Chapter 3 Class Problems

Exercise 5.19Journal Entries, T-AccountsObjective 4 - Describe the cost flows associated with job-order costing, andprepare the joumal entries.Kapoor Company uses job-order costing. During January, the following datawere reported:a. Materials purchased on account: direct materials, $98,500; indirectmaterials, S14,800.b. Materials issued: direct materials, S82,500; indirect materials, S8,800.c. Labor cost incurred: direct labor, $67,000; indirect labor, $18,750.d. Other manufacturing costs incurred ( all payables), S46,200.e, Overhead is applied on the basis of 110 percent of direct labor cost.f. Wark finished and transferred to Finished Goods Inventory cost$230,000.g. Finished goods costing S215,000 were sold on account for 140 percentof cost.h. Any over- or underapplied overhead is closed to Cost of Goods Sold.Required:1, Prepare journal entries to record these transactions.2. Prepare a T-account for Overhead Control. Post all relevant information to thisaccount. What is the ending…

Problem 19-4A (Algo) Preparing job cost sheets, recording costs, preparing inventory ledger accounts LO P1, P2, P3 [The following information applies to the questions displayed below.] Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 $ 48,500 34,000 19,400 23,000 7,200 132,100 Job 140 Total direct materials Indirect materials Total materials requisitions 21,500 $ 153,600 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost $ 12,100 10,600 37,700 39,400 3,600 103,400 26,000 $ 129,400 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136…

Exercise 15-18 (Algo) Recording transactions in job order costing LO P1, P2, P3, P4 Prepare journal entries to record transactions a through h.  Raw materials purchased on credit, $100,000. Direct materials used, $42,000. Indirect materials used, $15,000. Direct labor used, $36,000. Indirect labor used, $14,000. (Record using Factory Wages Payable.) Paid cash for other actual overhead costs, $8,250. Applied overhead at the rate of 120% of direct labor cost. Transferred cost of jobs completed to finished goods, $68,175. Sales of jobs on credit was $97,000. Cost of jobs sold was $68,175.

PART III—DETERMINE WORK IN PROCESS AND FINISHED GOODS BALANCES  Hanover Manufacturing begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned (non-cumulative) Job  April                      May    June 15$10,200 16  5,100$6,400 18  3,6005,900$4,000 197,3007,400 203,100   Job 15 was completed in April. Job 16 was completed in May. Job 18 was completed in June. Each job was sold in the month following completion.   Instructions: Determine the following amounts:   1.Work in process inventory, April 30$_______________   2.Finished goods inventory, April 30$_______________   3.Work in process inventory, May 31$_______________   4.Finished goods inventory, May 31$_______________   5.Work in process inventory, June 30$_______________   6.Finished goods inventory, June 30$_______________

Chapter 15 Assignment of direct materials, direct labor and manufacturing overhead Stine Company uses a job order cost system. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 430 $2,500 3,500 $1,900 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Instructions Prepare summary journal entries to record (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs,

Question 3, Part 2

Info for question in attached images   Answer Choices for Q1 a. $7,500 b. $10,830 c. $7,400 d. $25,730

Required information Problem 19-3A Source documents, journal entries, and accounts in job order costing LO P1, P2, P3 Skip to question   [The following information applies to the questions displayed below.] Widmer Watercraft’s predetermined overhead rate is 200% of direct labor. Information on the company’s production activities during May follows.  Purchased raw materials on credit, $220,000. Materials requisitions record use of the following materials for the month.           Job 136 $ 49,500   Job 137   33,500   Job 138   19,200   Job 139   22,800   Job 140   6,800   Total direct materials   131,800   Indirect materials   20,500   Total materials used $ 152,300       Paid $15,000 cash to a computer consultant to reprogram factory equipment. Time tickets record use of the following labor for the month. These wages were paid in cash.           Job 136 $ 12,200   Job 137   10,600   Job 138   38,100   Job 139   39,000   Job 140   3,800…

Question 3, Part 1

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General Accounting 5.3

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Exercise 3-5 (Algo) Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189.000 ($151,200 direct materials and $37,800 Indirect materials). C. Accrued direct labor cost of $50,000 and Indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $512,000 were completed and transferred to Finished Goods. h. Jobs costing $448,000 were shipped to customers. These jobs were sold on account at 28% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead…

Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 32,200 Direct labor used (in March) Overhead applied (March) 23,200 13,200 $ 38,200 21,200 12,200 Costs during April Direct labor used Overhead applied Direct materials used 143,000 Status on April 30 88,200 ? Finished (sold) 228,000 $ 108,000 158,000 ? 113,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory…

