(ACA IC) SQU PORTAL SAMA ATTENDANCE Time left 1:09:40 Oman Marble Company has two processing departments, Cutting and Polishing. The company uses a multiple predetermined overhead rate in each processing department under job-order costing system. The Cutting Department's predetermined overhead rate is based on machine-hours and the Polishing Department's predetermined overhead rate is based on direct labor cost. At the beginning of the current period, the company records show the following estimated information: Cutting Polishing Direct Labor cost per hour 20 40 Direct labor-hours 5,000 10,000 Machine-hours 20,000 5,000 Total fixed manufacturing overhead cost $ 100,000 $ 40,000 5 Variable manufacturing overhead per machine-hour $ 20 Variable manufacturing overhead per direct labor-hour During the current period the company started and finished a job order number 3122. The job cost sheet shows the following data for this job: Ps %24 %24

(ACA IC) SQU PORTAL SAMA ATTENDANCE Time left 1:09:40 Oman Marble Company has two processing departments, Cutting and Polishing. The company uses a multiple predetermined overhead rate in each processing department under job-order costing system. The Cutting Department's predetermined overhead rate is based on machine-hours and the Polishing Department's predetermined overhead rate is based on direct labor cost. At the beginning of the current period, the company records show the following estimated information: Cutting Polishing Direct Labor cost per hour 20 40 Direct labor-hours 5,000 10,000 Machine-hours 20,000 5,000 Total fixed manufacturing overhead cost $ 100,000 $ 40,000 5 Variable manufacturing overhead per machine-hour $ 20 Variable manufacturing overhead per direct labor-hour During the current period the company started and finished a job order number 3122. The job cost sheet shows the following data for this job: Ps %24 %24

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Description: E-LEARNING SYSTEM (ACADEMIC)SQU LIBRARIESSQU PORTALSAMAATTENDANCETime left 1:09:40Oman Marble Company has two processing departments, Cutting and Polishing. The company uses a multiple predetermined overheadrate in each processing department under j

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 $3,910 2,650 2,090 3,210 2,090 Factory supervision 1,810 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $22 per direct labor hour. The direct labor rate is $15 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank.
Manufacturing cost data for Sunland Company, which uses a job order cost system, are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Work in process 1/1/22 $enter a dollar amount (a) $14,570 Direct materials used enter a dollar amount (b) $78,020 Direct labor 47,000 131,600 Manufacturing overhead applied 39,480 enter a dollar amount (d) Total manufacturing costs 136,911 enter a dollar amount (e) Total cost of work in process 189,410 enter a dollar amount (f) Work in process 12/31/22 enter a dollar amount (c) 11,092 Cost of goods manufactured 180,762 enter a dollar amount (g)
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
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 What is the predetermined overhead rate? edetermined overhead rate Job 6 $ 34,600 17,400 8,700 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400, and applied overhead, $2,500. Job 5 was finished in June. Job 7 $ 28,600 24,200 12,100 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. % Check my work
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June: Debits to account: Balance, June 1 Direct materials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) Total debits to account Credits to account: Transferred to Finished Goods Inventory account Balance, June 30 Required: $ 5,000 18,000 12,100 15,125 $ 50,225 44,000 $ 6,225 a. Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $1,500, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. b. Prepare general journal entries to summarize: 1. The manufacturing costs (direct materials, direct labor, and overhead) charged to production during June. 2. The transfer of…
Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 11-101 $6,240 Job 11-102 9,000 Job 11-103 7,210 Job 11-104 6,750 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Job 301 Work in Process Job 302 17 13 13 Factory Overhead Wages Payable Landon Vincent Fahad Hamad Ivory Argo The direct labor rate earned per hour by the three employees is as follows: $24 19 22 10 18 Hours 17 Job 303 7 16 Process Improvement 9 5 2 Landon Vincent Fahad Hamad Ivory Argo The process improvement category includes training, quality improvement, and other indirect tasks. 5 a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank.
Online A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?
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Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
Sunland Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 (a) $6,740 (b) 3,760 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $8,460 No. Account Titles and Explanation (To assign labor to jobs) 7,520 (To assign materials to jobs) Debit Credit
PROBLEMS: Job Order Costing Leen Production Co. uses the job order cost system of accounting. The following information was taken from the company’s books after all posting had been completed at the end of May: Jobs Direct Materials Direct Labor Factory No. of units Completed Cost Cost Overhead Completed 1040 P 3,600 P 4,000 P 1,600 400 1065 2,380 2,500 1,000 240 1120 1,800 1,700 680 200 Required: Compute the total production cost of each job. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. Compute the cost per unit for each job. Compute the selling price per unit for each job, assuming a mark-up percentage of 40%. Prepare the journal entries to record the sale on account of Job 1065.