A company prepares its accounts on monthly basis. A Company had no jobs in progress at the beginning of month and no beginning inventories. It started only 3 jobs during month Job 101, Job 102 and Job 103. Job 101 was completed and sold by the end of month and Job 103 was incomplete at the end of month and Job 102 is complete but not sold. The company uses a plant wide predetermined overhead based on direct labor hours. Job 101 Job 102 Job 103 Direct Materials $18,000 $11.000 $19,500 Direct Labor Cost $21.000 $7,500 S22,000 Actual Direct Labor hours 1,400 500 1,300 worked The following additional information is available for the company as a whole and for Job 101, Job 102 and Job 103 (all data relates to month) Estimated total fixed MOH S30,000 Estimated variable MOH per direct labor hours Estimated total direct labor hours to be worked $2 3,000 Total actual MOH cost incurred $40,000 Requirements: - If Job 101 includes 250 units what is its unit product cost?

A company prepares its accounts on monthly basis. A Company had no jobs in progress at the beginning of month and no beginning inventories. It started only 3 jobs during month Job 101, Job 102 and Job 103. Job 101 was completed and sold by the end of month and Job 103 was incomplete at the end of month and Job 102 is complete but not sold. The company uses a plant wide predetermined overhead based on direct labor hours. Job 101 Job 102 Job 103 Direct Materials $18,000 $11.000 $19,500 Direct Labor Cost $21.000 $7,500 S22,000 Actual Direct Labor hours 1,400 500 1,300 worked The following additional information is available for the company as a whole and for Job 101, Job 102 and Job 103 (all data relates to month) Estimated total fixed MOH S30,000 Estimated variable MOH per direct labor hours Estimated total direct labor hours to be worked $2 3,000 Total actual MOH cost incurred $40,000 Requirements: - If Job 101 includes 250 units what is its unit product cost?

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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Entries for Direct Labor and Factory Overhead Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows: Job 11-101 Job 11-102 Job 11-103 Job 11-104 Job 11-105 Factory supervision Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $30 per direct labor hour. The direct labor rate is $14 per hour. $2,040 1,380 1,090 1,680 1,090 950 a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Work in Process Factory Overhead ✓ 7,280 950 ✓ b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank. 17.30 X 8,230 17.30 X
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I think I'm doing this wrong but for unfinished jobs do I not add materials, labor, and overhead and the subtract the completed jobs from it?
Applying Overhead to Jobs, Costing Jobs Jagjit Company designs and builds retaining walls for individual customers. On August 1, there were two jobs in process: Job 93 with a beginning balance of $8,810 and Job 94 with a beginning balance of $7,320. Jagjit applies overhead at the rate of $10 per direct labor hour. Direct labor wages average $16 per hour. Data on August costs for all jobs are as follows: Job 93 Job 94 Job 95 Job 96 Direct materials $1,000 $4,550 $3,310 $1,300 Direct labor cost 1,600 4,800 2,560 800 During August, Jobs 95 and 96 were started. Job 93 was completed on August 17, and the client was billed at cost plus 40%. All other jobs remained in process. Required: 1. Calculate the number of direct labor hours that were worked on each job in August. Job 93 fill in the blank fe4a4a013fdefc1_1 DLH Job 94 fill in the blank fe4a4a013fdefc1_2 DLH Job 95 fill in the blank fe4a4a013fdefc1_3 DLH Job 96 fill in the blank fe4a4a013fdefc1_4 DLH 2.…
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