Assuming only Job# 2 and 3 were completed and sold, what is the cost of goodssold at year end?Triple V Company uses a job-order costing system and the following information isavailable from its records. The company has three jobs in process: #1, #2, and #3.Raw material usedP260,000Direct labor per hourOverhead applied based on direct labor costP19.00125%Of the raw materials used, total of 85% were traceable to the specific jobs (Job #1: 25%;Job #2: 30%; Job #3: 30%) and the balance of the requisitions was considered indirect.Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor isP90,000. Other actual overhead costs totaled P100,000.523,700468,075484,700394,700

The total cost of a job includes direct materials, direct labor cost and manufacturing overhead cost…

Answered: Assuming only Job# 2 and 3 were…

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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Jacks Company uses a job order costing system and the following information isavailable from its records. The company has three jobs in process: #1, #2, and #3.Raw material used P120,000Direct labor per hour P8.50Overhead applied based on direct labor cost 120%Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent,and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per jobare 2,500; 3,100; and 4,200; respectively. Indirect labor is P33,000. Other actual overhead coststotaled P36,000. If Job #3 is completed and transferred, what is the balance in Work in Process Inventory atthe end of the period if overhead is applied at the end of the period?
Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Debit Balance 1/1 Debits Balance 12/31 Multiple Choice $453,000 $415,000 $403,000 Finished Goods The Cost of Goods Manufactured for the year was $415,000. The unadjusted Cost of Goods Sold for the year was: $503,000 38,000 Credits ? 50,000 Credit ?
The transactions provided for adjusting are: 1. Supplies on hand at December 31st are $320, 2. An Internet service bill (utility bill) for $270 has not been recorded and will not be paid until next month, 3. Annual depreciation is $720 on Equipment, adjust for one month, 4. Salaries accrued at $4,800 for the month of December, 5. Rent was prepaid for one year, adjust for one month, 6. Phone service (utility) accrued at $120 for the month of December, 7. Half of Unearned Service Revenues were earned (performed) during the period, 8. Invoices representing $9,300 of services performed during the month have not been recorded yet, 9. Interest accrued on notes payable at the end of the month $500, 10. Billed customers for services performed $6,000. Requirements: (a) Prepare the Adjusting entries for one month, (b) Post the transactions into the related T-Accounts.
A job order costing company had the following ending balances and cost of goods sold prior to any adjustments for under/over-applied overhead. Raw Materials: $20,000 Work-in-process: $60,000 Finished Goods: $40,000 Cost of Goods Sold: $100,000 The company incurred total manufacturing overhead costs of $360,000. The amount of overhead that was debited to work-in-process was $300,000. Which of the following shows the correct journal entry for the adjustment for under/over-applied overhead? The company uses the method that adjusts three different accounts. Debit. Raw Materials $10,000 Debit. Work-in-process $30,000 Debit. Finished Goods $20,000 Credit. Manuf. Overhead Debit. Manuf. Overhead $60,000 Credit. Raw Materials $10,000 Credit. Work-in-process $30,000 Credit. Finished Goods $20,000 Debit. Manuf. Overhead $60,000 Credit. Work-in-process $18,000 Credit. Finished Goods $12,000 Credit. Cost of Goods Sold $30,000 Debit. Work-in-process Debit. Finished Goods Debit. Cost of Goods Sold…
What is the total amount of actual factory overhead?
answer in text form please (without image), answer both the parts
The billing price for job no. 100 per unit amounted to ________
Jacks Company uses a job order costing system and the following information isavailable from its records. The company has three jobs in process: #1, #2, and #3.Raw material used P120,000Direct labor per hour P8.50Overhead applied based on direct labor cost 120%Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent,and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per jobare 2,500; 3,100; and 4,200; respectively. Indirect labor is P33,000. Other actual overhead coststotaled P36,000. Required: a. prime cost of Job #1? b. total amount of overhead applied to Job #2? c. total amount of actual overhead? d. overhead applied to Work in Process?
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,100 machine-hours were used in October. g. Jobs costing $512,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost Required: 1. Prepare journal entries to record the transactions given…
Morant, Inc. uses a job order costing system and applies overhead on the basis of 125% of direct labor cost. On June 1, 2024, the balance in the work in process inventory account was $197,100. During June, Morant had the following transactions: Raw materials purchased Raw materials used Direct labor costs incurred Actual manufacturing overhead costs incurred Cost of completed jobs $50,200 $50,800 $48,200 $63,700 $87,000 Assume all raw materials are direct materials. What is the balance in Morant's work in process inventory account at June 30? (Hint: The slide with the fire trucks... what affects the work in process account?] 1

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