E20-8 Garnett Printing Corp. uses a job order cost system. The following data summarize theoperations related to the first quarter's production.1. Materials purchased on account $192,000 and factory wages incurred $87,300.2. Materials requisitio ned and factory labor used by job:MaterialsFactoryLaborJob Number$ 35,24042,92036,10039,2704,470$158,000A20$18,000A2122,00015,000A2225,0007,300$87,300А23General factory use (indirect)3. Manufacturing overhead costs incurred on account $39,500.4. Depreciation on machinery and equipment $14,550.5. Manufacturing overhead rate is 80% of direct labor cost.6. Jobs completed during the quarter: A20, A21, and A23.InstructionsPrepare entries to record the operations summarized above. (Prepare a schedule showing theindividual cost elements and total cost for each job in item 6.)

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Description: E20-8 Garnett Printing Corp. uses a job order cost system. The following data summarize theoperations related to the first quarter's production.1. Materials purchased on account $192,000 and factory wages incurred $87,300.2. Materials requisitio ned

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E20-8 Garnett Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $192,000 and factory wages incurred $87,300. 2. Materials requisitio ned and factory labor used by job: Job Number Materials Factory Labor $ 35,240 42,920 A20 $18,000 A21 22,000 A22 36,100 15,000 A23 39,270 25,000 General factory use (indirect) 4,470 $158,000 7,300 $87,300 3. Manufacturing overhead costs incurred on account $39,500. 4. Depreciation on machinery and equipment $14,550. 5. Manufacturing overhead rate is 80% of direct labor cost. 6. Jobs completed during the quarter: A20, A21, and A23. Instructions Prepare entries to record the operations summarized above. (Prepare a schedule showing the individual cost elements and total cost for each job in item 6.)

E20-8 Garnett Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1. Materials purchased on account $192,000 and factory wages incurred $87,300. 2. Materials requisitio ned and factory labor used by job: Job Number Materials Factory Labor $ 35,240 42,920 A20 $18,000 A21 22,000 A22 36,100 15,000 A23 39,270 25,000 General factory use (indirect) 4,470 $158,000 7,300 $87,300 3. Manufacturing overhead costs incurred on account $39,500. 4. Depreciation on machinery and equipment $14,550. 5. Manufacturing overhead rate is 80% of direct labor cost. 6. Jobs completed during the quarter: A20, A21, and A23. Instructions Prepare entries to record the operations summarized above. (Prepare a schedule showing the individual cost elements and total cost for each job in item 6.)

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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Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and…
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How much is total cost of goods manufactured?
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Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
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