COMPLETE PROBLEMS to howed news andmined a bar conmo no baie vinn21. Boussard Company, which uses normal job costing, incurred the following costs last perioddi (A indicates paid on account; C indicates paid in cash):sol000,01 Emas dalkw (bandung alaotien hoibai lietDirect materials purchases$200,000 AHow to desiIndirect materials purchases12,000 ASERDirect materials used180,000Indirect materials used10,000Direct laborom yol,000,300,000 AMisc manufacturing overhead incurred480,000 Cava basingoon brn strypaManufacturing overhead applied450,000Good units completed875,000Spoiled units (normal)25,000Spoiled units (abnormal, incomplete)10,000 leistas furoj se2,000 CorRework (normal)Rework (abnormal)8,000 CUnits sold850,000Period expenses500,000 CBoussard had no beginning inventories of any kind last period. The beginning balance inthe cash account was $1,000,000.Make all journal entries in the normal costing system for the period and post them tot-accounts.Leo 000,02 b

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Description: COMPLETE PROBLEMS to howed news andmined a bar conmo no baie vinn21. Boussard Company, which uses normal job costing, incurred the following costs last perioddi (A indicates paid on account; C indicates paid in cash):sol000,01 Emas dalkw (bandung al

Job costing is a method of costing in which all the costs associated with a particular job or task…

Business

Accounting

21. Boussard Company, which uses normal job costing, incurred the following costs last period di (A indicates paid on account; C indicates paid in cash): 000.01 Ima daldby (banding alotun Fanibal lle as w Direct materials purchases $200,000 A oldes i 12,000 A Indirect materials purchases Direct materials used linu asmara dol sdl 091180,000

21. Boussard Company, which uses normal job costing, incurred the following costs last period di (A indicates paid on account; C indicates paid in cash): 000.01 Ima daldby (banding alotun Fanibal lle as w Direct materials purchases $200,000 A oldes i 12,000 A Indirect materials purchases Direct materials used linu asmara dol sdl 091180,000

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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Makkah Equipment Co. sells machines and has the following information for the year. Actual Estimated Overhead cost OMR 2,400,000 OMR 3,000,000 Direct labor hours 120,000 300,000 Machine hours 300,000 150,000 Overhead is applied on the basis of machine hours. The amount of over or under-applied overhead is: Select one: O a. 300N00 Overapplied b. None of the answers are correct O c. 300,000 Underapplied d. 260,000 Underapplied e. 150,000 Underapplied
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P2-8 Uniformata Company received an order to make school uniforms and uses the job order costing system. The following transaction occurred during 2014 relating to Job U-101: 1. Purchased raw materials at a cost of P2,000,000 2. Direct materials used for P1,400,000 3. Raw materials were used as indirect materials, P200,000 4. Direct labor hours consumed for P1,500,000 on the job, which was fully paid. 5. Indirect labor hours used costing P500,000 6. Other indirect costs accrued were P1,250,000 Manufacturing overhead equal to 100% of direct labor was charged. 8. The cost of U-101 of P4,400,000 (direct materials of P1,400,000 + direct labor cost of P1,500,000 + applied overhead of P1,500,000) was transferred to finished goods on completion. 9. Revenue is recorded at P5,720,000 (P4,400,000 × 130%) Actual manufacturing overheads were P1,950,000 (indirect materials costing P200,000+ indirect labor costing P500,000 and other overheads of P1,250,000). Applied manufacturing overheads were…
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PB7. Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Raw materials purchased Raw materials, beginning inventory Raw materials, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead $320,000 15,000 14,000 35,000 37,000 300,000 50,000 7,382 45,000 20,000 11,000 100,000 24,000 25,000 Depreciation of factory building Factory real estate taxes Factory utility expenses Indirect materials Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Compute the cost of goods manufactured.
The following manufacturing costs data are available for Division 911; Work in process, January 1, 2018: Job No. Factory Ouerhead Total P145,000 Materials Labor 156 P35,000 PG0,000 P44,000 Costa for 2018 Incurred by Jobe Total P16,000 158.000 42.000 10.000 Materials Labor Other 156 157 158 159 P- P2,000 52,000 24,000 8,000 P14,000 106,000 18,000 2.000 Not Incurred by Joba Indirect materials and sagddns Employee beneits Depreciation Supervision 30,000 30,000 106,000 46,000 24.000 40,000 Indirect labor 106,000 46,000 24,000 40,000 Factory overhead for 2018: Budgeted Manufacturing Overhead: Variable - Indirect materials and supplies Indirect labor Employee benefits Depreciation Supervision P 32,000 112,000 48,000 24,000 40,000 Fixed Total P256,000 Budgeted Direct Labor Costs P160,000 Manufacturing Overhead rate per direct labor cost (P256,000/P160,000) 160% Compute the actual manufacturing overhead. Compute the applied manufacturing overhead. Compute the net overhead variance (indicate…
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Q# 2: Job Order Costing (7 Marks)The Searider Company uses a job-order costing system. The following transactions occurred inApril:a. Raw materials were purchased on account, $180,000.b. Raw materials used in production, $148,000 ($130,000 direct materials and $18,000 indirectmaterials).c. Accrued direct labor cost of $75,000 and indirect labor cost of $105,000.d. Depreciation recorded on factory equipment, $40,000.e. Other manufacturing overhead costs accrued during April, $118,000.f. The company applies manufacturing overhead cost to production using a predetermined overheadrate of $6 per machine-hours. A total of 46,000 machine-hours were used in April.g. Jobs costing $495,000 according to their job cost sheets were completed during April andtransferred to Finished Goods.h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped tocustomers during the month. These jobs were sold on account at 30% above cost.Required:1. Prepare journal entries to…
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H4. At Vol Corporation, production is started in the fab department. The work is then transferred to the finishing department, where goods are completed and then transferred to the finished goods storeroom. Data about the company’s costs during September 20X1 follows: Material costs placed into production Fab department $ 40,100.00 Finishing department 5,100.00 Direct labor costs Fab department 112,000.00 Finishing department 18,000.00 Taxes withheld from employees’ earnings Social security tax withheld 8,060.00 Medicare tax withheld 1,885.00 Federal income tax withheld 19,500.00 Overhead costs Fab department 44,800.00 Finishing department 7,200.00 During the month, products costing $167,000 were transferred from the fab department to the finishing department; goods costing $193,000 were transferred from the finishing department to finished goods inventory; and goods that cost $154,400 were sold on account for $201,000. Required: Give the journal entries on September 30 to summarize…
E1-12 Cepeda Corporation has the following cost records for June 2014. $ 4,500 20,000 3,000 3,800 5,000 7,500 Prepan Indirect factory labor Direct materials used Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials $ 400 1,400 40,000 (LO S 1,800 2,200 3,000 manu a para Work in process, 6/1/14 Work in process, 6/30/14 Finished goods, 6/1/14 Finished goods, 6/30/14 XLS Factory manager's salary Instructions (a) Prepare a cost of goods manufactured schedule for June 2014. (b) Prepare an income statement through gross profit for June 2014 assuming sales rev- enue is $92,100. Markr Constulting, a political consulting firm, die Cla