18 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: Multiple Choice 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. < Prev Search 23 of 39 hp Help Save & Exit Next >

18 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: Multiple Choice 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. < Prev Search 23 of 39 hp Help Save & Exit Next >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sheffield Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production 2. Materials purchased on account $194.300, and factory wages incurred $91,000 Materials requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $36.540 $18,800 A21 45.120 22,700 A22 36,200 15.700 A23 40.470 25,400 General factory use 5.470 8,400 $163,800 $91,000 3. Manufacturing overhead costs incurred on account $54,100. 4. Depreciation on factory equipment $16,450. 5. Manufacturing overhead rate is 87% of direct labor cost. 6. Jobs completed during the quarter: A20, A21, and A23. Record the operations summarized above. (Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg(45)) Raw Materials Inventory 194300 1. Purchased raw materials 1. Incurred factory labor Manufacturing Costs Factory Labor Manufacturing Overhea
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 $ 16,700 5,800 20,500 The following transactions occurred during January: a. Purchased materials on account for $26,100. b. Issued materials to production totaling $21,000, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $18,300 were recorded as follows: $10,900 for assembly workers $1,900 for factory supervision $2,200 for administrative personnel $3,300 for sales commissions d. Recorded depreciation: $4,700 for factory machines, $1,300 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…
Boat Corporation uses a job order cost system and applies overhead based on a percentage of direct labor cost Cost flows through the Work in Process Inventory account during March are given below: Work in Process Debit Credit Beginning Balance Transferred Out 257,400 Direct Materials 60,000 Direct Labor 103,000 Overhead 185,400 Ending Balance 91.000 Only Job #007 was still in process at the end of March and this job had been charged with $49,000 in direct materials cost The amount of direct materials cost charged to completed jobs during March was
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Direct Materials Direct Labor Machine Hours Job 765 $7,000 $2,100 25 Job 766 11,628 3,672 68 Job 765 produced 150 units, and Job 766 consisted of 340 units. Assuming that factory overhead is applied using machine hours at a rate of $153 per hour. a. Determine the balance on each job cost sheet.Job 765 fill in the blank 1 of 2$Job 766 fill in the blank 2 of 2$ b. Determine the cost per unit for each job at the end of April. Round your answers to the nearest cent.Job 765 fill in the blank 1 of 2$Job 766 fill in the blank 2 of 2$
Lorrimer Company has a job-order cost system. The following debits (credits) appeared in theWork-in-Process account for the month of June. June 1, balance $12,000June 30, direct materials 50,000 During the month of June, direct labor totaled $30,000 and $24,000 of overhead was applied toproduction. Finished Goods was debited $100,000 during June.Lorrimer Company applies overhead at a predetermined rate of 80% of direct labor cost. Job number 83, the only job still in process at the end of June, has been charged with manufacturingoverhead of $3,400. What was the amount of direct materials charged to Job number 83?a. $3,400b. $4,250c. $8,350d. $7,580
Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 201 $6,240 Job 202 7,000 Job 203 5,210 Job 204 6,7500 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable b. Journalize the entry to apply factory overhead to production for November. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead
Job Cost Flows, Journal Entries On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,720 Work-in-Process Inventory 21,350 Finished Goods Inventory 8,600 Work-in-process inventory is made up of three jobs with the following costs: Job 114 Job 115 Job 116 Direct materials $2,804 $2,640 $3,650 Direct labor 1,800 1,560 4,300 Applied overhead 1,080 936 2,580 During April, Sangvikar experienced the transactions listed below. Materials purchased on account, $30,000. Materials requisitioned: Job 114, $16,500; Job 115, $12,000; and Job 116, $5,000. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 220 hours at $17 per hour; and Job 116, 80 hours at $18 per hour. Overhead is applied on the basis of direct labor cost. Actual overhead was $4,495. Job 115 was completed and transferred to the finished goods warehouse. (1) Job 115 was shipped, and (2) the customer was billed for 130…
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 Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 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.
A manufacturer uses job-order costing. On January 1, the company's inventory balances were as follow Raw materials Work in process Finished goods $50,500 $25,000 $38,100 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate was based on a cost formula that estimated $470,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account, $592,000. b. Raw materials used in production, $557,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $442,000; indirect labor, $150,000; selling and administrative salaries, $295,000. d. Incurred various selling and administrative expenses (e.g, advertising, sales travel costs, and finished goods warehousing), $381,000 e. Incurred various additional…
Heurion Company is a job-order costing firm that uses a plant-wide overhead rate based on direct labor hours. Estimated information for the year follows Overhead = S789,000 Direct labor hours 100,000 Data for the jobs worked in July follows: Jobs 745 743 $29,870.00 $55,215.00 $27,880.00 S Direct materials $25,500.00 $ 39,800.00 $14450.00 $13,600.00|S 8,420.00 Direct labor cost S61,300.00 $ 48,500.00 $28,700 00 $24,500.00 $21,300.00 3400 741 742 744 Balance, July 1 Direct labor hours 4000 1980 1600 1400 By July 31, Jobs 741 and 743 were completed and sold. The remaining jobs were in process. Required: Computel for the cost of work-in-process as of July 31.
Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: Job 301 302 303 304 305 306 For general factory use 301 c. Factory overhead costs incurred on account, $5,400. Job Machine Hours 302 303 304 305 306 Total 27 35 29 70 39 a. Materials purchased on account, $29,050. b. Materials requisitioned and factory labor used: Materials 25 $2,870 3,690 225 2,300 8,510 5,000 3,770 1,030 Factory Labor $2,870 3,770 1,920 7,050 5,250 3,240 4,110 d. Depreciation of machinery and equipment, $2,000 e. The factory overhead rate is $52 per machine hour. Machine hours used: f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,310; Job 302, $11,120; Job 303, $14,320. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item gas 2 entries. 2. Post the…
Oxford Company uses a job order costing system. This month, the system accumulated labor time tickets totaling $24,600 for direct labor and $4,300 for indirect labor. The journal entry to record direct labor consists of a: Multiple Choice Debit Payroll Expense $24,600; credit Cash $24,600. Debit Payroll Expense $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $28,900; credit Factory Wages Payable $28,900. Debit Work in Process Inventory $4,300; credit Factory Wages Payable $4,300.