9. The BAM Manufacturing Co. uses a job-order costing system, and it applies factory overhead to production at apre-determined rate based on direct labor cost. The following account appears in the general ledger:WORK IN PROCESSP 50,000 Finished goods P250,900Beg. BalDirect Materials 100,000Direct Labor80,00060,000Applied overheadThe ending work in process represents the cost of Job# 26 which has been charged with P6,000 of direct laborand the cost of Job # 27 which has been charged with applied factory overhead of P4,800. Total cost of directmaterials in the ending work in process wasA. P8,400B. P9,000C. P15,200D. P17,40010. A company had the following total usage of direct labor and direct materialsHours400PoundsDirect Labor (P8 per hour)Direct Materials (PI0 per pound)300Incomplete job # 101 has used 20 hours of direct labor and 8 pounds of direct materials. Factory overhead isapplied at the rate of 200% per direct labor peso. What is the balance in work in process relating to job # 101A. P560 debitB. P560 creditC. P12,600 debitD. P12,600 credit11. Hamilton Company uses job order costing' Factory overhead is applied to production at a determined rate of150% of direct-labor cost. Any over or underapplied factory overhead is closed to the cost of goods soldaccount at the end of each month. Additional information is available as follows:Job 101 was the only job in process at January 31, 2011, with accumulated costs as follows:P4,0002,0003,0009.000Jobs 102, 103 and 104 were started during FebruaryDirect materials requisitions for February totaled P26,000Direct-labor cost of P20,000 was incurred for FebruaryActual factory overhead was P32,000 for FebruaryDirect materialsDirect laborApplied factory overheadThe only job still in process at February 28, 2011 was Job 104, with costs of P2,800 for direct materialsand P1,800 for direct laborThe cost of goods manufactured for February 2011 wasC. P79,700A. P77,700B. P78,000D. P85,00012. Using the same information in No. 11, any over or under-applied factory overhead should be closed to the costof goods sold account at February 28, 2011, in the amount ofA. P700 overapplied B. P1,000 overappliedC. P1,700 underappliedD. P2,000 underappliedUse the following information for questions 13-15.Ark Co. uses a job order costing system. At the beginning of January, the company had 2 jobs inprocess with the following costs:Direct Labor$510289Ark pays its workers $8.50 per hour and applies overhead on a direct labor hour basis.Direct Material$3,4001,100Job # 456Overhead$255Job #46113. What is the overhead application rate per direct labor hour?$0.50$2.00$4.25$30.00b.d.14. How much overhead was included in the cost of Job #461 at the beginning of January?$2,200.00$2,456.50a.$144.50b.$153.00d.15. During January, Ark employees worked on Job #479. At the end of the month, $714 of overhead had beenapplied to this job. Total Work in Process Inventory at the end of the month was $6,800 and all other jobs had atotal cost of $3,981. What amount of direct material is included in Job #479?$677$1,391$2,142$4,658а.C.b.d.

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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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The TLX-26383 company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $ 90,000 of manufacturing overhead and an estimated allocation base of $60,000 in direct labor cost. The company has provided the following data: Beginning Ending $ 11,000 Raw Materials Inventory (all direct) Work in Process Inventory $ 28,000 $41,000 $ 35,000 Finished Goods Inventory $ 73,000 $ 64,000 The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead cost $130,000 $120,000 $110,000 Suppose the company closes out any under- or over-applied overhead cost to Cost of Goods Sold. How much was the company's adjusted Cost of Goods Sold? Multiple Choice О $ 453,000 О $462,000 ○ $447,000 О $ 392,000 $532,000
Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Factory Wages Payable Debit Credit Credit 46,900 Work in Process Inventory Debit Credit 26,150 9,900 26,150 87,650 104,584 Required 1 172,220 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Required 2 127,900 Complete this question by entering your answers in the tabs below. Finished Goods Inventory Credit Debit 172,220 155,190 Required 1 Required 2 87,650 42, 150 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied…
The JOC-10847 company uses a job-order costing system with a predetermined overhead rate using direct labor hours as the allocation base. The company made the following estimates at the beginning of last year: Direct labor-hours required for the estimated production Fixed manufacturing overhead cost Variable manufácturing overhead cost per direct labor-hour 153,000 $ 654,000 $ 4.60 The JOC-10847 company started and completed Product A989 last year. It recorded the following information for Product A989: Direct materials Direct labor cost Direct labor hours used Number of units produced $ 330 $ 220 34 hours 50 units The JOC-10847 company uses a markup percentage of 110% of its total manufacturing cost in determining selling price. The selling price per unit the company would charge for Product A989 is closest to: (Carry out your calculations up to 2 decimal places) O$ 33.17 O$ 14.19 O$ 31.44 O$ 29.81
Mama Co. Employs the job order cost system. Data for the month just ended are summarized below: Work in Process, Beg P100,000 Direct Materials used for the month P200,000 Direct labor cost for the month P160,000 Factory overhead applied P120,000(Set rate based on direct labor) Goods completed and transferred to stock P501,800 Ending Work in Process reffered to Jobs 105 and 107 The company charged Job 105 with direct labor cost of P12,000 and Job 107 charged with overhead of 9,600. 1. Cost of direct materials charged to Job 105 and 107 a. 40,400b. 34,800c. 78,200 d. 121,600
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…
What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
Carradine Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine hours. The company based as predetermined overhead rate for the curren manufacturing overhead cost of $105,000. variable manufacturing overhead of $3.00 per machine hour, and 70,000 machine hours. The company recently completed job P223 which required 60 machine overhead applied to Job P233 is closest to O $90 O $270 Ⓒ$450 O$180
A job order costing company had the following ending balances and cost of goods sold prior to any adjustments for under/over-applied overhead. Raw Materials: $20,000 Work-in-process: $60,000 Finished Goods: $40,000 Cost of Goods Sold: $100,000 The company incurred total manufacturing overhead costs of $360,000. The amount of overhead that was debited to work-in-process was $300,000. Which of the following shows the correct journal entry for the adjustment for under/over-applied overhead? The company uses the method that adjusts three different accounts. Debit. Raw Materials $10,000 Debit. Work-in-process $30,000 Debit. Finished Goods $20,000 Credit. Manuf. Overhead Debit. Manuf. Overhead $60,000 Credit. Raw Materials $10,000 Credit. Work-in-process $30,000 Credit. Finished Goods $20,000 Debit. Manuf. Overhead $60,000 Credit. Work-in-process $18,000 Credit. Finished Goods $12,000 Credit. Cost of Goods Sold $30,000 Debit. Work-in-process Debit. Finished Goods Debit. Cost of Goods Sold…
What is the total amount of actual factory overhead?
ss.2
At the end of Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: JobDirect Materials Direct Machine Hours Job No. 765 $ 5,670 3,500 Job No. 8,900 4,775 44 Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of 200 per hour. a. Determine the balance on the job cost sheets for each job Job 765 Job 766 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent Job 765 Job 766
2

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