Build Company is a manufacturing company and uses job order costingsystem. At the beginning of 2022, there were no jobs in process, but thefollowing costs were incurred during the year:Job AJob BJob CDirect materials10,00020,00015,000Direct labor5,0004,0002,500Build Company also estimated in 2022 an overhead in the amount of P300,000 and direct labor costin the amount of P150,000. Actual overhead incurred for the year was P24,000. It was the company'spolicy to apply overhead into production based on direct labor costs. At the end of the year, only JobsA and C were completed.What is the ending work-in process?a. 48,000b. 24,000с. 32,000d. 40,000abd

Job costing is a method of costing in which all costs will be accumulated and assigned on the basis…

Answered: Build Company is a manufacturing…

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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Accenture Chemicals has the following data relating to its factory in the year ended 31 December 2020: · Direct material costs OMR 500 · Direct labour cost OMR 250 The total indirect expenses for the factory are OMR 30,000. There were 5,000 labour hours worked and 25,000 machine hours consumed in the factory in the year 2020. Compute the overhead rate based on direct labour hour. a. OMR 6.000/hour b. OMR 6.150/hour c. None of these d. OMR 1.000/hour Clear my choice
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of work in process inventory after disposing the under- or over-applied overhead?
Rob's Pool Cleaning applies overhead support costs to jobs using direct labor costs as the allocation base. The company's unadjusted Cost of Services for the year amounted to $800,000. Determine the company's adjusted Cost of Services given the following data: Estimated Actual Direct Labor $180,000 $177,500 Overhead Support Costs $270,000 $284,000
Please prepare a Statement of Cost of Goods Manufactured
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead?
Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of operation, were as follows:
The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 2020, the companyestimated that 7,850 machine hours would be worked and $1,256,000 overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February:WIP Inventory A/CFebruary 1 Bal. b/f 51,250Direct Materials Used 256,400Other transactions incurred: Indirect material issued to production was $38,000 Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour. Other manufacturing overhead costs incurred for February amounted to $340,750. Two jobs were completed with total costs of $324,000 & $240,000 respectively. Theywere sold on account at a margin of 40% on sales.Required:i) Compute Fielder’s predetermined manufacturing overhead rate for 2020.ii) State the journal entries necessary to record the above transactions in the…
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job 49 had been completed at a cost of $104,400 and was part of finished goods inventory. There was a $17,400 balance in the Raw Materials Inventory account. During the month of January, Lott Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $141,520 and $183,280, respectively. The following additional events occurred during the month. 1. 2. 3. 4. Job No. 50 Purchased additional raw materials of $104,400 on account. Incurred factory labor costs of $81,200. Of this amount $18,560 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect…
Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at sı,015,000, and they estimated total direct labor costs at $1,400,000. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # W500. Data for the job are as follows: Direct materials cost $169.450 Direct labour cost $230,000 Direct labour hours 400 hours Special Design Cost Distribution quote from haulage company Units of product produced $12,300 $17,930 250 crates a) Compute Epsilon Manufacturing Company predetermined manufacturing overhead rate for 2018. b) How much manufacturing overhead was allocated to Job #W500? c) Calculate the total cost & quotation price of Job #W500, given that a margin of 25% is…
The cost of goods manufactured for the month was:
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
based on the attached what is the answer?

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