100 2,600 2,000 $ 13,200 The company applies overhead to products at a rate of 65 percent of direct labor cost. Status of Job at Month-End Completed and sold Completed, but not sold In process Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Job 33 Job 34 Job 35 Compute the cost of Jobs 33, 34, and 35 at…

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Balance on 3/1 $ 4,900 3,700 Process Job 33 Job 34 $ 8,600 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets End Status of Job at Month- $ 4,700 Completed and sold Job 33 $ 2,700 Completed, but not sold 2,500 Job 34 4,700 2,200 In process 2,400 Job 35 3,700 1,200 Indirect $10,100 $14,000 The company applies overhead to products at a rate of 65 percent of direct labor cost. Required: 1. Compute the cost of Jobs 33, 34, and 35 at the end of the month. Total Manufacturing Cost Job 33 Job 34 Job 35 2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold

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Fowler Company is a company that produces customized bicycles. It follows job-order costing. During the month of October, Fowler had three jobs in process, Jobs 3, 4, and 5. By the end of the month, all three jobs had been completed, with Job 3 being sold for $435. The following costs belong to each job: Line Item Description Job 3 Job 4 Job 5 Direct materials $80 $75 $85 Direct labor 100 110 95 Applied overhead 120 132 114 Total $300 $317 $294 A. Overhead is applied based on direct labor dollars. What is the predetermined overhead rate? fill in the blank 1 of 3 % of direct labor cost B. What is the percentage of markup used by Fowler to price its jobs? fill in the blank 2 of 3 % C. What is the gross margin on Job 3? fill in the blank 3 of 3$