Direct MaterialsDirect LabourAmountRequisition Number15673NameHoursAmountUnser15678Chan0.000.00 Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end ofnext month:Direct materials:• On April 10, requisition number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each.On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used In the special order. The nibs cost $1.75each.Direct labour:• On April 12, Jamle Unser worked from 1:00 a.m. until 2:45 p.m. on job W456. He is pald $12.60 per hour.• On April 18, Mellssa Chan worked from 8:15 a.m. until 1130 a.m. on job W456. She is pald $13.20 per hour.Required:1. On what documents would these costs be recorded? (You may select more than one answer. Single click the box with thequestion mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box fora wrong answer.)Purchase requisition form of the Cycle Gear Corporatilon.The time ticket for Mellssa Chan.The two materials requisition forms pertalning to Job W456.The time ticket for Jamle Unser.The job cost sneet for JoD W456.Materlais return note from the Inventory department.

Name: Direct MaterialsDirect LabourAmountRequisition Number15673NameHoursAm
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Direct MaterialsDirect LabourAmountRequisition Number15673NameHoursAmountUnser15678Chan0.000.00 Cycle Gear Corporation has Incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end ofnext month:Direct mat

In job costing, whenever material is required to complete specific job, it is withdrawn form the…

Business

Accounting

Cycle Gear Corporation has incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month: Direct materlals: •On April 10, requisition number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each. •On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used in the special order. The nibs cost $1.75 each. Direct labour: •On April 12, Jamle Unser worked from 11:00 a.m. until 2:45 p.m. on Job W456. He Is pald $12.60 per hour. •On April 18, Melissa Chan worked from 8:15 a.m. until 11:30 a.m. on job W456. She is pald $13.20 per hour. Required: 1. On what documents would these costs be recorded? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Purchase requistion form of the Cycie Gear Corporation. |The time ticket for Mellssa Chan. The two materiais requismion torms pertaining to JOD W456. The time ticket for Jamie Unser. The job cost sneet for JoD W456. Materlais return note from the Inventory department.

Cycle Gear Corporation has incurred the following costs on job W456, an order for 20 special sprockets to be delivered at the end of next month: Direct materlals: •On April 10, requisition number 15673 was Issued for 40 titanlum blanks to be used in the special order. The blanks cost $20 each. •On April 11, requisition number 15678 was Issued for 420 hardened nibs also to be used in the special order. The nibs cost $1.75 each. Direct labour: •On April 12, Jamle Unser worked from 11:00 a.m. until 2:45 p.m. on Job W456. He Is pald $12.60 per hour. •On April 18, Melissa Chan worked from 8:15 a.m. until 11:30 a.m. on job W456. She is pald $13.20 per hour. Required: 1. On what documents would these costs be recorded? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Purchase requistion form of the Cycie Gear Corporation. |The time ticket for Mellssa Chan. The two materiais requismion torms pertaining to JOD W456. The time ticket for Jamie Unser. The job cost sneet for JoD W456. Materlais return note from the Inventory department.

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

Checker Inc. produces automobile bumpers. Overhead is applied on the basis of machine hours required for cutting and fabricating. A predetermined overhead application rate of $12.70 per machine hour was established for 2019. Required: If 9,000 machine hours were expected to be used during 2019, how much overhead was expected to be incurred? Actual overhead incurred during 2019 totaled $121,650, and 9,100 machine hours were used during 2019. Calculate the amount of over- or underapplied overhead for 2019. (Input the amount as positive value.) Whether the overapplied or underapplied overhead for the year is normally transferred to cost of goods sold in the income statement?
CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Site Contract Cost Estimated Costs Billings on Collections on Price Incurred to Complete Contract Billings 5,000,000 1 5,000,000 3,750,000 5,000,000 2 7,000,000 1,000,000 4,000,000 1,000,000 900,000 1,500,000 900,000 1,000,000 3 2,500,000 1,000,000 If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,100,000 B. 500,000 C. 250,000 D. 100,000
Sagar
Waterways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain which will require special-order sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December 2012. Raw materials were requisitioned from the company's inventory on December 2 for $5,061; on December 8 for $1,059; and on December 14 for $3,459. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52. Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $16.50 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52. The predetermined overhead rate is based on machine hours. The…
Waterways has two major public-park projects to provide with comprehensive irrigation in one of its service locations this month. Job J57 and Job K52 involve 15 acres of landscaped terrain, which will require special-order, sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following events occurred during December.Raw materials were requisitioned from the company’s inventory on December 2 for $5,091; on December 8 for $1,050; and on December 14 for $3,495. In each instance, two-thirds (2/3) of these materials were for J57 and the rest for K52.Six time tickets were turned in for these two projects for a total amount of 18 hours of work. All the workers were paid $17.5 per hour. The time tickets were dated December 3, December 9, and December 15. On each of those days, 6 labor hours were spent on these jobs, two-thirds (2/3) for J57 and the rest for K52.The predetermined overhead rate is based on machine hours. The expected…
ABC Company’s Job 123 for the manufacture of 2,000 bags was completed during June 2022 at the following unit costs:· Direct Materials, P20· Direct Labor, P18· Overhead (including allowance of P1 for spoiled work), P18 Final inspection of Job 123 disclosed 100 spoiled bags which were sold to an online store for P1,985. Determine the total cost of completed units.
Toys World started and finished job number A26, a batch of 1,000 cuddly koalas, during March 2020.The job required $4,850 of direct material and 32 hours of direct labour at $20 per hour. Thepredetermined overhead rate is $10.50 per direct labour hour. On 31st March, 900 of the cuddlykoalas were shipped to a local toy shop.Required:a) Prepare journal entries to record the incurrence of production costs, completion of job numberA26 and the shipment of 900 cuddly koalas to local toy shop. b) Calculate the cost per cuddly koala for job number A26. c) How might the managers at Toys World use this information
Big Company manufactures electric drills to the exact specifications of various customers. During April 2020, Job 403 for the production of 1,100 units was completed at the following costs per unit: P33 P32 P30 P29
Submit UOJPBY781 Corp.s manufacturing overhead for the year was estimated to be $783,200 at the begining of the year. O Quiz Tools At the end of the year, UOJPBY781's actual direct labor-hours for the year were 36,260 hours. (ID#65031) UOJPBY781's actual manufacturing overhead for the year was $760,000. 100% UOJPBY781's manufacturing overhead for the year was overapplied by $37,720. Collapse Q.) If UOJPBY781's predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate must have been: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 32,831 direct labor-hours 36,260 direct labor-hours 35,600 direct labor-hours MacBook Air ...
CS Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below: Billings on Contract Site Contract Cost Estimated Costs to Complete Collections on Price Incurred 3,750,000 1,000,000 Billings 5,000,000 900,000 1,000,000 1 5,000,000 5,000,000 900,000 2 7.000,000 2.500.000 4,000,000 3 1.000,000 1,000,000 1.500,000 1. If the company recoeds revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 B. S00,000 C 250,000 D. 100,000 2. If the company records revenue at a point in time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 317 A. 5,100,000 8. S00,000 C 250,000 D. 100,000