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 $87,300.2. Materials requisitioned and factory labor used by job:Job NumberMaterialsFactoryLaborA20$ 35,240$18,00022,000A2142,920A2236,10015,00039,2704,470$158,000A2325,0007,300$87,300General 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.)140%-

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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 requisitioned

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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 requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $ 35,240 $18,000 22,000 15,000 25,000 7,300 $87,300 A21 42,920 A22 36,100 A23 39,270 General factory use (indirect) 4,470 $158,000 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 requisitioned and factory labor used by job: Job Number Materials Factory Labor A20 $ 35,240 $18,000 22,000 15,000 25,000 7,300 $87,300 A21 42,920 A22 36,100 A23 39,270 General factory use (indirect) 4,470 $158,000 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

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Chapter1: Financial Statements And Business Decisions

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Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased on account, $50,000. b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 306 For general factory use Job Machine Hours 301 302 303 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700. e. The factory overhead rate is $40 per machine hour. Machine hours used: 304 305 306 Total 30 60 41 63 70 36 Materials Factory Labor $1,850 $2,500 3,150 2,200 1,900 4,230 1,770 1,200 300 7,220 5,350 2,300 6,225 2,900 5,000 1. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $9,000; Job 302, $16,150; Job 303, $12,800. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item g as 2 entries. 2. Post the…
Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $30,580. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,980 $2,560 302 3,640 3,460 303 2,410 1,690 304 8,170 6,350 305 5,190 4,840 306 3,780 3,070 For general factory use 1,010 3,790 Factory overhead costs incurred on account, $5,690. Depreciation of factory machinery and equipment, $1,820. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 39 302 27 303 34 304 74 305 30 306 18 Total 222 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310. Required: 1. Journalize the entries to record the summarized operations. If an…
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ZZ The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $211,000. b. Raw materials used in production, $188,000 ($150,400 direct materials and $37,600 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $105,000. e. Other manufacturing overhead costs accrued during October, $131,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,300 machine-hours were used in October. g. Jobs costing $511,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 22% above cost. Required: 1. Prepare journal entries to record the…
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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…
The Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and s5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November i Bal. b/f $51,250 Direct Materials Used 256,400 Other transactions incurred: • Indirect material issued to production was s40,360 • Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. • Other manufacturing overhead costs incurred for November amounted to s340,490. • Two jobs were completed with total costs of s384,000 & s270,000 respectively. They were sold on account at a margin of 33%% on sales. Required: i) ii) Compute Harriott's predetermined manufacturing overhead rate for 2020. State the journal entries necessary to record the above…
TB MC Qu. 15-121 (Algo) Oxford Company uses a job order... Oxford Company uses a job order costing system. In the last month, the system accumulated labor time tickets totaling $25,500 for direct labor and $5,200 for indirect labor. The journal entry to record indirect labor consists of a: Multiple Choice Debit Factory Overhead $5,200; credit Factory Wages Payable $5,200. Debit Factory Overhead $5,200; credit Work in Process Inventory $5,200. Debit Work in Process Inventory $5,200; credit Factory Wages Payable $5,200. Debit Work in Process Inventory $25,500; credit Factory Wages Payable $25,500. Debit Factory Wages Payable $5,200; credit Cash $5,200.
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Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $234,840 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $ 11,900 $ 7,900 $ 5,200 $ 25,000 Direct labor $ 17,300 $ 5,000 $ 5,400 $ 27,700 Machine hours 1,600 hours 2,500 hours 800 hours 4,900 hours Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $14,020. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the…