Cavy Company accumulated 550 hours of direct labor on Job 567 and 760 hours on Job 999. The direct labor was incurred at a rate of $16 per direct labor hour for Job 567 and $25 per direct labor for Job 999. Journalize the entry for the flow of labor costs into production. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

Cavy Company accumulated 550 hours of direct labor on Job 567 and 760 hours on Job 999. The direct labor was incurred at a rate of $16 per direct labor hour for Job 567 and $25 per direct labor for Job 999. Journalize the entry for the flow of labor costs into production. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

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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were PROBLEMS selected from their chart of accounts: Code A Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory E Finished goods inventory F ccounts payable G Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized Raw materials previously purchased on account were paid 6 7 The production department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse Goods costing P100,000 were sold for P135,000 on 10 account.
Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. b. C. d. e. f. Cash + Raw Materials + + + + + + + + + + + BALANCE SHEET Assets Work in Process + + + + + Finished Goods + + + + + Manufacturing Overhead Stockholders' Equity = = Net Income
Acompany began operations on January 1, 203. The company uses a job order system and started the following jobs during January 203: Job 101 Job 102 Job 103 Derect maicrials Direct Inbour hours S18326 $24661 $38362 954 1202 772 Additional infomation is as follows Total evtimated overhead 3336113 Total entimatod direct Inbour hours 19130 Actual direct labour rate SIN per direct labour hour All theee jobs were cormpleted by the end of lanuary 200 Finished goods at laary 31, 20 incleded Job 101 only What is Cost of Gioods Sold for January 2037 Select one Oa 133238 Oc 181349 Ou 852260
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Job 113 was completed at a cost of $4,800, and Job 85 was completed at a cost of $3,300 and sold on account for $4,500. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Completion of Job 113. fill in the blank ec5974fe0f8f04b_2 fill in the blank ec5974fe0f8f04b_3 fill in the blank ec5974fe0f8f04b_5 fill in the blank ec5974fe0f8f04b_6 B. Completion and sale of Job 85. fill in the blank ac9efe072f91fff_2 fill in the blank ac9efe072f91fff_3 fill in the blank ac9efe072f91fff_5 fill in the blank ac9efe072f91fff_6 fill in the blank ac9efe072f91fff_8 fill in the blank ac9efe072f91fff_9 fill in the blank ac9efe072f91fff_11 fill in the blank ac9efe072f91fff_12 fill in the blank ac9efe072f91fff_14 fill in the blank ac9efe072f91fff_15 fill in the blank ac9efe072f91fff_17 fill in the blank ac9efe072f91fff_18
swer is partially June transactions: (1) purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead and (3) completion of jobs and sale of goods. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit
Blossom Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 ASE $7,250 3,950 Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) $8,900 8,250 (To assign materials to jobs) Account Titles and Explanation Debit Credit
Journalize the entry to record the Factory labor costs. If an amount box does not requires an entry from the picture leave it blank. account payable account receivable cash finished Goods material work in process
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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Balance on 3/1 $ 7,500 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms $ 3,500 6,000 4,200 1,300 $ 15,000 Work in Process Job 33 Job 34 Labor Time Tickets $ 6,500 7,800 3,250 2,140 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Job 33 Job 34 Job 35 Indirect Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a Record the issuance of raw materials to production. Note: Enter debits before credits. 3 Record entry Status of Job at Month-End Completed and sold…