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

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16. Krissy Company uses job order cost system. The following transactions were completed in January, which was the first month of operations: Received direct materials and supplies costing P20,000 Materials and supplies were requisitioned as follows: Direct materials Job 1 Р3,000 4,000 1,000 Job 2 P8,000 1,000 Factory payroll was distributed as follows: Job 3 Indirect materials Direct labor P2,000 3,000 4,000 2,000 Other indirect manufacturing costs totaled Job 1(200 hrs) Job 2(300 hrs) Job 3(400 hrs) 9,000 Indirect labor Р3,000 Indirect manufacturing costs are applied on the basis of direct labor hours. The budget for 2020 included 9,000 direct labor hours and a total overhead budget of P63,000. What is the factory overhead under or over applied?
During March, Estes Company worked on three jobs. Data relating to these three jobs follow: Job 86 Job 87 150 240 240 $1,368 264 $3,432 Units in each order Units sold Materials requisitioned Direct labor hours Direct labor cost $1,140 165 $1,815 Job 88 210 $2,499 315 $2,835 Overhead is assigned on the basis of direct labor hours at a rate of $8.50 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month.
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.
Mama Co. Employs the job order cost system. Data for the month just ended are summarized below: Work in Process, Beg P100,000 Direct Materials used for the month P200,000 Direct labor cost for the month P160,000 Factory overhead applied P120,000(Set rate based on direct labor) Goods completed and transferred to stock P501,800 Ending Work in Process reffered to Jobs 105 and 107 The company charged Job 105 with direct labor cost of P12,000 and Job 107 charged with overhead of 9,600. 1. Cost of direct materials charged to Job 105 and 107 a. 40,400b. 34,800c. 78,200 d. 121,600
Brunswick Home Remodelers (BHM) uses a job order cost system. The following debits (credits) appeared in Work - in - Process Inventory for April: Description Amount April 1 Balance $ 26,500 For the month Direct materials 157,000 For the month Direct labor 98,000 For the month Factory overhead 96,050 For the month To finished goods (295,000) BHM applies overhead to production at a predetermined rate of 65 percent based on direct materials cost. Job BH-7, which was started during April and is the only job still in process at the end of April, has been charged direct materials of $20,880. Required: How much direct labor cost was charged to Job BH-7 in April?
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Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,150 Raw materials $ 3,750 Work in process 15,150 Finished goods 19,150 38,050 Property, plant, and equipment (net) 229,150 Total assets $277,350 Liabilities and Stockholders’ Equity: Accounts payable $ 15,075 Retained earnings 262,275 Total liabilities and stockholders’ equity $277,350 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,150 (2) Raw materials used in production (direct materials) $ 50,150 (3) Raw materials used in production (indirect materials) $ 7,075 (4) Direct labor paid in cash $ 95,150 (5) Indirect labor paid in cash $ 25,150 (6) Selling and administrative salaries paid in cash $ 30,150 (7)…
Subject: accounting
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $234,840 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $ 11,900 $ 7,900 $ 5,200 $ 25,000 Direct labor $ 17,300 $ 5,000 $ 5,400 $ 27,700 Machine hours 1,600 hours 2,500 hours 800 hours 4,900 hours Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $14,020. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the…
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?
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to record the summarized…
Watkins Machinery Company uses a normal job costing system. The company has the following partial trial balance information for March, the last month of its fiscal year: Materials inventory (X, $17,250; Y, $11,500; Indirect materials, $28,750) $ 57,500 Work-in-process inventory (this is Job 101) 28,800 Finished goods inventory (this is Job 100) 48,000 These transactions relate to the month of March: Purchased direct materials and indirect materials with the following summary of receiving reports: Material X $ 57,500 Material Y 57,500 Indirect materials 28,750 Total $ 143,750 Issued direct materials and indirect materials with this summary of requisitions: Job 101 Job 102 Total Material X $ 28,750 $ 17,250 $ 46,000 Material Y 23,000 3,000 26,000 Subtotal $ 51,750 $ 20,250 $ 72,000 Indirect materials 46,000 Total $ 118,000 Factory labor incurred is summarized by these time tickets: Job 101 $ 57,600 Job 102 38,400…