Other information:(a) On April 30, the only jobs still in process were 203 and 206.(b) All workers are paid P20 per hour. Wage rates have been stable through-out the year.(c) Tuason maintains only one raw materials account (Materials Control) fromwhich it issues both direct and indirect materials. The balance in this ac-count was P2,750 on April 1.(d) All sales are billed on account at 150% of total cost.(e) Other items in April:Depreciation factory equipmentRaw materials purchasedIndirect laborFactory rent and utilitiesIndirect materials usedP 1,37511,5002,5002,7002,790Required:(1) Determine the April 30 balances for Materials Control and for Workin Process.(2) Prepare all journal entries required for Job 202 in April.Calculate the cost of goods manufactured in April. (A complete state-(3)ment of cost of goods manufactured is not required.)(4) Calculate the over- or underapplied overhead for April.(5) Calculate the gross profit for April. Problem 1-19: Job Order Cost Accumulation AnalysisTuason Co. uses job order cost accumulation and applies overhead basedon direct labor hours. Any underapplied or overapplied overhead is ad-justed directly to Cost of Goods Sold at the end of each month. On April 1,job cost sheets indicated the following:Job 201Job 202Job 203Job 204Direct materialsDirect laborApplied overheadTotal costP3,5902,7002,160P2,0001,5001,200P1,4801,000800P2,0001,200960P8,450P4,700P3,280P4,160Job statusFinishedIn processIn processIn processCost Accounting- Basic Concepts and the Job Order Cost Cycle79Problem 1-19 continuedOn April 30, finished goods contained only Jobs 204 and 207, which had thefollowing total costs.Job 204Job 207Direct materialsP2,970P2,4501,9001,520Direct laborApplied overhead2,2001,760Total costP6,930P5,870Besides working on Jobs 204 and 207 in April, Tuason continued work on Jobs202 and 203 and started work on Jobs 205 and 206. A summary of direct mate-rials used and direct labor hours worked on Jobs 202, 203, 205, and 206 duringApril showed the following:Job 202Job 203Job 205Job 206Direct materialsDirect labor hoursP1,250P55575P2,500105P1,98050100

Name: Other information:(a) On April 30, the only jobs still in process wer
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Description: Other information:(a) On April 30, the only jobs still in process were 203 and 206.(b) All workers are paid P20 per hour. Wage rates have been stable through-out the year.(c) Tuason maintains only one raw materials account (Materials Control) fromwh

Job order costing - A system for allocating and aggregating the production costs of a single unit of…

Business

Accounting

DS rocess 206. s are paid P20 per hour. Wage rates have been stable r. intains only one raw materials account (Materials Cont ues both direct and indirect materials. The balance in P2,750 on April 1. e billed on account at 150% of total cost. s in April: ciation factory equipment aterials purchased ct labor y rent and utilities et materials used P 1,375 11,500 2,500 2,700 2,790

DS rocess 206. s are paid P20 per hour. Wage rates have been stable r. intains only one raw materials account (Materials Cont ues both direct and indirect materials. The balance in P2,750 on April 1. e billed on account at 150% of total cost. s in April: ciation factory equipment aterials purchased ct labor y rent and utilities et materials used P 1,375 11,500 2,500 2,700 2,790

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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Entries for Materials GenX Furnishings manufactures designer furniture. GenX Furnishings uses a job order cost system. Balances on June 1 from the materials ledger are as follows: Fabric Polyester filling Lumber Glue The materials purchased during June are summarized from the receiving reports as follows: Fabric Polyester filling Lumber Glue Job 601 $40,500 28,600 62,400 6,550 Materials were requisitioned to individual jobs as follows: Job 602 Job 603 $440,000 180,000 360,000 40,000 Fabric $205,000 110,000 130,000 Polyester Filling Lumber $75,000 $120,000 36,000 88,000 55,000 125,000 Glue Total $400,000 234,000 310,000
5.Balmond Manufacturing Company uses the FIFO method of accounting for Raw Materials. Determine the amount charged to work in process for the quarter using the following information * 6.What is the balance of the Raw Materials accounts at the end of the quarter? *
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CH Marco Company shows the following costs for three jobs worked on in April Balances on March 31 birect materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct Labor used Overhead applied Status on April 30 Additional Information Job 305 Problem 2-2A (Algo) Part 4 $ 37,880 28.000 18.880 155 800 93,000 A (sold) 306 387 $ 48,000 4 Fontshed Job 388 1 128.000 125,000 a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520.000, and total factory payroll cost in April is $333,000. c. Actual overhead costs incurred in April are indirect materials, $55.000; indirect labor, $28,000; factory factory utilities, $24.000, and factory equipment depreciation, $56.000. d. Predetermined overhead rate is 50% of direct lacor cost. e. Job 306 is sold for $655,000 cash in April. In process 4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
Exercise 3-5 (Algo) Journal Entries and T-accounts [LO3-1, LO3-2] The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189.000 ($151,200 direct materials and $37,800 Indirect materials). C. Accrued direct labor cost of $50,000 and Indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $129,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $512,000 were completed and transferred to Finished Goods. h. Jobs costing $448,000 were shipped to customers. These jobs were sold on account at 28% above cost. Required: 1. Prepare journal entries to record the transactions given above. 2. Prepare T-accounts for Manufacturing Overhead…
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