Cadbury Company uses a job order cost system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $120,080 for the year; direct labor was estimated to total $150,100. Additional information for the years as follows: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities. Other factory costs Beginning Inventory (1/1) $ 13,100 19,800 42,300 Ending Inventory (12/31) Required: a. Calculate the predetermined overhead rate. b. Calculate cost of goods manufactured. c. Calculate the over- or underapplied overhead. d. Calculate adjusted cost of goods sold. $ 8,600 22,900 30,300 $ 101,000 93,800 125,800 11,700 16,300 26,100 20,600 8,300 7,600

Cadbury Company uses a job order cost system. Manufacturing overhead is applied on the basis of direct labor cost. Total manufacturing overhead was estimated to be $120,080 for the year; direct labor was estimated to total $150,100. Additional information for the years as follows: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Raw materials purchases Direct materials used Direct labor Indirect materials used Indirect labor Factory equipment depreciation Factory rent Factory utilities. Other factory costs Beginning Inventory (1/1) $ 13,100 19,800 42,300 Ending Inventory (12/31) Required: a. Calculate the predetermined overhead rate. b. Calculate cost of goods manufactured. c. Calculate the over- or underapplied overhead. d. Calculate adjusted cost of goods sold. $ 8,600 22,900 30,300 $ 101,000 93,800 125,800 11,700 16,300 26,100 20,600 8,300 7,600

Name: cesCadbury Company uses a job order cost system. Manufacturing overhe
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: cesCadbury Company uses a job order cost system. Manufacturing overhead is applied on the basis of direct labor cost. Totalmanufacturing overhead was estimated to be $120,080 for the year; direct labor was estimated to total $150,100.Additional info

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

Mcle Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials Work in process Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured Required: $ 42,000 $ 21,800 $ 38,600 $ 576,000 37,800 direct labor-hours $ 506,000 $ 453,800 $ 592,800 45,900 direct labor-hours $ 133,000 $ 616,000 $ 1,566,000 a. Complete the T-account to determine the ending balance in Raw Materials. b. Complete the T-account to determine the ending balance in Work in Process.
Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $663,320. Materials requisitioned, $618,780, of which $71,310 was for general factory use. Factory labor used, $640,350, of which $88,200 was indirect. Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. 2 31 31 31 31 31 31 31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. Factory overhead costs applied to jobs, $365,760. Jobs completed, $1,017,410. Cost of goods sold, $911,220.
Please see picture below.
What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials -Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Beginning of period $ 40,000 9,400 56,000 Journal entry worksheet A Prepare journal entries for the above transactions for the period. B C Transaction 1 Note: Enter debits before credits. End of Period $ 50,000 20,600 34,000 $ 183,000 150,000 11,000 34,500 91,000 Record the raw material purchases for cash. General Journal Debit Credit
Please complete both parts (see picture below).
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…
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200
Sunland Company has the following data: Direct labor Direct materials used Total manufacturing overhead Ending work in process inventory Beginning work in process inventory (a) Compute total manufacturing costs. Total manufacturing costs $71,440 78,960 61,100 28,200 42,300
Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October Materials purchased on account, $644,380. 1 Materials requisitioned, $670,250, of which $71,770 was for general factory use. 31 Factory labor used, $637,900, of which $88,640 was indirect. 31 Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, $151,300. 31 Prepaid expenses expired for factory overhead were $29,450; for selling expenses, $27,540; and for administrative expenses, $18,720. 31 Depreciation of office building was $84,480; of office equipment, $43,730; and of factory equipment, $32,270. 31 Factory overhead costs applied to jobs, $379,790. 31 Jobs completed, $988,380. 31 Cost of goods sold, $921,340. Required: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for…
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold.* 5. Gross profit. 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 0 Finished Goods (FG) Inventory April 30 $42,000 9,300 61,000 LA May 31 34,000 19,700 33,900 193,000 250,000 8,000 57,500 118,500 1,500,000 55% Work in Process (WIP) 0 Factory Overhead