Problem 3 J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 Requisition Slips P 2,500 3,500 4,600 Time Tickets P 2,900 102 h3,000 103 5.800 P 11,700 1,200 P 12,900 J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. 10,600 800 P 11.400 Generah use Total Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101

Problem 3 J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000 and Job 102 P1,500. During May, a summary of source documents reveals the following. Materials Labor Job Number 101 Requisition Slips P 2,500 3,500 4,600 Time Tickets P 2,900 102 h3,000 103 5.800 P 11,700 1,200 P 12,900 J.A.N Company applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 101 is completed during the month. 10,600 800 P 11.400 Generah use Total Instructions: 1. Prepare summary journal entries to record a) The requisition slips b) The time tickets c) The completion of Job No 101

Name: Problem 3J.A.N., Inc. uses a job order cost system. On May 1, the com
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Problem 3J.A.N., Inc. uses a job order cost system. On May 1, the company has a balance inWork in Process Inventory of P 3,500 and two jobs in process, Job No. 101 P2,000and Job 102 P1,500. During May, a summary of source documents reveals thefollow

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Blossom Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 ASE $7,250 3,950 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) $8,900 8,250 (To assign materials to jobs) Account Titles and Explanation Debit Credit
Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 32,200 Direct labor used (in March) Overhead applied (March) 23,200 13,200 $ 38,200 21,200 12,200 Costs during April Direct labor used Overhead applied Direct materials used 143,000 Status on April 30 88,200 ? Finished (sold) 228,000 $ 108,000 158,000 ? 113,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory…
Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations:a. Materials purchased on account, $147,000.b. Materials requisitioned and factory labor used:Job No. Materials Factory Labor101 $19,320 $19,500102 23,100 28,140103 13,440 14,000104 38,200 36,500105 18,050 15,540106 18,000 18,700For general factory use 9,000 20,160c. Factory overhead costs incurred on account, $6,000.d. Depreciation of machinery and equipment, $4,100.e. The factory overhead rate is $40 per machine hour. Machine hours used:Job Machine Hours101 154102 160103 126104 238105 160106 174Total 1,012f. Jobs completed: 101, 102, 103, and 105.g. Jobs were shipped and customers were…
Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $2,500 $1,900 430 3,500 3,000 431 4,400 $10,400 7,600 $12,500 General use 800 1,200 $11,200 $13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. Prepare May 31 summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $30,580. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,980 $2,560 302 3,640 3,460 303 2,410 1,690 304 8,170 6,350 305 5,190 4,840 306 3,780 3,070 For general factory use 1,010 3,790 Factory overhead costs incurred on account, $5,690. Depreciation of factory machinery and equipment, $1,820. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 39 302 27 303 34 304 74 305 30 306 18 Total 222 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310. Required: 1. Journalize the entries to record the summarized operations. If an…
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.
Journal Entries in Job Cost Accounting Process Practice Problem 5: During the month of July, Creative Printers purchased $ 25,000 of materials on account. The company sent direct materials from the storeroom to jobs as follows: $ 9,000 to Job No. 106, and $ 14,000 to Job No. 107. The company also sent indirect materials of $ 1,000 to each job. The company assigned production-related labor costs to jobs (direct labor) and to Overhead as follows: $4,000 to Job No. 106, $ 16,000 to Job No. 107, and indirect labor of $2,000 to Job No. 106. Pass the jourmal entries in the books of Creative printers for material, labour and overheads.
Entry 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.
I need ALL parts of this question answered Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,350 Raw materials $ 3,350 Work in process 15,350 Finished goods 19,350 38,050 Property, plant, and equipment (net) 229,350 Total assets $277,750 Liabilities and Stockholders’ Equity: Accounts payable $ 15,175 Retained earnings 262,575 Total liabilities and stockholders’ equity $277,750 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,350 (2) Raw materials used in production (direct materials) $ 50,350 (3) Raw materials used in production (indirect materials) $ 7,175 (4) Direct labor paid in cash $…
a. Prepare the entry to record the factory labor costs for the month of January. b. Prepare the entry to assign factory labor to production. E15.2 (LO 1, 2, 3, 4), AP Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,500 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,500. During May, a summary of source documents reveals the following. intuom Materials Requisition Slips bo FU 1 Job Number 429 430 431 to General use To $2,500 3,500 4,400 $10,400 800 $11,200 10 $12,500 1,200 $13,700 25 gan 15100 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is completed during the month. 1200 how W $1,900 3,000 7,600 Labor Time Tickets S ACE2 out 2013 Instructions a. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. b. Post…
The jenny Company uses job order costing. At the beginning of the May, two jobs were in process: Job 369 Job372 Materials $ 2,000 $ 700 Direct labor 1,000 300 Applied factory overhead 1,500 450 There was no inventory of finished goods on May1. During the month, Jobs 373, 374, 375, 376, 378, and 379 were started. Materials requisitions for May totaled $13,000, direct labor cost, $10,000, and actual factory overhead, $16,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of May is No. 379, with costs of $1,400 for materials and $900 for direct labor. Job 376, the only finished job on hand at the end of May, has a total cost of $2,000. How much is total cost of goods manufactured?
Sheridan Manufacturing uses a job order cost system. On April 1, the company has Work in Process Inventory of $8,630 and two jobs in process: Job No. 221, $4,070, and Job No. 222, $4,560. During April, a summary of source documents reveals the following: For Job No. 221 Totals 222 223 General use (a) 224 Materials Requisition Slips $1,300 1,870 2,770 2,930 650 $9,520 Labor Time Tickets $2,360 2,440 3,340 3,260 490 $11,890 Sheridan applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)