7) Under Pick Co.'s job-order costing system, manufacturing overhead is applied to work- in-process using a predetermined annual overhead rate. During January, Pick's transactions include the following: Direct materials issued to production $90,000 Indirect materials issued to production 8,000 Manufacturing overhead incurred 125,000 Manufacturing overhead applied 113,000 Direct labor cost/ 107,000 Pick had neither beginning nor ending WIP. What was the cost of jobs completed in January? a) $302,000 b) $310,000 c) $900,000. mthods do poteh d) $600,000

7) Under Pick Co.'s job-order costing system, manufacturing overhead is applied to work- in-process using a predetermined annual overhead rate. During January, Pick's transactions include the following: Direct materials issued to production $90,000 Indirect materials issued to production 8,000 Manufacturing overhead incurred 125,000 Manufacturing overhead applied 113,000 Direct labor cost/ 107,000 Pick had neither beginning nor ending WIP. What was the cost of jobs completed in January? a) $302,000 b) $310,000 c) $900,000. mthods do poteh d) $600,000

Name: d) $1.7807) Under Pick Co.'s job-order costing system, manufacturing
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: d) $1.7807) Under Pick Co.'s job-order costing system, manufacturing overhead is applied to work-in-process usingtransactions include the following:a predetermined annual overhead rate. During January, Pick'sDirect materials issued to production$90,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% above cost. Required: 1. Prepare journal entries to record the transactions given…
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. Depreciation recorded on factory equipment, $40,000. Other manufacturing overhead costs accrued during October, $70,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare…
Pol Industries uses a job order cost system and applies manufacturing overhead costs to jobs using a predetermined overhead rate based on direct labour-hours. The following data were extracted from the company's accounting records for Year 6 Estimated Actual Manufacturing overhead costs 50,000 54,000 Direct labour- hours 20,000 24,000Job #232 was completed during the year and the following costs had been incurred on that job:Direct materials 4000 direct labour 1500 ( at $ 5.00 per direct labour hour) Suppose Job #232 contained 100 units. What unit cost would appear on the job cost sheet for job #232? Show ALL calculations
d Jason's Custom Tooling (JCT) uses a job order cost system and applies overhead using a predetermined overhead rate based on direct labor costs. The following debits (credits) appeared in Work-in-Process Inventory for November: November 1 For the month For the month For the month For the month Description Balance Direct materials Direct labor Factory overhead To finished goods Amount $ 43,000 235,000 144,000 136,800 (419,000) Job 13-11, the only job still in process at the end of November, has been charged direct labor of $30,000. Required: What cost amount of direct materials was charged to Job 13-11? Direct materials $ 80,800 x
O'Connell Corporation had the following transactions for its job order costing operation. Apr. 4 Purchased materials on account, $17,000. 7 Direct materials requisitioned to production, Job No. 106, $15,800. 12 Direct labor, Job No. 106, $15,200. 16 Indirect materials (factory overhead) requisitioned to production, $3,300. 22 Indirect labor (factory overhead), $2,400. 28 Other indirect costs (factory overhead, credit Accounts Payable), $2,700. Prepare general journal entries to record these transactions. GENERAL JOURNAL Page 1 Date Description PostRef. Debit Credit
What is the Direct labor cost for Job 707?
Ecola Company uses a job order costing system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $120,000 for the year; direct labor was estimated to total $150,000. (1/1) (12/31) Raw Materials Inventory $ 13,000 $ 10,000 Work in Process Inventory $ 29,000 $ 22,000 Finished Goods Inventory $ 41,000 $ 32,000 The following transactions have occurred during the year. Raw materials purchases $ 100,000 Direct materials used $ 87,000 Direct labor $ 135,000 Indirect materials used $ 16,000 Indirect labor $ 19,000 Factory equipment depreciation $ 28,000 Factory rent $ 15,000 Factory utilities $ 11,500 Other factory costs $ 8,500 (a) Calculate the predetermined overhead rate. (b) Calculate cost of goods manufactured. (c) Calculate the over- or underapplied overhead. (d) Calculate adjusted cost of goods sold.
Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.40 per machine-hour was based on a cost formula that estimates $192,000 of total manufacturing overhead for an estimated activity level of 80,000 machine-hours. Required: 1. Assume that during the year the company works only 75,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Compute the amount of overhead cost…
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $131.000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76.200 machine-hours were used in October. g. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost. Required: 1. Prepare journal entries to record the transactions given…
Malcolm Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The estimates for the year were: Manufacturing overhead $16,240 Direct labor hours 11,600 The actual results for the year were: Manufacturing overhead $21,700 Direct labor hours 13,000 The cost records for the year will show Group of answer choices Overapplied overhead of $5,460. Underapplied overhead of $5,460 Overapplied overhead of $ 3,500. Underapplied overhead of $3,500
Munson Co. uses a job order cost system. The following data summarize the operations related to production for July:a. Materials purchased on account, $225,750b. Materials requisitioned, $217,600, of which $17,600 was for general factory usec. Factory labor used, $680,000, of which $72,300 was indirectd. Other costs incurred on account for factory overhead, $330,000; selling expenses, $180,000; and administrative expenses, $126,000e. Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100; and for administrative expenses, $5,250f. Depreciation of office building was $44,500; of office equipment, $16,800; and of factory equipment, $55,100g. Factory overhead costs applied to jobs, $548,000h. Jobs completed, $1,140,000i. Cost of goods sold, $1,128,000InstructionsJournalize the entries to record the summarized operations.
Boat Corporation uses a job order cost system and applies overhead based on a percentage of direct labor cost Cost flows through the Work in Process Inventory account during March are given below: Work in Process Debit Credit Beginning Balance Transferred Out 257,400 Direct Materials 60,000 Direct Labor 103,000 Overhead 185,400 Ending Balance 91.000 Only Job #007 was still in process at the end of March and this job had been charged with $49,000 in direct materials cost The amount of direct materials cost charged to completed jobs during March was