Multiple ChoiceOOOO$4,090$4,110$4,140$4,170A Assume a company started and completed numerous jobs during July-one of which was Job Z. The company uses two departmental predeterminedoverhead rates. The rate in the Machining Department is based on machine-hours and the rate in the Assembly Department is based on direct labor-hours. The following additional information from the month of July is available for the company as a whole and for Jobs ZEstimated total fixed manufacturing overheadEstimated variable manufacturing overhead per machine-hourEstimated variable manufacturing overhead per direct labor-hourEstimated total machine-hours to be usedEstimated total direct labor hours to be workedJob 2Direct materials.Direct laborMachine-hoursDirect labor-hoursWhat is the total job cost for Job 2?Multiple ChoiceO $4,090$4,110Machining$ 950$ 50040Assembly$1,000$ 1,20060Machining$ 48,000$ 1.5012,000Assembly$30,000$ 2.0010,000Battery Status: IOƠO

The predetermined overhead rate for machining department is The predetermined overhead rate for…

Answered: Assume a company started and completed…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A was completed and delivered to the customer. Job B was completed during April but not sold. Job C was started during April but not completed. The job cost sheets revealed the following costs for April: Cost of Jobs in Process, April 1, Current Year Direct Materials Used Direct Labor Applied Manufacturing Overhead Job A $ 12,200 2,200 10,400 ? a. Work in Process b. Finished Goods c. Cost of Goods Sold Job B $ 1,200 8,400 8,400 ? Job C $0 9,600 3,200 ? Required: If no other jobs were started, completed, or sold, determine the balance in each of the following accounts at the end of April:
Instructions During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. The total direct labor was incurred at a rate of $28 per direct labor hour for Job 200 and $24 per direct labor hour for Job 305. Required: Journalize the entry to record the flow of labor costs into production during May. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Badour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 119,000 and estimated factory overhead was $785,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished. September 1, inventories: Materials $ 9,500 Work-in-process (All Job X) 37,900 Finished goods 80,900 Materials purchases $ 130,000 Direct materials requisitioned: Job X $ 55,000 Job Y 40,500 Direct labor hours: Job X 5,500 Job Y 5,000 Labor costs incurred: Direct labor ($6.50 per hour) $ 68,250 Indirect labor 17,000 Factory supervisory salaries 7,700 Rental costs: Factory $ 9,000 Administrative offices 2,700 Total equipment depreciation costs:…
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Under Lamar Company's job costing system, manufacturing overhead is applied to Work-in-Process Inventory using a predetermined overhead rate. During June, Lamar's transactions included the following: Direct materials issued to production $ 91,700 Indirect materials issued to production 9,700 Manufacturing overhead cost incurred 126,700 Manufacturing overhead cost applied 114,700 Direct labor cost incurred 108,700 Lamar Company had no beginning or ending inventories. What was the cost of goods manufactured for June? (CMA adapted)
Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Problem 15-2A (Algo) Part 4 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Job 306 Total cost of work in process $ 33,800 24,800 14,800 Cost of goods manufactured 147,000 89,800 ? Finished (sold) $ a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…
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Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company’s Work in Process Inventory account for the month of June Debits to account: Balance, June 1 $ 5,000 Direct materials 18,000 Direct labor 12,000 Manufacturing overhead (applied to jobs as 125% of direct labor cost) 15,000 Total debits to account $ 50,000 Credits to account: Transferred to Finished Goods Inventory account 44,000 Balance, June 30 $ 6,000 a. Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $1,600, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. b. Prepare general journal entries to summarize: 1. The manufacturing costs (direct materials, direct labor, and overhead)…
Direct Labor Costs During May, Salinger Company accumulated 690 hours of direct labor costs on Job 200 and 880 hours on Job 305. The total direct labor was incurred at a rate of $18 per direct labor hour for Job 200 and $21 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May. If an amount box does not require an entry, leave it blank.
Required information [The following information applies to the questions displayed below.] Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs for each department and the proportion of service costs used by the various departments for the month of August follow: Department Machining Assembly Maintenance Cafeteria Job CM-22: Direct Costs $92,000 62,400 38,800 31,000 Job CM-23: Proportion of Services Used by Maintenance. Cafeteria Machining Machine-hours Labor-hours. Machine-hours. Labor-hours 0.8 Assume that both Machining and Assembly work on just two jobs during the month of August: CM-22 and CM-23. Costs are allocated to jobs based on machine-hours in Machining and labor-hours in Assembly. The number of labor- and machine-hours worked in each department are as follows: Machining 300 50 30 20 0.2 Assembly 40 36 20 150 Prev 0.6 0.1 S Assembly 0.2 0.1 2 of 13 HH Next
Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June: Debits to account: Balance, June 1 Direct materials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) Total debits to account Credits to account: Transferred to Finished Goods Inventory account Balance, June 30 Required: $ 5,000 18,000 12,100 15,125 $ 50,225 44,000 $ 6,225 a. Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $1,500, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. b. Prepare general journal entries to summarize: 1. The manufacturing costs (direct materials, direct labor, and overhead) charged to production during June. 2. The transfer of…
During August, Carrothers Company accumulated 610 hours of direct labor costs on Job 50 and 810 hours on Job 56. The total direct labor was incurred at a rate of $22 per direct labor hour for Job 50 and $24 per direct labor hour for Job 56. Journalize the entry to record the flow of labor costs into production during August. If an amount box does not require an entry, leave it blank. Work in Process ✓ X Wages Payable ✔ X

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