3.Data:DEPARTMENT 1DEPARTMENT 2DEPARTMENT 3Actual direct labor hoursIndirect cost rate per hour of directlaborReal indirect costs:Factory rentalFactory suppliesIndirect laborFactory fuelUtensilsCost of items soldFinal inventory of work in processFinal inventory of finished items42055375$ 3.95$ 2.10$ 4.00$ 400$ 250$ 3602331412204073241753854006201208075$8 7501,760$9,000$ 7,0502 3009405 4002 8001,500REQUESTED:Using the data provided, prepare two groups of journal entries, one with an applied Manufacturing Overhead account and one without. Do the following:Record the indirect costs applied.Record the actual indirect costsClose the indirect costs applied against the control accountAllocate overhead or under-applied overhead between work-in-process inventory, ending inventory of finished items, and cost of items sold.

Name: 3.Data:DEPARTMENT 1DEPARTMENT 2DEPARTMENT 3Actual direct labor hoursI
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Description: 3.Data:DEPARTMENT 1DEPARTMENT 2DEPARTMENT 3Actual direct labor hoursIndirect cost rate per hour of directlaborReal indirect costs:Factory rentalFactory suppliesIndirect laborFactory fuelUtensilsCost of items soldFinal inventory of work in processFin

Job costing is a system in which costs are recorded for a particular job rather than the entire…

Business

Accounting

3. Data: DEPARTMENT 2 DEPARTMENT 1 420 $ 3.95 DEPARTMENT 3 375 $ 4.00 Actual direct labor hours Indirect cost rate per hour of direct labor Real indirect costs: Factory rental Factory supplies Indirect labor Factory fuel Utensils Cost of items sold Final inventory of work in process Final inventory of finished items 55 $ 2.10 $ 400 233 407 $ 250 141 324 $ 360 220 175 620 75 385 120 $ 9,000 2 300 5 400 400 80 $8 750 1,760 2 800 $7,050 940 1,500 REQUESTED: Using the data provided, prepare two groups of journal entries, one with an applied Manufacturing Overhead account and one without. Do the following: Record the indirect costs applied. Record the actual indirect costs Close the indirect costs applied against the control account Allocate overhead or under-applied overhead between work-in-process inventory, ending inventory of finished items, and cost of items sold.

3. Data: DEPARTMENT 2 DEPARTMENT 1 420 $ 3.95 DEPARTMENT 3 375 $ 4.00 Actual direct labor hours Indirect cost rate per hour of direct labor Real indirect costs: Factory rental Factory supplies Indirect labor Factory fuel Utensils Cost of items sold Final inventory of work in process Final inventory of finished items 55 $ 2.10 $ 400 233 407 $ 250 141 324 $ 360 220 175 620 75 385 120 $ 9,000 2 300 5 400 400 80 $8 750 1,760 2 800 $7,050 940 1,500 REQUESTED: Using the data provided, prepare two groups of journal entries, one with an applied Manufacturing Overhead account and one without. Do the following: Record the indirect costs applied. Record the actual indirect costs Close the indirect costs applied against the control account Allocate overhead or under-applied overhead between work-in-process inventory, ending inventory of finished items, and cost of items sold.

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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Raw materials $9.800 Work in process 65,847 Finished goods 30,640 Work in process consisted of the following jobs: Job 22 Job 24 Job 25 $4,800 Direct materials $6,200 Direct labour $5,190 9,210 6,447 10,500 7,350 9,500 Applied overhead 6,650 Total $24,050 $20,847 $20,950 Number of units 20 40 30 Finished goods consisted of Job 23, with the following costs: Job 23 Direct materials $8,200 Direct labour 13,200 Applied overhead 9,240 Total $30,640 50 Number of units Shown below are the direct cost data related to jobs started in October: Direct materials Job 26 $5,180 $11,200 Job 27 Job 28 $5,600 $4,200 $9,340 $5,910 Total $14,980 $26,450 Direct labour Number of units 20 30 20
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Current Attempt in Progress Job 400 Job 401 Job 402 Direct Materials $200 $21/hour O $10/hour O $16/hour O $18/hour 250 500 Direct Labour Cost $800 200 600 Direct Labour Hours 40 10 32 Sparkle Company uses job costing and applies overhead using an actual costing system using direct labour hours as the allocation base. This period's estimated overhead cost is $400,000, estimated direct labour cost is $500,000 and estimated direct labour hours are 25,000. This period's actual overhead cost was $420,000, actual direct labour cost was $390,000, and actual direct labour hours were 20,000. What is the overhead allocation rate?
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direct material in units 97,000 direct labor hourse 30,000 machine hours 26,000 number of set ups 300 number of devices produced 16,000 The 210,000 units of material had a total cost of 1,365,000. Direct labor is 17 per hour. The company has total overhead production cost of 1,850,000 Cost Pool 1. Equipment Maintenance 2. Production Set up 3. Material Handling 4. Transportation Cost Cost driver 1. # of machine hours 2. # of set ups 3. units of materials 4. # of devices produced Cost 1. 585,000 2. 125,000 3. 540,000 4. 600,000 Volume 1. 39,000 2. 900 3. 210,000 4. 24,000 Compute the unit cost.
Problem 1 Brabensky Company produces a product in two departments: (1) Assembly and (2) Painting. The company uses a process cost accounting system. Purchased raw materials for $90,000 on account. Raw materials requisitioned for production were: Direct materials Assembly department $77,000 Factory labor used: Assembly department $34,000 Painting department 18,000 Manufacturing overhead is applied to the product based on machine hours used in each department: Assembly department—320 machine hours at $40 per machine hour. Painting department—120 machine hours at $15 per machine hour. Units costing $86,000 were completed in the Painting Department and were transferred to the Finished Good. Finished goods costing $70,000 were sold on cash for $102,000. Instructions Prepare the journal…
Direct Materials Direct Labour Manufacturing Overhead Total cost to account for $385,000 139,750 86,000 $610,750 The units still in process are 100% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost of the December 31 Work in Process Inventory would be: a. $436,500 O b. $174,250 O c. $218,125 Od. $610,750
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
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If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a.$390,000 b.$525,000 c.$580,000 d.$170,000
Balances: Beginning Ending Direct materials 13,5007 300 Work in process inventory 0 3,400 Finished goods inventory 0 5,100 Other information: Direct materials purchase 36,000 Plant expenses 19,000 Sales salaries 6,200 Delivery of items sold 1,100 Net sales revenue 108,500 Customer hotline costs 4,800 Direct labor 24,000 Create a Schedule of Cost of Good Manufactured. Create an Income Statement.