Tead.69909EB12. LO 4.7 A company has the following transactions during the week.Purchase of $3,000 raw materials inventorymolai gniwallol all sodwon mot motyledmoil10119010vd b1 Assignment of $700 of raw materials inventory to Job 7 hotem griadoraw101Payroll for 10 hours and $3,000 is assigned to Job 7anindaed til dees 1906. boshimice not 000,0A1202 yiutis e dol• Factory depreciation of $1,750• Overhead applied at the rate of $200 per hourWhat is the cost assigned to Job 7 at the end of the week?9160201undMbetemil231200 bredhsvo staf beerhovo2X2-W1031597101200 100s]2 lutemit1xbT11alahsisM 15912200noilqnozedoll pandol betsigmoo to 1300alohstem 159710model domiboorhavo grhubstuns M1200 1610

Manufacturing Overhead Applied :— It is calculated by multiplying predetermined overhead rate with…

EB12. LO 4.7 A company has the following transactions during the week. 20160919 ● ● Purchase of $3,000 raw materials inventory dwa mo 119010 Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour 09112 What is the cost assigned to Job 7 at the end of the week? Flut 2 lut tam gdi nineta 1,0012 is e dot

EB12. LO 4.7 A company has the following transactions during the week. 20160919 ● ● Purchase of $3,000 raw materials inventory dwa mo 119010 Assignment of $700 of raw materials inventory to Job 7 Payroll for 10 hours and $3,000 is assigned to Job 7 Factory depreciation of $1,750 Overhead applied at the rate of $200 per hour 09112 What is the cost assigned to Job 7 at the end of the week? Flut 2 lut tam gdi nineta 1,0012 is e dot

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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• • Q5: Stone Company, a manufacturer that uses job order costing provides the below partial account balances for the twelve months ended 12/31/20X2 and shares the following information regarding its 20X2 operations: The predetermined overhead rate for 20X2 was $1.25 of overhead for each dollar of direct labor incurred. Stone purchases 100% of its raw materials on account from vendor Diamond Corporation and used $0 indirect materials. Stone disposes of over/under applied MOH using the method covered in class and during 20X2 incurred $1,540,000 of direct labor which is already reflected below in item (ii). Raw Material BB 580,000 BB A/P Diamond Corp 180,000 Work In Process BB 370,000 (a) (b) 1,100,000 1,280,000 (1) (c) (ii) 1,540,000 (e) EB 610,000 EB 360,000 (iii) (d) EB (f) Finished Goods BB 418,000 1,980,000 (g) (h) EB 523,000 MOH Cost of Goods Sold BB 0 4,600,000 EB () (1) What value of direct materials were requisitioned by production during the twelve months ended 12/31/20X2? A.…
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Q3 Ex. 184 Landis Company uses a job order cost system in each of its two manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A and machine hours in Department B. In establishing the predetermined overhead rates for 2013, the following estimates were made for the year: Department Manufacturing overhead Direct labor cost Direct labor hours Machine hours Direct materials used Direct labor cost A $2,100,000 1,400,000 Manufacturing overhead incurred Direct labor hours Machine hours 100,000 200,000 During January, the job cost sheet showed the following costs and production data: Department A $195,000 100,000 155,000 B $1,600,000 1,200,000 8,000 16,000 100,000 400,000 B $128,000 110,000 135,000 8,400 34,000 Instructions (a) Compute the predetermined overhead rate for each department. (b) Compute the total manufacturing cost assigned to jobs in January in each department. (c) Compute the balance in the Manufacturing Overhead…
Strategic initiatives and CSR Obj. 2, 4Get Hitched Inc. is a production company that is in the process of testing a strategic initiative aimed at increasing gross profit. The company’s current sales revenue is $1.5 million. Currently, the company’s gross profit is 35% of sales, but the company’s target gross profit percentage is 40%. The company’s current monthly cost of production is $975,000. Of this cost, 60% is for labor, 30% is for materials, and 10% is for overhead. The strategic initiative being tested at Get Hitched is a redesign of its production process that splits the process into two sequential procedures. The makeup of the costs of production for Procedure 1 is currently 50% direct labor, 45% direct materials, and 5% overhead. The makeup of the costs of production for Procedure 2 is currently 55% direct labor, 25% direct materials, and 20% overhead. Company management estimates that Procedure 1 costs twice as much as Procedure 2.InstructionsDetermine what the cost of…
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