1- Chapters 1,2, & 4 i 18 113 26 # Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $26,600 for direct labor and $6,300 for indirect labor. The journal entry to record indirect labor consists of a 3 Multiple Choice E L D C O Debit Factory Overhead $6,300; credit Factory Wages Payable $6,300. $ Debit Factory Overhead $6,300; credit Work in Process Inventory $6,300. Debit Work in Process Inventory $6,300; credit Factory Wages Payable $6,300. Debit Work in Process Inventory $26,600, credit Factory Wages Payable $26,600. Debit Factory Wages Payable $6,300; credit Cash $6,300. (4 101 4 R F e % 5 2 T G 16 40° 6 Y H & CH + 7 V B N ► 11 O alt in P an [ 1 prt sc 1 Help pause delete Save & Exit backspace home num

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Problem 22: Cost of Goods Sold Statement Julius Inc. is employing normal costing for its job orders. The overhead is applied using a predetermined overhead rate. The following information relates to the Julius Inc. for the year ended December 31, 2020:                                                                                         Job No. 101           Job No. 102                 Job No. 103 Job in Process, January 1, 2020: Direct Materials                                     40,000                    30,000                          0 Labor                                                        60,000                    40,000                          0 Factory Overhead                                  30,000                    20,000                          0 Costs added during 2020 Materials                                                  20,000                    10,000                       100,000 Labor                                                        100,000…

Problem 3 Predertimed Factory Overhead Harold Corp uses the job order costing system. Factory overhead is applied to jobs on the basis of direct labor cost. The following estimates are made at the beginning of the year:                                         Fabricating       Machining       Assembly           Total Direct Labor                  600,000             300,000           900,000           1,800,000 Fcatory overhead       1,050,000          1,200,000        270,000           2,520,000 The following are the cost required by each department.                                         Fabricating       Machining       Assembly           Total Direct Materials                9,000                600                 4,200                13,800 Direct Labor                       8,400             1,500               18,600             28,500 Factory overhead               ?                         ?                       ?                       ? At the end of the year, the…

Problem 1-19: Job Order Cost Accumulation Analysis Tuason Co. uses job order cost accumulation and applies overhead based on direct labor hours. Any underapplied or overapplied overhead is ad- justed directly to Cost of Goods Sold at the end of each month. On April 1, job cost sheets indicated the following: Job 201 Job 202 Job 203 Job 204 Direct materials Direct labor Applied overhead Total cost P3,590 2,700 2,160 P2,000 1,500 1,200 P1,480 1,000 800 P2,000 1,200 960 P8,450 P4,700 P3,280 P4,160 Job status Finished In process In process In process Cost Accounting- Basic Concepts and the Job Order Cost Cycle 79 Problem 1-19 continued On April 30, finished goods contained only Jobs 204 and 207, which had the following total costs. Job 204 Job 207 Direct materials P2,970 P2,450 1,900 1,520 Direct labor Applied overhead 2,200 1,760 Total cost P6,930 P5,870 Besides working on Jobs 204 and 207 in April, Tuason continued work on Jobs 202 and 203 and started work on Jobs 205 and 206. A summary…

Job Costing - T Accounts Practice Problem 9 A firm uses job costing and recovers overheads on direct labour. Three jobs were worked on during a period, the details of which are as follows. Job 1 2$ 8,500 17,150 12,500 Job 2 Job 3 $ $ 46,000 Opening work in progress Material in period Labour for period 29,025 23,000 4,500 The overheads for the period were exactly as budgeted, $140,000. Jobs 1 and 2 were the only incomplete jobs. What was the value of closing work in progress?

Problem 15-2A (Algo) Computing and recording Job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 The following information applies to the questions displayed below.] Marco Company shows the following costs for three Jobs worked on In April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Problem 15-2A (Algo) Part 3 Job 386 Vw trachon lut 31,000 22,000 12,000 140,000 87,800 2 Finished (sold) Journal entry worksheet 濱溫着墨 a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $505,000, and total factory payroll cost in April is $368,000. c. Actual overhead costs incurred in April are Indirect materials, $51,250; Indirect labor, $24,250: factory rent. $33,250; factory utilities, $20,250; and factory equipment depreciation, $52,250. d.…

Problem1 The Mayhem Company uses a job-order costing system. The following data relate to October, the first month of the company's fiscal year: Raw materials purchased on account, P210,000. Raw materials issued to production, P190,000 (P178,000 direct materials and P12,000 indirect materials). a. b. c. Direct labor cost incurred, P90,000; and indirect labor cost incurred, d. P110,000. Depreciation recorded on factory equipment, P40,000. e. Other manufacturing overhead costs incurred during October, P70,000 (credit Accounts Payable). The company applies manufacturing overhead cost to production on the basis of P8 per machine-hour. There were 30,000 machine-hours recorded for October Production orders costing P520,000 according to their job cost sheets were completed during October and transferred to Finished Goods f. g.h. Production orders that had cost P480,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold at 25% above…

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Required information Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 387 $ 33,000 $ 39,000 24,000 22,000 13,000 14,000 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used. Direct labor usedi Overhead applied Status on April 30 Additional Information 145,000 89,000 ? Finished (sold) Job 388 230,000 $110,000 160,000 115,000 7 Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000. c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent, $34,500; factory utilities, $21,500;…