After Mia Thompson had her car's transmission replaced, the repair shop billed her $4,950 for the job. The transmission itself had cost the shop $3,300. All labor charges were billed separately. Compute the dollar markup and the markup percentage based on the cost of the transmission.
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- Clemens Cars’s job cost sheet for Job A40 shows that the cost to add security features to a car was $10,500. The car was delivered to the customer, who paid $14,900 in cash for the added features. What journal entries should Clemens record for the completion and delivery of Job A40?The Brass Works is in the process of determining manufacturing overhead. Journalize the entries to record the following events to Factory Overhead, Administrative Expenses, and Selling Expenses, or allocated between the three as appropriate. All items were paid in cash at the time of acquisition. Next compute the overhead application rate and journalize the entry to apply overhead to Work in Process. a. Brass Works purchases an insurance policy for $4,000. It is computed that 80% of the value of the policy protects production, and the balance protects the administrative offices. Brass Works charges insurance initially to expense. If an amount box does not require an entry, leave it blank. fill in the blank 00ffb9fe1014fa4_2 fill in the blank 00ffb9fe1014fa4_3 fill in the blank 00ffb9fe1014fa4_5 fill in the blank 00ffb9fe1014fa4_6 fill in the blank 00ffb9fe1014fa4_8 fill in the blank 00ffb9fe1014fa4_9 b. The electric bill shows an amount due of…Clemens Cars’s job cost sheet for Job A40 shows that the cost to add security features to a car was $15,000. The car was delivered to the customer, who paid $19,700 in cash for the added features. What journal entries should Clemens record for the completion and delivery of Job A40? a) Record transfer of cost of completed job to Finished Goods b) Record the cost of goods sold c) Record sale price of delivered job paid in cash
- Auto Safe's job cost sheet for Job A40 shows that the total cost to add security features to a car was $18,000. The car was delivered to the customer, who paid $22,700 cash for this job. Prepare the journal entries for Job A40 to record (a) its completion and (b) its sale.Blossom Services, Inc. is trying to establish the standard labor cost of a typical brake repair. The following data have been collected from time and motion studies conducted over the past month. Actual time spent on the brake repairs Hourly wage rate Payroll taxes Setup and downtime Cleanup and rest periods Fringe benefits (a) 1 hour $11 10% of wage rate 5% of actual labor time 25% of actual labor time 20% of wage rate Determine the standard direct labor hours per brake repairs. (Round answer to 2 decimal places, e.g. 1.25.) Standard direct labor hours per brake repair hours 1 SUBlossom Services, Inc. is trying to establish the standard labor cost of a typical brake repair. The following data have been collected from time and motion studies conducted over the past month. Actual time spent on the brake repairs Hourly wage rate Payroll taxes Setup and downtime Cleanup and rest periods Fringe benefits (a) 1 hour $11 10% of wage rate 5% of actual labor time 25% of actual labor time 20% of wage rate Determine the standard direct labor hours per brake repairs. (Round answer to 2 decimal places, eg. 1.25.) Standard direct labor hours per brake repair hours F
- DengarFogelin Promotional Services uses a job order system for costing and billing promotional services for dance and ballet performances. Fogelin has four public relations specialists and office staff. At the beginning of the year, Fogelin estimated the total cost of salaries and benefits for the public relations specialists at $403,300 and a total of 7,200 billable hours for the year. The office and administrative costs were estimated at $676,000. What direct labor rate would Fogelin use for the cost of its specialists? (Round your answer to the nearest cent.)What is the total cost of the job when it is completed in September on these financial accounting question?
- Determine the predetermined shop overhead rate per direct labor hour?Fatima Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $822,000 Shop direct labor 600,000 Shop and repair equipment depreciation $42,200 Shop supervisor salaries $85,400 Shop property taxes $17,200 Shop supplies $13,400 Advertising expense 16,400 Administrative office salaries 70,700 Administrative office depreciation expense 9,000 The average shop direct labor rate is $31.50 per hour. Determine the predetermined shop overhead rate per direct labor hour.Hicks Contracting collects and analyzes cost data in order to track the cost of installing decks on new home construction jobs. The following are some of the costs that they incur. Classify these costs as fixed or variable costs and as product or period costs. A. Lumber used to construct decks ($12.00 per square foot) B. Carpenter labor used to construct decks ($10 per hour) C. Construction supervisor salary ($45,000 per year) D. Depreciation on tools and equipment ($6,000 per year) E. Selling and administrative expenses ($35,000 per year) F. Rent on corporate office space ($34,000 per year) G. Nails, glue, and other materials required to construct deck (varies per job)