Alphabet Inc. is a small business that produces wood cabinets. The company collected the following data: Job order number 123 Quantity ordered 50 Tiger-bunny bookcases Product Date started 04/11/2016 Date ordered 04/05/2016 Date wanted 04/22/2016 Date completed 04/20/2016 Cutting Department P800 (Req. 665) Assembly Department P160 (Req. 681) Finishing Department P70 (Req. 688) Materials used Direct labor rate 5.40 6.10 8.00 Direct labor hours 10 P5 per machine hours 35 18.5 P3 per Direct labor hours 80% of Direct Applied factory OH labor cost Machine hours 8.25 The company uses 30% markup on total factory cost to determine the selling price. 1. What is the total cost of the job? а. Р1,713.05 b. P1,288.25 c. P1,500.00 d. P1,325.75 2. The gross margin for the job is? а. Р435.00 b. Р513.92 c. P229.88 d. P333 33

Alphabet Inc. is a small business that produces wood cabinets. The company collected the following data: Job order number 123 Quantity ordered 50 Tiger-bunny bookcases Product Date started 04/11/2016 Date ordered 04/05/2016 Date wanted 04/22/2016 Date completed 04/20/2016 Cutting Department P800 (Req. 665) Assembly Department P160 (Req. 681) Finishing Department P70 (Req. 688) Materials used Direct labor rate 5.40 6.10 8.00 Direct labor hours 10 P5 per machine hours 35 18.5 P3 per Direct labor hours 80% of Direct Applied factory OH labor cost Machine hours 8.25 The company uses 30% markup on total factory cost to determine the selling price. 1. What is the total cost of the job? а. Р1,713.05 b. P1,288.25 c. P1,500.00 d. P1,325.75 2. The gross margin for the job is? а. Р435.00 b. Р513.92 c. P229.88 d. P333 33

Name: Alphabet Inc. is a small business that produces wood cabinets. The co
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Alphabet Inc. is a small business that produces wood cabinets. The company collectedthe following data:Job order number123Tiger-bunnybookcasesQuantity ordered50ProductDate started04/11/2016Date ordered04/05/2016Date wanted04/22/2016Date completed04/

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

Concord, Inc. manufactures ergonomically designed computer furniture. Concord uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Job No. CC723 CH291 PS812 DS444 Job No. CC723 Computer caddy Chair CH291 DS444 Item Printer stand On November 30, Concord's Direct Materials Inventory account totaled $671,000, and its Finished Goods Inventory totaled $3,486,400. Concord applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $4,750,000, and the company planned to use 950,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 840,000 machine hours, total manufacturing overhead amounted to $4,294,500, and Cost of Goods Sold was $8,760,250. For the purposes of this problem, ignore year-end disposition of over / under applied overhead. Concord purchased $638,000 in direct materials in…
PoF bussiness stats bool.pdf cost accounting book.pdf E Chapter 1.pdf x + PRE PDF O File | C:/Users/RASAB/Downloads/Chapter%201%20.pdf P1-8 Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: LO7 a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 ..... 2,100 For general work in the factory 2,250 d. Miscellaneous factory overhead costs on account ... $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 ... 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to…
like to set Microsoft Edge as your default browser? Set as default CD Job-order Costing System Activities Activity 1: The following information is for GANA Company that uses the job-order costing technique for determining cost of sales. The following data is obtained from its records for the year ended 31 st December 2020. Particular BD. Direct materials 8000 Direct labour 5000 Factory overheads 12500 Administrative overheads 3500 Selling and Distribution overheads 4500 Profit on cost 10% You are required to: 1- Prepare a Job cost sheet indicating prime cost, work cost, production cost, cost of sales and sales value.
Requirements: 1. Accumulated cost for each job 2. Total cost of goods manufactured 3.total manufacturing cost 4. Cost of goods sold 5. Gross profit 6. WIP end 7. Materials inventory 8. FG end
Entries for materialsGenX Furnishings manufactures designer furniture. GenX Furnishingsuses a job order cost system. Balances on June 1 from the materialsledger are as follows: FabricPolyester filling LumberGlue $40,50028,60062,4006,550 The materials purchased during June are summarized from thereceiving reports as follows: FabricPolyester filling LumberGlue $ 440,000130,000360,00040,000 Materials were requisitioned to individual jobs as attached: The glue is not a significant cost, so it is treated as indirect materials(factory overhead).a. Journalize the entry to record the purchase of materials in June. b. Journalize the entry to record the requisition of materials in June.c. Determine the June 30 balances that would be shown in the materialsledger accounts.
Prepare the T-Accounts for Raw Materials Inventory, Work in process Inventory, and Finished Goods Inventory. Show where did the values came from.
Please see attached images for question.
In Control produces screens for use in various smartphones. The company reports the following information at December 31. In Control began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. Requirement 1. What is the cost of direct materials used? The cost of direct materials used is More info Work in Process Inventory Wages Payable Manufacturing Overhead Finished Goods Inventory 27,000 128,000 70,000 70,000 6,500 43,000 128,000 115,000 60,000 10,000 43,000 Balance 0 42,000 Print Done Raw Materials Inventory 54,000 33,500 - X
Note: PLEASE SOLVE IN EXCEL AND PLEASE PROVIDE THE FORMULA USED IN EXCEL. Thank you
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Concord, Inc. manufactures ergonomically designed computer furniture. Concord uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. Item Units Accumulated Cost CC723 Computer caddy 20,000 $1,000,000 CH291 Chair 10,000 438,000 PS812 Printer stand 28,000 285,000 $1,723,000 On November 30, Concord’s Direct Materials Inventory account totaled $691,000, and its Finished Goods Inventory totaled $3,476,400. Concord applies manufacturing overhead on the basis of machine hours. The company’s manufacturing overhead budget for the year totaled $4,750,000, and the company planned to use 950,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 850,000 machine hours, total manufacturing overhead amounted to $4,284,500, and Cost of Goods Sold was $8,780,250. For the purposes of this…
the sub-parts to be solved please