[The following information applies to the questions displayed belowAt the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs.At June 30Direct materialsDirect laborOverhead appliedAdditional InformationJob 5$ 15,000Job 6$ 33,000Job 7$ 27,0008,0004,00014,2007,10021,00010,500a. Job 5 was started in May, and the following costs were assigned to it in May direct materials, $6,000; direct labor,$1,800; and applied overhead, $900. Job 5 was finished in June.b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July.c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead ratedid not change across these months.Problem 15-1A (Static) Part 44. What is the total cost transferred to Finished Goods Inventory in June?Answer is complete but not entirely correct.Total transferred costS90,000

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Description: [The following information applies to the questions displayed belowAt the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs.At June 30Direct materialsDirect laborOverhead appliedAdditional Information

Finished goods inventory is the third and final classification of inventory that is used for…

Business

Accounting

At June 30 Direct materials Direct labor Overhead applied the job co: Additional Information a. Job 5 was started in May $1,800; and applied ove b. Job 6 and Job 7 were st c. Overhead cost is applied did not change across th

At June 30 Direct materials Direct labor Overhead applied the job co: Additional Information a. Job 5 was started in May $1,800; and applied ove b. Job 6 and Job 7 were st c. Overhead cost is applied did not change across th

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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Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 251,200 Aug. 31 Goods finished 191,300 31 Direct materials 31 Direct labor 43,900 31 Factory overhead Factory Overhead Aug. 1 - 31 Costs incurred 106,500 Aug. 1 Balance 13,600 31 Applied X If the balance of Work in Process on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? Oa. $13,600 b. $106,500 Oc. $13,170 d. $191,300
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ple predetermined overhead rates The job cost sheet records which of the following. costs? (check all that apply) 03:10 20:38 Actual direct material Estimated direct material Actual direct labor Estimated direct labor Actual overhead Estimated overhead SUBMIT 10 + > CC " F
Predetermined Overhead Rate Calculation: Estimated Annual Overhead: $720,000 Estimated Annual Direct Labor Hours: 24,000 Predetermined Overhead Rate: [To be calculated] Overhead Applied to Jobs during the Period: Overhead Applied: [To be calculated] Total Cost of Jobs 102 and 103 at the End of the Period: Job 102: [To be calculated] Job 103: [To be calculated] Cost of Jobs on the Balance Sheet: Job 102: [Specify location on the balance sheet] Job 103: [Specify location on the balance sheet] Journal Entries in the 'T' Accounts (Ledger Accounts Tab): [List the journal entries and their corresponding accounts] Ending Balances in All Accounts (Ledger Accounts Tab): [List the ending balances of each account] Over- or Underapplied Overhead Calculation (Ledger Accounts Tab): Over- or Underapplied Overhead: [To be calculated] Journal Entry to Dispose of Overhead Balance (Ledger Accounts Tab): [Provide the journal entry to dispose of the overhead balance]…
Problem 15-2A (Algo) Computing and recording Job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 The following information applies to the questions displayed below.] 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 3 Job 386 Vw trachon lut 31,000 22,000 12,000 140,000 87,800 2 Finished (sold) Journal entry worksheet 濱溫着墨 a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $505,000, and total factory payroll cost in April is $368,000. c. Actual overhead costs incurred in April are Indirect materials, $51,250; Indirect labor, $24,250: factory rent. $33,250; factory utilities, $20,250; and factory equipment depreciation, $52,250. d.…
O e. OMR14500 XYZ Company uses a job costing system and applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Information for the current year is as follows: Estimated manufacturing overhead OMR65,000; Actual manufacturing overhead OMR62,000; Estimated direct labor hours 20,000: Actual di labor hours 22,000. The amount of over- or underapplied overhead for the year was Select one: O a. OMR3,000 underapplied O b. None of the answers given OC OMR9,500 overapplied O d. OMR9,500 underapplied O e. OMR3,000 overapplied
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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.
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CompanyDept. ADept. Predutermined overhead rate per dkect labor hour$2.10 Direct lebor hours hours worked on Job ABC $2.40 SB0 22 40 18 Bnsed on this information, the overhead ppiled to Job ABC using mutiple predetermined overhend retes iss
Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 32,200 Direct labor used (in March) Overhead applied (March) 23,200 13,200 $ 38,200 21,200 12,200 Costs during April Direct labor used Overhead applied Direct materials used 143,000 Status on April 30 88,200 ? Finished (sold) 228,000 $ 108,000 158,000 ? 113,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory…