(a) Determine the cost of each job. (b) Indicate the balance of the Work in Process account at the end of November. (c) Calculate the ending balance of the Manufacturing Overhead account for November.
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- Shown below are the job cost-related accounts for the law firm of Johnson, Williams, and Morton and their manufacturing equivalents: Law Firm Accounts Supplies Salaries Payable Operating Overhead Work in Process Cost of Completed Work 2. Cost data for the month of March follow. 3. 1. Purchased supplies on account $1,620. 4. 5. 6. 1. 2. Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented whe the amount is entered. Do not indent manually.) 3. No. Account Titles and Explanation 4. 5. 6. Bal. 1. 2. Bal. Issued supplies of $1,600 (60% direct and 40% indirect). Time cards for the month indicated labour costs of $60,900 (80% direct and 20% indirect). Operating overhead costs incurred for cash totalled $41,600. Operating overhead is applied at a rate of 90% of direct labour cost. Work completed totalled $74,800. Supplies Accounts Payable Work in Process Operating Overhead Supplies Work in Process Operating…The following are the job cost related accounts for the law firm of Cullumber Associates and their manufacturing equivalents: Law Firm Accounts Supplies Salaries and Wages Payable Operating Overhead Service Contracts in Process Cost of Completed Service Contracts Cost data for the month of March follow. 1. Purchased supplies on account $2,400. 2. 3. 4. 5. 6. (a) 1. Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) 2. No. Account Titles and Explanation 3. 5. Issued supplies $1,680 (60% direct and 40% indirect). Assigned labor costs based on time cards for the month which indicated labor costs of $89,600 (80% direct and 20% indirect). 6. Operating overhead costs incurred for cash totaled $51,200. Operating overhead is applied at a rate of 90% of direct labor cost. Work completed totaled $96,000. Supplies Accounts Payable Manufacturing Firm Accounts Raw…Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000
- Michael Jones and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Direct materials Auditor labor costs Auditor hours Ivanhoe Inc. $700 $5,700 76 Oriole Inc. $440 $7,500 89 Pharoah Inc. $250 $4,475 49 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. The Ivanhoe Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $12.900Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 Direct materials Direct labor Factory overhead Jobs finished during January are summarized as follows: Job 210 $69,290 Job 224 $80,830 42,340 Job 230 142,420 Job 216 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. Finished Goods Work in Process $17,100 139,020 149,970 78,830 Feedback LA Check My Work a. Move the cost of completed jobs out of work in process and into finished goods. b. Determine the cost of the unfinished jobs at January 31.Use the dates above to identify the status of each job. Compute the following balances for Thrifty: a. Work-in-Process Inventory at August 31 b. Finished Goods Inventory at August 31 c. Cost of Goods Sold for
- The predetermined overhead allocation rate for a given accounting period is calculated ________ Group of answer choices before the accounting period begins before the commencement of each job during the accounting period at the end of the accounting period after the completion of each job during the accounting perioda) Compute Exclusive Souvenirs predetermined manufacturing overhead rate for 2020. b) State the journal entries necessary to record the following transactions in the general journal: (i) Totalmaterialsissuedtoproduction(ii) Manufacturing labour incurred(iii)Assign manufacturing labour to the appropriate accounts (iv)Other manufacturing overhead incurred(v) Manufacturing overhead applied to production (vi)Move completed jobs to finished goods(vii) Account for jobs completed and soldXYZ Company uses a job costing system. The direct materials for Job Y were purchased in September and put into production in October. The job was not completed by the end of October. At the end of October, in what account would the direct materials cost assigned to Job Y be located? Select one: O a Work-in-Process Inventory. Ob. None of the given is correct. ON Finished Goods Inventory. Od. Raw Materials Inventory. O e. Cost of Goods Sold.
- Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amountAssume it is the beginning of the month, using the estimates and a job-order costing system, what price would you recommend Lina quote for each of the above two jobs to ensure profitability in the long term? 2. Assume it is the end of the month, determine the amount of under- or over-applied overhead and recommend to Lina how the amount should be accounted for. 3. Prepare a schedule of cost of goods manufactured for the month - these were the only two jobs started and sold (zero beginning and ending work-in-process inventory). Assume that actual materials used and the labour rate/hours are the same as estimated. Hint: refer to Exhibit 5.11 on page 213 of text for suggested format.Can you help me with the last 2 journal entries? They are recording charges to Work-In-Process and the Transfer of Job 87.