Acompany began operations on January 1, 203. The company uses a job order system and started the following jobs during January 203:Job 101Job 102Job 103Derect maicrialsDirect Inbour hoursS18326$24661$383629541202772Additional infomation is as followsTotal evtimated overhead3336113Total entimatod direct Inbour hours19130Actual direct labour rateSIN per direct labour hourAll theee jobs were cormpleted by the end of lanuary 200 Finished goods at laary 31, 20 incleded Job 101 onlyWhat is Cost of Gioods Sold for January 2037Select oneOa 133238Oc 181349Ou 852260

Cost of goods sold (COGS) indicates the cost of the goods or products that are produced by the…

Acompany began operations on January 1. 203. The company uses a job order aystem and started the following jobs during January 20u Job 101 Job 102 Job 103 Derect maicrials s326 $24661 $38362 Direct sbour hours 954 1202 772 Additional nformation is as follows Totat evtemated overhead $336113 Total eninutod direct labeur hours 19130 Actual direct lubour rate SIK per direct labour hour All theee jobs were completed by the end of lanuary 200 Finished gods a laary 3, 20 incleded lob 101 only What is Cost et Coods Sold for lumary 20 Select one Oa $133238 Oct81349

Acompany began operations on January 1. 203. The company uses a job order aystem and started the following jobs during January 20u Job 101 Job 102 Job 103 Derect maicrials s326 $24661 $38362 Direct sbour hours 954 1202 772 Additional nformation is as follows Totat evtemated overhead $336113 Total eninutod direct labeur hours 19130 Actual direct lubour rate SIK per direct labour hour All theee jobs were completed by the end of lanuary 200 Finished gods a laary 3, 20 incleded lob 101 only What is Cost et Coods Sold for lumary 20 Select one Oa $133238 Oct81349

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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2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…
Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end: Direct Materials Direct Labor Allocated Mfg. Overhead Job completed Job sold Jul 10 Revenues $25,000 What was the balance in Work-in-Process OA. $2,400 OB. $1,100 OC. $2,800 OD. $2,100 Job 1 $1,000 12,000 1,500 Click to select your answer Jun 30 Job 2 $7,500 20,000 6,000 Job 3 $4,000 13,000 2,500 Sep 1 Sep 12 $39,000 Inventory at year-end? Oct 15 Not sold N/A Job 4 $3,500 12,000 7,500 Job 5 $1,700 Not sold N/A 700 400 Not Nov 1 completed N/A N/A
Crane Company begins operations on April 1. Information from job cost sheets shows the following. Job Number April 10 11 12 13 14 May $4,260 $3,620 3,200 3,360 Manufacturing Costs Assigned 980 3,850 4,840 June $1,640 3,690 Month Completed May June April June 2,950 Not complete Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.
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XYZ Equipment In. receives order from Shiraz Consultant Clinic on 15th August. The company started its production on 18th of August and completed in 25th of August. The company collects its cost and revenue data by the job order cost accumulation procedure. For job number 505, the following data are available: Direct material Direct Labor FOH-Applied Date REQ. NO: Amount Rs. Date Hours Cost Rs. Rs. 30 for each direct labor hours 8/18 400 4000 8/18 30 600 ? 8/19 600 6000 8/19 40 800 8/25 1000 10000 8/21 35 700 Total 20000 8/23 50 1000 8/25 60 1200 Total 4300 Other Information: Total Sales are 30% above cost. Marketing and selling expenses Rs. 1000 Administrativeexpenses 1500. Required Enter the appropriate information on a job order cost sheet.
TB MC Qu. 15-121 (Algo) Oxford Company uses a job order... Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $25,500 for direct labor and $5,200 for indirect labor. The journal entry to record indirect labor consists of a: Multiple Choice Debit Factory Overhead $5,200; credit Factory Wages Payable $5,200. Debit Factory Overhead $5,200; credit Work in Process Inventory $5,200. Debit Work in Process Inventory $5,200; credit Factory Wages Payable $5,200. Debit Work in Process Inventory $25,500; credit Factory Wages Payable $25,500. Debit Factory Wages Payable $5,200; credit Cash $5,200.
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 ?
XYZ Equipment In. receives order from Shiraz Consultant Clinic on 15th August. The company started its production on 18th of August and completed in 25th of August. The company collects its cost and revenue data by the job order cost accumulation procedure. For job number 505, the following data are available: Direct material Direct Labor FOH-Applied Date REQ. NO: Amount Rs. Date Hours Cost Rs. Rs. 30 for each direct labor hours 8/18 400 4000 8/18 30 600 ? 8/19 600 6000 8/19 40 800 8/25 1000 10000 8/21 35 700 Total 20000 8/23 50 1000 8/25 60 1200 Total 4300 Other Information: Total Sales are 30% above cost. Marketing and selling expenses Rs. 1000 Administrative expenses 1500. Required Enter the appropriate information on a job order cost sheet.
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…
XYZ Equipment In. receives order from Shiraz Consultant Clinic on 15th August. The company started its production on 18th of August and completed in 25th of August. The company collects its cost and revenue data by the job order cost accumulation procedure. For job number 505, the following data are available Direct material Direct Labor FOH-Applied Date REQ. NO: Amount Rs. Date Hours Cost Rs. Rs. 30 for each direct labor hours 8/18 400 4000 8/18 30 600 ? 8/19 600 6000 8/19 40 800 8/25 1000 10000 8/21 35 700 Total 20000 8/23 50 1000 8/25 60 1200 Total 4300
A manufacturer began operations on April 1 and reports the information below. All jobs are sold for 20% above cost. Manufacturing costs Job number 1 2 3 4 5 April $ 880 730 May $ 2,200 1,280 1,920 2,710 In process Job Status at May 31 Completed and sold during May Completed but not sold 555 480 3,680 Completed and sold during May In process 1. Compute the May 31 balance in (a) Work in Process Inventory and (b) Finished Goods Inventory. 2. Compute gross profit for May.