4. The production department of a factory furnishes the following information for the month of October. Materials Used RO 125,000 Direct Wages RO 85,000 Labor hours worked 26,000 Hours of machine operation 40,000 Overhead cost RO 60,000 For an order executed by the department during the period, the relevant information was as under: Materials used RO 10,000 Direct Wages RO 7,000 Labor hours worked 4,000 Hours of machine operation 3,500 You are required to calculate the overhead chargeable to the job on order by the following methods: a. Percentage of direct materials cost b. Percentage of labor hour cost c. Direct labor hour rate d. Machine hour rate

4. The production department of a factory furnishes the following information for the month of October. Materials Used RO 125,000 Direct Wages RO 85,000 Labor hours worked 26,000 Hours of machine operation 40,000 Overhead cost RO 60,000 For an order executed by the department during the period, the relevant information was as under: Materials used RO 10,000 Direct Wages RO 7,000 Labor hours worked 4,000 Hours of machine operation 3,500 You are required to calculate the overhead chargeable to the job on order by the following methods: a. Percentage of direct materials cost b. Percentage of labor hour cost c. Direct labor hour rate d. Machine hour rate

Name: 4. The production department of a factory furnishes the following inf
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Description: 4. The production department of a factory furnishes the following informationfor the month of October.Materials UsedRO 125,000Direct WagesRO 85,000Labor hours worked26,000Hours of machine operation40,000Overhead costRO 60,000For an order executed by

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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Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased on account, $50,000. b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 306 For general factory use Job Machine Hours 301 302 303 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700. e. The factory overhead rate is $40 per machine hour. Machine hours used: 304 305 306 Total 30 60 41 63 70 36 Materials Factory Labor $1,850 $2,500 3,150 2,200 1,900 4,230 1,770 1,200 300 7,220 5,350 2,300 6,225 2,900 5,000 1. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $9,000; Job 302, $16,150; Job 303, $12,800. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item g as 2 entries. 2. Post the…
[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
Manufacturing overhead was estimated to be $480, 700 for the year along with an estimated 20,900 direct labor hours. Actual manufacturing overhead was $421,800, and actual labor hours were 21,300. The amount credited to the Manufacturing Overhead account would be: Multiple Choice $480, 700. $421,800. $489, 900. $441,700.
The following costs relate to one month's activity in Martin Company: Indirect materials $ 300 Rent on factory building $ 500 Maintenance of equipment $ 50 Direct material used $1,200 Utilities on factory $ 250 Direct labour $1,500 Selling expense $ 500 Administrative expense $ 300 Work-in-process inventory, beginning $ 600 Work-in-process inventory, ending $ 800 Finished goods inventory, beginning $ 500 Finished goods inventory, ending $ 250 Required: (a.) Prepare a schedule of cost of goods manufactured in good form. (b.) Determine the cost of goods sold.
Sohar Factory applies manufacturing overhead based on machine hours. Information concerning manufacturing overhead and labor for the year as follows: Actual manufacturing overhead OMR 360,000 costs Estimated manufacturing overhead 1,500,000 Actual machine hours used 10,000 Estimated machine hours 300,000 Estimated labor hours 6,000 Actual labor hours 7,500 The amount of manufacturing overhead to be applied is:
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During March, Pendergraph Corporation incurred $60,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $62,000 The journal entry to record the application of Manufacturing Overhead to Work in Process would include a Multiple Choice credit to Manufacturing Overhead of $62,000 debit to Work in Procedor $60,000 debit to Manufacturing Ovemead or $62.000