251 Chapter 8 Accounting for Factory Overhead hesis es ompany uses a job costing system and applies overhead to products on the basis of direct labor cost. Job no. 75, the only job in process on January 1, nao un Tollowing costs assigned as of that date: direct materials, P40,000; direct labor, P80,000; and factory overhead, P120.000. The following selected costs were incurred during the year 2016: Traceable to jobs: 178,000 Direct materials Direct labor Not traceable to jobs: Factory materials and supplies Indirect labor P. 350,000 P523,000 46,000 235,000 73,000 29,000 76,000 Plant maintenance Depreciation on factory equipment Other factory costs 459,000 Marvin's profit plan for the year included budgeted direct labor of P320,000 and factory overhead of P384,000 15. Assuming no work-in-process on Dec. 31, Marvin's overhead for the year was a. P11,000 over-applied b. P24,000 over-applied c. P39,000 under-applied d. P11,000 under-applied

251 Chapter 8 Accounting for Factory Overhead hesis es ompany uses a job costing system and applies overhead to products on the basis of direct labor cost. Job no. 75, the only job in process on January 1, nao un Tollowing costs assigned as of that date: direct materials, P40,000; direct labor, P80,000; and factory overhead, P120.000. The following selected costs were incurred during the year 2016: Traceable to jobs: 178,000 Direct materials Direct labor Not traceable to jobs: Factory materials and supplies Indirect labor P. 350,000 P523,000 46,000 235,000 73,000 29,000 76,000 Plant maintenance Depreciation on factory equipment Other factory costs 459,000 Marvin's profit plan for the year included budgeted direct labor of P320,000 and factory overhead of P384,000 15. Assuming no work-in-process on Dec. 31, Marvin's overhead for the year was a. P11,000 over-applied b. P24,000 over-applied c. P39,000 under-applied d. P11,000 under-applied

Name: Cost Accounting25216. What is the total amount of service cost that s
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Description: Cost Accounting25216. What is the total amount of service cost that should be allocated to the PrintingDepartment under the direct and step method?Direct methodP 68,700P 77,070P 78,000P 78,000Step methodP 77,070P 78,000P 81,100P 77,070a..b.C.d.. 251

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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OMR 232,293 .c O OMR 220,084 d O OMR 220,720 e O A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on labor-hours. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of $120,000 and 6,000 labor-hours. The job sheet of Job1112 shows that the number of units produced in this job order is 5 units. This job required 500 labor- thours and incurred direct materials cost of $10.000 and direct labor costs of $30,000. The unit product cost for Job1112 is None of the given answers .a O $2,000 .b O $50,000 .c O $32,000 .d O $10,000 .e O الصفحة التالية COURSE OUTLUNE SPRING2021 1500R 144H CURVED High h Te
O e. OMR14500 XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR62,000; Estimated direct labor hours 20,000: Actual di labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR3,000 underapplied O b. None of the answers given OC OMR9,500 overapplied O d. OMR9,500 underapplied O e. OMR3,000 overapplied
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A job cost sheet of Wildhorse Company is given below. Job Cost Sheet JORNO White Lion C Date Requested 42 FOR Told Company Date Completed Date Direct Materials Direct Manufacturing Labor Overhead 7/10 200 600 730 400 480 1700 1520 31 500 600 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost (a) Your answer is correct Answer the following questiona. (1) What are the source documents for direct maten als direct labor, and manufacturing overhead costs assigned to this job? Source Documents Direct material Direct labar Manufacturing (2) Overhead is applied on the basis of direct tabar cost. What is the predetermined manufacturing overhead rate! termined manufacturing overhead cate 120 31 What are the total cost and the unit cost of the completed job Round unitat o 2 decimal places, eg 125 Total cost of the completed job 120 Unit cost of the completed job S 14006 Textbook and Media List of Accounts Prepare the salty to record the soniction…
ZZ The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost. Required: 1. Prepare journal entries to record the…
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9. The BAM Manufacturing Co. uses a job-order costing system, and it applies factory overhead to production at a pre-determined rate based on direct labor cost. The following account appears in the general ledger: WORK IN PROCESS P 50,000 100,000 80,000 60,000 Finished goods P250,900 Beg. Bal Direct Materials Direct Labor Applied overhead The ending work in process represents the cost of Job# 26 which has been charged with P6,000 of direct labor and the cost of Job # 27 which has been charged with applied factory overhead of P4,800. Total cost of direct materials in the ending work in process was А. Р8,400 В. Р9,000 C. P15,200 D. P17,400 10. A company had the following total usage of direct labor and direct materials Hours Pounds Direct Labor (P8 per hour) 400 Direct Materials (PIO per pound) 300 Incomplete job # 101 has used 20 hours of direct labor and 8 pounds of direct materials. Factory overhead is applied at the rate of 200% per direct labor peso. What is the balance in work in…
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Question 1 Far West Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct material cost. Its predetermined overhead rate was based on a cost formula that estimated $500,000 of manufacturing overhead for an estimated allocation base of $390,625 direct material dollars. The company has provided the following data in the form of an Excel worksheet: Ending $55,000 166,125 138,000 The following actual costs were incurred during the year: $450,000 $119,000 Beginning $38,000 79,000 47,000 Raw Materials Work in Process Finished Goods Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect materials 104,875 102,000 35,000 32,700 41,000 23,425 49,000 Insurance, factory Depreciation of equipment Indirect labor Property taxes Maintenance Rent, building Required: Compute the predetermined overhead rate for the year. Prepare a schedule of cost of goods manufactured for the year. Compute the amount of underapplied…
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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?