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Crane Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Other data: 1. 2. 3. 4. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $12.285 and combined direct labor costs of $18,900. Overhead was applied at a rate that was 75% of direct labor cost. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,788 and direct labor $6,048, plus manufacturing overhead. All jobs, except for Job No. 158. were completed in December. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $6,300. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $5,040. Manufacturing overhead was $1.866 underapplied in December. List the letters (a) through (m) and indicate the amount pertaining to each letter. Dec. 1 Beginning balance 31 Purchases Dec. 31 Ending balance Raw Materials Inventory (a) Dec. 31 Requisitions 21,231 21,715 10,060 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed 街 31 Direct materials (c) 31 Direct labor 10.584 31 Overhead (d) Dec. 31 Ending balance (e) Finished Goods Inventory (g) Dec. 31 Cost of goods sold 3 Dec. 1 Beginning balance 31 Jobs completed Dec. 31 Ending balance (h) Factory Labor Dec. 31 Factory wages 15,163 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 3,654 Dec. 31 Overhead applied 31 Indirect labor 31 Other overhead 1,571 (k)

Crane Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Other data: 1. 2. 3. 4. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $12.285 and combined direct labor costs of $18,900. Overhead was applied at a rate that was 75% of direct labor cost. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,788 and direct labor $6,048, plus manufacturing overhead. All jobs, except for Job No. 158. were completed in December. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $6,300. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $5,040. Manufacturing overhead was $1.866 underapplied in December. List the letters (a) through (m) and indicate the amount pertaining to each letter. Dec. 1 Beginning balance 31 Purchases Dec. 31 Ending balance Raw Materials Inventory (a) Dec. 31 Requisitions 21,231 21,715 10,060 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed 街 31 Direct materials (c) 31 Direct labor 10.584 31 Overhead (d) Dec. 31 Ending balance (e) Finished Goods Inventory (g) Dec. 31 Cost of goods sold 3 Dec. 1 Beginning balance 31 Jobs completed Dec. 31 Ending balance (h) Factory Labor Dec. 31 Factory wages 15,163 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 3,654 Dec. 31 Overhead applied 31 Indirect labor 31 Other overhead 1,571 (k)

FINANCIAL ACCOUNTING
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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Crane Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Other data: 1. 2. 3. 4. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $12.285 and combined direct labor costs of $18,900. Overhead was applied at a rate that was 75% of direct labor cost. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,788 and direct labor $6,048, plus manufacturing overhead. All jobs, except for Job No. 158. were completed in December. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $6,300. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $5,040. Manufacturing overhead was $1.866 underapplied in December. List the letters (a) through (m) and indicate the amount pertaining to each letter. Dec. 1 Beginning balance 31 Purchases Dec. 31 Ending balance Raw Materials Inventory (a) Dec. 31 Requisitions 21,231 21,715 10,060 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed 街 31 Direct materials (c) 31 Direct labor 10.584 31 Overhead (d) Dec. 31 Ending balance (e) Finished Goods Inventory (g) Dec. 31 Cost of goods sold 3 Dec. 1 Beginning balance 31 Jobs completed Dec. 31 Ending balance (h) Factory Labor Dec. 31 Factory wages 15,163 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 3,654 Dec. 31 Overhead applied 31 Indirect labor 31 Other overhead 1,571 (k)
Transcribed Image Text:Crane Corporation's fiscal year ends on November 30. The following accounts are found in its job order cost accounting system for the first month of the new fiscal year. Other data: 1. 2. 3. 4. On December 1, two jobs were in process: Job No. 154 and Job No. 155. These jobs had combined direct materials costs of $12.285 and combined direct labor costs of $18,900. Overhead was applied at a rate that was 75% of direct labor cost. During December, Job Nos. 156, 157, and 158 were started. On December 31, Job No. 158 was unfinished. This job had charges for direct materials $4,788 and direct labor $6,048, plus manufacturing overhead. All jobs, except for Job No. 158. were completed in December. On December 1, Job No. 153 was in the finished goods warehouse. It had a total cost of $6,300. On December 31, Job No. 157 was the only finished job that was not sold. It had a cost of $5,040. Manufacturing overhead was $1.866 underapplied in December. List the letters (a) through (m) and indicate the amount pertaining to each letter. Dec. 1 Beginning balance 31 Purchases Dec. 31 Ending balance Raw Materials Inventory (a) Dec. 31 Requisitions 21,231 21,715 10,060 Work in Process Inventory Dec. 1 Beginning balance (b) Dec. 31 Jobs completed 街 31 Direct materials (c) 31 Direct labor 10.584 31 Overhead (d) Dec. 31 Ending balance (e) Finished Goods Inventory (g) Dec. 31 Cost of goods sold 3 Dec. 1 Beginning balance 31 Jobs completed Dec. 31 Ending balance (h) Factory Labor Dec. 31 Factory wages 15,163 Dec. 31 Wages assigned Manufacturing Overhead Dec. 31 Indirect materials 3,654 Dec. 31 Overhead applied 31 Indirect labor 31 Other overhead 1,571 (k)
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