How much is total cost of goods manufactured? *A company uses job order costing. At the beginning of February, two jobs were in process:Job 769Job 772MaterialsP4,000P1,400Direct Labor2,0006003,000There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were started.Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,000.Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is job779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of theApplied Factory Overhead900month, has a total cost of P4,000.Your answer How much is the cost of goods manufactured? *JR Company uses the normal cost system. The companyapplies overhead using a predetermined overhead rateusing machine hours. At the beginning of the year, thecompany estimated that it would work 44,000 machinehours and incur P176,000 in factory overhead costs.Following are transactions for the month of February.[a] Purchased raw materials from CZ company, P555,000.Terms 2/10,n/60.[b] Materials were requisitioned for production, P431,000direct and 13,000 indirect.[c) Returned materials to CZ company, P5,000 (gross) onthe 3rd day after purchase.[d] Paid payroll for the week:EarningsP220,000TaxSSPHIC13,480 5,00024,0002,0005,000DirectIndirect 40,000SellingAdmin[e] Depreciation of factory machine is P119,000[f] Factory utilities costs incurred, P24,000.(g] Overhead was applied to production using 47,0001,1602,50080050,0001,23070,00013,0006,8502,430hours.[h] P700,000 worth of goods were completed.(i] Paid utilities.(i) Sold 75% of completed goods at 60% above cost.

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Answered: A company uses job order costing. At…

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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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
The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 60,000 Direct materials 325,000 Direct labor 462,000 Factory overhead 210,000 Jobs finished during August are summarized as follows: Job 210 $197,800 Job 216 240,000 Job 224 160,000 Job 230 364,000 Required: Determine the cost of the unfinished jobs at August 31.
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
15. Krissy Company uses job order cost system. The following transactions were completed in January, which was the first month of operations: Received direct materials and supplies costing P20,000 Materials and supplies were requisitioned as follows: Direct materials Job 1 P3,000 4,000 1,000 Job 2 P8,000 1,000 Factory payroll was distributed as follows: Job 3 Indirect materials Direct labor P2,000 3,000 4,000 2,000 Other indirect manufacturing costs totaled Job 1(200 hrs) Job 2(300 hrs) Job 3(400 hrs) 9,000 Indirect labor P3,000 Indirect manufacturing costs are applied on the basis of direct labor hours. The budget for 2020 included 9,000 direct labor hours and a total overhead budget of P63,000. What is the balance of materials inventory at the end?
Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: Job 301 302 303 304 305 306 For general factory use 301 c. Factory overhead costs incurred on account, $5,400. Job Machine Hours 302 303 304 305 306 Total 27 35 29 70 39 a. Materials purchased on account, $29,050. b. Materials requisitioned and factory labor used: Materials 25 $2,870 3,690 225 2,300 8,510 5,000 3,770 1,030 Factory Labor $2,870 3,770 1,920 7,050 5,250 3,240 4,110 d. Depreciation of machinery and equipment, $2,000 e. The factory overhead rate is $52 per machine hour. Machine hours used: f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,310; Job 302, $11,120; Job 303, $14,320. 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 gas 2 entries. 2. Post the…
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 223 $260 $ 240 $ 267 270 0 Cost of goods sold for May Finished goods inventory at the end of May 1 Work in process inventory at the end of May. Job 820 $ 240 $ 240 $ 250 $ 280 0 0 Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May? Note: Round your intermediate calculations to 2 decimal places. Job C30 $ 226 $ 290 $ 155 $ 119 125 125 Job D40 $ 204 $ 185 $ 270 $216 0 Job E50 $ 260 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end of May. There was no finished.…
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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…
16. Krissy Company uses job order cost system. The following transactions were completed in January, which was the first month of operations: Received direct materials and supplies costing P20,000 Materials and supplies were requisitioned as follows: Direct materials Job 1 Р3,000 4,000 1,000 Job 2 P8,000 1,000 Factory payroll was distributed as follows: Job 3 Indirect materials Direct labor P2,000 3,000 4,000 2,000 Other indirect manufacturing costs totaled Job 1(200 hrs) Job 2(300 hrs) Job 3(400 hrs) 9,000 Indirect labor Р3,000 Indirect manufacturing costs are applied on the basis of direct labor hours. The budget for 2020 included 9,000 direct labor hours and a total overhead budget of P63,000. What is the factory overhead under or over applied?
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
Expedition Company worked on five jobs during May: Jobs A10, B20, C30, D40, and E50. At the end of May, the job cost sheets for these five jobs contained the following data: Beginning balance Charged to the jobs during May: Direct materials Direct labor Manufacturing overhead applied Units completed Units sold during May Job A10 $ 213 $250 $ 230 $ 257 260 0 Job B20 $ 230 $ 230 $ 240 $ 270 0 0 Job C30 $ 222 $ 280 $ 150 $ 118 120 120 Job D40 $ 198 $ 180 $ 260 $212 0 0 Job E50 $255 Required: 1. What is the cost of goods sold for May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 2. What is the total value of the finished goods inventory at the end of May? Note: Round "Unit product cost" to 2 decimal places and final answer to nearest dollar amount. 3. What is the total value of the work in process inventory at the end of May? $360 $290 $265 290 240 Jobs A10, C30, and E50 were completed during May. Jobs B20 and D40 were incomplete at the end…
Metropolitans Manufacturing generated the following activity for July for its current jobs. Total costs accumulated in the Work-in-Process account. Manufacturing overhead was allocated at $32 per machine hour used.1. Complete the Job Costs for each job listed below. Job 123 Job 124 Job 125 Total July 1 Balance $16,230 $12,680 $11,170 $40,080 Direct Materials Used $11,710 $18,920 $11,990 $42,620 Direct Labor Assigned to Jobs $14,520 $21,460 $7,480 $43,460 Manufacturing Overhead allocated to jobs Total Cost per Job Machine Hours used per job 410 390 70 2. Prepare the journal entry for completion of jobs 123 and 124 in July.Journal Date Description Debit Credit Open a T-account for Work-in-Process Inventory.3. Post the journal entry made in above. Compute the ending balance in the Work-in-Process Inventory account on July 31.Work-in-Process Debit Credit Double line Double line 4.…

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