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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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
JPE Corporation has a job order cost systom. JPE applies overhoad to production at a prodotorminod ovorhead rate of 90% based on the diroct labor cost Job # 123, the only job still in process at the end of November 2020, has beon charged with factory overhead of P2250 The following debits (credits) appeared in the general ledger account work-in-process for the month of November Novomber 1 balanco P12,000 November 30 diroct materials 40,000 Novomber 30 diroct labor 30,000 November 30 factory ovorhoad 27,000 Novomber 30 to finished goods (100,000) What is the amount of direct labor chargod to Job # 123 as at the end of November 2020? Soloct one: A PO 000 B.P.2.250 C P4250 DP2600
Bro Corporation manufactures products on a job order basis. The job cost sheet for Job #65shows the following for March: Direct material P5,000Direct labor (100 hours @ P7.25) P725Machine hours incurred 40Predetermined overhead rate per machine hour P26At the end of March, what total cost appears on the job cost sheet for Job #65?a. P5,725b. P5,765c. P6,765d. P8,325
Milner Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $3,200 and two jobs in process: Job No. 429 $2,000, and Job No. 430 $1,200. During May, a summary of source documents reveals the following. Job Number 429 430 431 General use Assignment 3 ACCT 232 Materials Requisition Slips $2,500 3,500 4,400 $10,400 800 $11,200 Labor Time Tickets $1,900 3,000 7,600 $12,500 1,200 $13,700 Milner Manufacturing applies manufacturing overhead to jobs at an overhead rate of 80% of direct labor cost. Job No. 429 is completed during the month. Instructions (a) Prepare summary journal entries on May 31 to record: (i) the requisition slips, (ii) the time tickets, (iii) the assignment of manufacturing overhead to jobs, and (iv) the comple- tion of Job No. 429. (b) Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets of the unfinished jobs.
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2
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Oxford Company uses a job order costing system. This month, the system accumulated labor time tickets totaling $24,600 for direct labor and $4,300 for indirect labor. The journal entry to record direct labor consists of a: Multiple Choice Debit Payroll Expense $24,600; credit Cash $24,600. Debit Payroll Expense $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $28,900; credit Factory Wages Payable $28,900. Debit Work in Process Inventory $4,300; credit Factory Wages Payable $4,300.
ABC Equipment In. receives order from Amund Consultant Clinic on 15th August. The company started its production on 18* 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 500, the following data are available: Direct material Direct Labor FOH-Applied REQ. NO: Date Amount Date Hours Cost Rs. 30 for each direct Rs. Rs. 600 800 700 1000 1200 labor hours 8/18 8/19 8/25 400 600 4000 6000 10000 8/18 8/19 8/21 8/23 8/25 30 40 1000 35 50 60 Total 20000 Total 4300 Other Information: 1. Total Sales are 30% above cost. 2. Marketing and selling expenses Rs. 1000 3. Administrative expenses 1500. Required Enter the appropriate information on a job order cost sheet.
Please both subparts answer please quickly and no plagiarism please
Billy Baroo Company uses a job order cost system. The following information was found in the Work-in-Process account for the month of July. Date Description Amount [DR. or (CR.)] July 1 Balance $16,500 July 31 Direct labor 47,000 July 31 Direct materials 70,000 July 31 Factory overhead 37,600 July 31 Transfer to finished goods (98,000 ) Billy Baroo applies overhead to production at a predetermined rate of 80% based on the direct labor cost. Job #23, the only job still in process at the end of July, has been charged with direct labor of $18,300. Direct material charged to Job #23 was: Multiple Choice $40,160. $41,760. $44,760. $47,160.
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