13. Jane Company uses Job order costing system andapplies manufacturing overhead to work in process usinga predetermined annual overhead rate.During May 2020, Jane's transactions included thefollowing:Direct materials issued to productionIndirect materials issued to productionManufacturing overhead incurredManufacturing overhead appliedDirect labor costsP50,0004,00075,00080,00060,000Jane had neither beginning nor ending work in processinventory. What was the cost of jobs completed in May2020?

Cost of jobs completed in May 2020 = Direct material cost + Indirect material cost + Direct labor…

Answered: 13. Jane Company uses Job order costing…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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O e. OMR14500 XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR62,000; Estimated direct labor hours 20,000: Actual di labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR3,000 underapplied O b. None of the answers given OC OMR9,500 overapplied O d. OMR9,500 underapplied O e. OMR3,000 overapplied
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25.000. direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112.500 and was part of finished goods inventory. There was a $18.750 balance in the Raw Materials Inventory account. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $152,500 and $197.500, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $112.500 on account. incurred factory labor costs of $87.500. Of this amount $20,000 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials…
Fill in the blanks: Lapuz Company uses the Job order costing. On January 1, 2020, Job no. 101 was the only job in process last year having costs of P78,750.00. Direct Materials Used and Direct Labor incurred during the month of January were: Job DM DL 101 97,000.00 P21,000.00 102 31,500.00 35,000.00 103 49,000.00 28,000.00 Job no. 103 was the only job in production as of January 31. Required: Assume the company uses Direct Labor cost as its cost driver to determine its factory overhead rate. If the budgeted amounts of direct labor and factory overhead are estimated to be P700,000.00 and P1,050,000.0o. (XX.XX%) a b Compute the work in process end Compute the cost of Goods Manufactured d Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is the sales revenue? vpe here to search 28°C Mostly sunny
Galope Company employs the job order cost system. Relevant data for the month just ended are as follows: (1) Work in process, beginning balance P150,000; (2) Direct materials used during the month P300,000; (3) Direct labor cost for the month P240,000; (4) Applied Factory overhead based on direct labor cost P180,000; (5) Cost of goods completed P752,700; (6) Ending work in process showed Job 906 which was charged with direct labor of P18,000 and Job 907 charged with overhead P14,400. The cost of direct materials charged to Job 906 and Job 907 was
Biz Company uses a job order cost system and applies factory overhead to production orders on the basis of direct labor cost. The overhead rates for 2020 are 150% for Dept. A and 100% for Dept. B. Job 915, started and completed during 2020, was charged with the following cost: Dept A: DM $30,000; DL ?; Applied FOH $45,000. Dept. B: DM $8,000; DL $25,000; Applied FOH ? The total manufacturing costs associated with Job 915 should be $148,000. $163,000. $160,500. $108,000.
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory account shows the following. Work in Process Inventory Debit Credit Beginning 0 Direct materials used 1,800,000 Direct labor used 230,000 Overhead 774,000 2,709,000 Cost of goods manufactured Ending 95,000 1. Determine the predetermined overhead rate used (based on direct materials cost).2. Only one job remains in work in process inventory at year-end. Its direct materials cost is $33,000. How much direct labor cost and applied overhead are assigned to this job?
Under Lamar Company's job costing system, manufacturing overhead is applied to Work-in-Process Inventory using a predetermined overhead rate. During June, Lamar's transactions included the following: Direct materials issued to production $ 91,700 Indirect materials issued to production 9,700 Manufacturing overhead cost incurred 126,700 Manufacturing overhead cost applied 114,700 Direct labor cost incurred 108,700 Lamar Company had no beginning or ending inventories. What was the cost of goods manufactured for June? (CMA adapted)
3. What is the overapplied or underapplied overhead for September? Job Costing Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 95,000 and estimated factory overhead is $617,500. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished September 1, inventories Materials inventory $7,500.00 Work-in-process inventory (All Job A) 31,200.00 Finished goods inventory 67,000.00 Material purchases 104,000.00 Direct materials requisitioned Job A 65,000.00 Job B 33,500.00 Direct labor hours…
XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR63,000; Estimated direct labor hours 20,000; Actual direct labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR2,000 overapplied O b. OMR2,000 underapplied c. None of the answers given d. OMRZ500 overapplied e. OMR8,500 underapplied 1 OMR8,500 overapplied
Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
A Company uses a job order costing system and allocates its manufacturing overhead costs based on direct labor costs. The Company's production costs for the year were: direct labor, $75,000; direct materials, $40,0003; and factory overhead applied $60,000. The predetermined overhead rate was: O a. 1.25%. O b. 53.3%. O c. 150%. O d. 80%. 125.%. IOUS PAGE NEXT PAGE hp
The Plastic Manufacturing Company uses the Job Order Costing and applies manufacturing overhead costs to units produced using an appropriate base. The activities for September 2020 are shown below: Direct Material Inventory used $ 45,000 Indirect Material Inventory used $ 4,000 Direct Manufacturing Labor $ 53,500 Applied Manufacturing Overhead $ 56,500 Actual Manufacturing Overhead $ 62,500 Beginning and Ending Work In Process $ 0 What is the cost of jobs completed in September 2020? а. $ 151,000 b. $ 155,000 $ 161,500 d. $ 161,000

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