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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The Harriott manufacturing company uses job order costing system. The company uses machinehours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CNovember 1 Bal. b/f$51,250Direct Materials Used 256,400 Other transactions incurred:▪ Indirect material issued to production was $40,360▪ Total manufacturing labour incurred in November was $368,000, 75% of this amountrepresented direct labour.▪ Other manufacturing overhead costs incurred for November amounted to $340,490.▪ Two jobs were completed with total costs of $384,000 & $270,000 respectively. They weresold on account at a margin of 33⅓% on sales. Cont' For other manufacturing overhead incurredf) For manufacturing overhead applied to production for November, given that…
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The Lofton manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and $5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: *see attached image* Other transactions incurred: Indirect material issued to production was $40,360 Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. Other manufacturing overhead costs incurred for November amounted to $340,490. Two jobs were completed with total costs of $384,000 & $270,000 respectively. They were sold on account at a margin of 33 1 ⁄ 3% on sales. Required: Compute Lofton’s predetermined manufacturing overhead rate for 2020. State the journal entries necessary to record the above transactions in the general journal: For direct materials…
Does the cost of goods manufactured schedule in job order cost accounting is the same as the one shown in the picture attached?
The Goods in Process Inventory account of a manufacturing company that uses an overhead rate based on direct labor cost has a $7,200 debit balance after all posting is completed. The cost sheet of the one job still in process shows direct material cost of $3,400 and direct labor cost of $1,150. What is the company's overhead application rate?
Define the term cash outflows.
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Lott 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 $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 balance in the Raw Materials Inventory account. During the month of January, Lott 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 $141,520 and $183,280, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Job No. 50 Purchased additional raw materials of $104,400 on account. Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect…
During the month of January 2020, the job-cost record for Job 123 shows the following: Job 123: Machine Department Assembly Department Manufacturing overhead costs 19 500 7 500 Direct manufacturing labor costs 1 350 1 875 Direct manufacturing labor-hours 30 105 Machine-hours 210 30 Compute the total manufacturing overhead cost allocated to Job 123. Assume that Job 123 produced 450 units, calculate the cost per unit.
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…
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