2. The following information relates to the manufacturing operations of Delicious Co. during themonth of January. The company uses job order costing. Please do the following journal entries.a) Purchases of direct materials on account during the month amount to $45000DebitCreditDbCrwwwb) Materials used by the Production Department during the month total $40000DebitCreditDbCrc) Time cards of direct workers show 1200 hours worked on various jobs during the month for $20per hourCalculations:DebitCreditDbCrd) Direct workers were paid $20000 in JanuaryDebitCreditDbCr derileriGözden Geçiraruimununjoce) Actual overhead costs for the month mount to $42000. Overhead costs has not been paid in cashyet, will be paid later.DebitCreditDbCrf) Overhead is applied to jobs at a rate of 120% direct labor costCalculations:DebitCreditDbCrg) Jobs with total accumulated costs of $105000 were completed during the monthDebitCreditDbCrh) During January, 50 units costing $25 per unit were sold on account for selling price of $35 perunit.Calculations:DebitCreditDbCrDebitCreditDbCri) Work in process inventory had a beginning balance of $25,000 in January. Calculate the endingbalance of work in process inventory at the end of JanuaryCalculations:

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Description: 2. The following information relates to the manufacturing operations of Delicious Co. during themonth of January. The company uses job order costing. Please do the following journal entries.a) Purchases of direct materials on account during the mont

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2. The following information relates to the manufacturing operations of Delicious Co. during the month of January. The company uses job order costing. Please do the following journal entries. a) Purchases of direct materials on account during the month amount to $45000 Debit Credit Db Cr b) Materials used by the Production Department during the month total $40000 Debit Credit Db Cr c) Time cards of direct workers show 1200 hours worked on various jobs during the month for $20 per hour Calculations: Debit Credit Db Cr

2. The following information relates to the manufacturing operations of Delicious Co. during the month of January. The company uses job order costing. Please do the following journal entries. a) Purchases of direct materials on account during the month amount to $45000 Debit Credit Db Cr b) Materials used by the Production Department during the month total $40000 Debit Credit Db Cr c) Time cards of direct workers show 1200 hours worked on various jobs during the month for $20 per hour Calculations: Debit Credit Db Cr

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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Johnson Incorporated 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 93,000 and estimated factory overhead is $511,500. 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 Work-in-process inventory (All Job A) Finished goods inventory Material purchases Direct materials requisitioned Job A Job B Direct labor hours Job A Job B Labor costs incurred Direct labor ($7.50/hour) Indirect labor Supervisory salaries Rental costs Factory Administrative offices Total equipment depreciation costs Factory Administrative offices Indirect materials used Required: 1. What is the total cost of Job A? Required 1 $ 8,400 33,000 71,500 117,500 Required 2 74,000 38,000 Required 3 5,100 4,400 71,250 14,400 6,900 2. What is the…
On April 1, two jobs were in process at Hartwell Contracting. Details of the jobs follow: Job Number HC-34 HC-37 Direct Materials $4,560 3,460 Direct Labor $ 1,960 6,160 The Materials Inventory account on April 1 totaled $8,260. Materials purchased during the month totaled $18,000. Indirect materials of $1,900 were issued from materials inventory. On April 1, finished goods inventory consisted of two jobs: HC-32, costing $7,140, and HC- 35, with a cost of $3,960. Costs for both jobs were transferred to Cost of Services Billed during the month. Also during April, Jobs HC-34 and HC-37 were completed. Completing Job HC-34 required an additional $5,260 in direct labor. The completion costs for Job HC-37 included $3,560 in direct materials and $10,860 in direct labor. Hartwell Contracting used a total of $9,260 of direct materials (excluding the $1,900 indirect materials) during the month and $25,960 in total direct labor costs. Overhead has been estimated at 75 percent of direct labor…
The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount Net sales 18,600,000 $ 15,300,000 Cost of goods sold 13,280,400 6,885,000 Gross profit 5,319,600 8,415,000 Operating expenses 1,543,800 1,147,500 Depreciation expense 948,600 948,600 Inventory write-down 167,400 Loss (litigation) 1,450,800 321,300 Income before tax 1,209,000 5,997,600 409,200 1,943,100 Income tax expense Net income 799,800 $ 4,054,500 $
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…
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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.
Penn Company uses a job order cost accounting system. In the last month, the system accumulated labor time tickets totaling $32,000 for direct labor and $6,400 for indirect labor. These costs were accumulated in Factory Payroll as they were paid. Which entry should Penn make to assign the Factory Payroll? General Journal Debit Credit (A) Payroll Expense 38,400 Cash 38,400 (B) Payroll Expense 32,000 Factory Overhead 6,400 Factory Payroll 38,400 Goods in Process Inventory 32,000 Factory Overhead 6,400 Factory Payroll 38,400 32,000 Goods in Process Inventory Factory Overhead 6,400 Accrued Wages Payable 38,400 38,400 Goods in Process Inventory Factory Payroll 38,400 F6 (C) (D) E) Option A F2 F3 :0+ F4 63 F5 N % F7 다 F8 F9 El ★
Milner Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Assignment 3 ACCT 232 Materials Requisition Slips $2,500 3,500 4,400 $10,400 800 $11,200 Labor Time Tickets $1,900 3,000 7,600 $12,500 1,200 $13,700 Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 429 is completed during the month. Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.
The following information relates to the manufacturing operations of Delicious Co. during the month of January. The company uses job order costing. Please do the following journal entries.
What was the amount of direct materials charged to Job 17 as at the end of June?
Journal Entries, T-Accounts Lincoln Brothers Company makes jobs to customer order. During the month of May, the following occurred: a. Materials were purchased on account for $45,760. b. Materials totaling $40,880 were requisitioned for use in producing various jobs. c. Direct labor payroll for the month was $19,200 with an average wage of $12 per hour. d. Actual overhead of $8,860 was incurred and paid in cash. e. Manufacturing overhead is charged to production at the rate of $5.40 per direct labor hour. f. Completed jobs costing $59,000 were transferred to Finished Goods. g. Jobs costing $58,000 were sold on account for $ 73,850. Make the entry to record the revenue from the sale first, followed by the entry to record the cost of the jobs. Beginning balances as of May 1 were: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Required: $1,300 3,400 2,640 1 more notification 1. Prepare the journal entries for the preceding events.