3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. S » Accountin iestion Hildreth Company Schedule of Unfinished Jobs retn Company Materials purch Materials requ Job Direct Materials Direct Labor Factory Overhead Total Job No. 10000$1,1 TO $ 101 102 Balance of Work in Process, April 30 103 104 $4 05 4. Prepare a schedule of completed jobs on hand to support the balance in the finished good 06 or gen actor epre ne fa Hildreth Company Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total $4 6. EX.02.15.ALGO (Algorithmic) $. %24 %24 %24 %24 %24 %24 %24 %24

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. S » Accountin iestion Hildreth Company Schedule of Unfinished Jobs retn Company Materials purch Materials requ Job Direct Materials Direct Labor Factory Overhead Total Job No. 10000$1,1 TO $ 101 102 Balance of Work in Process, April 30 103 104 $4 05 4. Prepare a schedule of completed jobs on hand to support the balance in the finished good 06 or gen actor epre ne fa Hildreth Company Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total $4 6. EX.02.15.ALGO (Algorithmic) $. %24 %24 %24 %24 %24 %24 %24 %24

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Description: 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.S » AccountiniestionHildreth CompanySchedule of Unfinished Jobsretn CompanyMaterials purchMaterials requJobDirect Materials Direct Labor Factory Overhead

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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Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 24,100 Oct. 31 Goods finished 31 Direct materials 90,700 31 Direct labor 160,500 31 Factory overhead Finished Goods Oct. 1 Balance 12,000 31 Goods finished 333,200 If the balance of Work in Process on October 31 is $199,000, what was the amount of factory overhead applied in October? Oa. $160,500 b. $256,900 Oc. $383,600 Od. $90,700
Pharoah Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $18,000, direct labor $10,800, and manufacturing overhead $14,400. As of January 1, Job 49 had been completed at a cost of $81,000 and was part of finished goods inventory. There was a $13,500 balance in the Raw Materials Inventory account on January 1. During the month of January, Pharoah Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $109,800 and $142,200, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $81,000 on account. 2. Incurred factory labor costs of $63,000. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,800; and various other…
Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit amount Date Transaction Credit amount Aug. 1 Balance 279, 100 Aug. 31 Goods finished 190, 700 31 Direct materials X 31 Direct labor 47, 400 31 Factory overhead X Factory Overhead Date Transaction Debit amount Date Transaction Credit amount Aug. 1-31 Costs incurred 113,000 Aug. 1 Balance 12, 100 31 Applied X If the balance of Work in Process on August 31 is $196, 400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $190, 700 b. $12, 100 c. $113, 000 d. $14, 220
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
Problem 1. The Evergreen Company produces tools on a job order basis. During May, two jobs were completed, and the following costs were incurred: Direct materials Direct labor - regular Job 401 P 28,000 18,000 Job 402 P 37,000 23,000 6,000 overtime premium Other factory costs for the month totaled P 16,800. Factory overhead costs are allocated one- third to Job 401 and two-thirds to Job 402. Required: a) Describe two alternative methods of recording the overtime premium and explain how the appropriate method affect the cost of each job. • b) Compute the cost of Job 401 and Job 402 under each of the two methods.
Question 7 Johnson Company uses a job-order costing system and started the month of July with four jobs in process. The cost of beginning work in process plus the costs added during July are shown below: beginning cost beginning cost COSTS ADDED DURING JULY: direct materials used direct labor cost direct materials used direct labor cost ***** Job A $4,900 Job 0 $6,300 Job A $5,200 $6,400 Job 0 $4,600 $5,100 Job E $7,700 Job U $2,100 $3,900 $3,400 $2,800 $3,700 Job E Job U Johnson Company applies overhead to jobs at a rate of 70% of direct materials used. During July, Johnson completed and sold. Job A. Job E was completed during July, but only one-third of the job was sold as of the end of July. Job 0 was completed in July but none of the job was sold during July. Job U was not completed by the end of July. Johnson Company had actual overhead cost of $8,600 for July. Calculate Johnson Company's finished goods inventory balance at July 31.
Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 6,600 Apr. 30 Goods finished X 30 Direct materials 69,800 30 Direct labor 193,900 30 Factory overhead 58,170 Finished Goods Apr. 1 Balance 15,600 30 Goods finished 307,900 What was the balance of Work in Process as of April 30? a.$58,170 b.$15,600 c.$20,570 d.$307,900
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 ?
Selected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 23,400 Oct. 31 Finished goods X 31 Direct materials 93,800 31 Direct labor 170,200 31 Factory overhead X Finished Goods Oct. 1 Balance 13,700 31 Goods finished 326,600 If the balance of Work in Process on October 31 is $207,600, what was the amount of factory overhead applied in October? a.$246,800 b.$401,200 c.$93,800 d.$170,200
Exercise 7-40 (Algo) Job Costing in a Service Organization (LO 7-4) At the beginning of the month, Arthur's Olde Consulting Corporation had two jobs in process that had the following costs assigned from previous months. Job Number Direct Labor Applied Overhead SY-400 $ 23,290 ? SY-403 15,370 ? During the month, Jobs SY-400 and SY-403 were completed but not billed to customers. The completion costs for SY-400 required $25,700 in direct labor. For SY-403, $74,500 in labor was used. During the month, the only new job, SY-404, was started but not finished. Total direct labor costs for all jobs amounted to $149,070 for the month. Overhead in this company refers to the cost of work that is not directly traced to particular jobs, including copying, printing, and travel costs to meet with clients. Overhead is applied at a rate of 70 percent of direct labor costs for this and previous periods. Actual overhead for the month was $108,000. Required: a. What are the…
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 17 11 7 4 David Clancy 8 18 13 Jose Cano 13 13 10 5 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $18 David Clancy 25 Jose Cano 21 The process improvement category includes training, quality improvement, and other indirect tasks. 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. b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? The direct labor costs for the completed jobs would become part of the . The direct labor costs for Job 303 would be remain part of the
Automation Co. has the following activity for the month of June: June 1, Work in Process Direct materials used Direct labor assigned to jobs Manufacturing overhead assigned to jobs 20,000 $ 22,000 $ 28,000 $ 26,000 Two jobs were finished during June, Job 142 and 143 costing $38,000 and $20,000, respectively. The journal entry to record the completion of the two jobs would include a debit/credit to Work in Process for how much? Indicate debit as a positive amount and a credit as a negative amount. Enter without commas or dollar signs, rounded to the nearest whole number.