Ellen Joyce Company is engaged in the manufacture of engines only on worked on Jobs customers' orders and to their specifications. During January, the company 201, 202, 203, and 204. The following figures summarize the cost records for the month. lob 201 lob 202 lob 203 Job 204 Direct Materials put into process: Jan. 2 18 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 P6,000 2,000 22 28 Direct labor costs week ending Jan. 2 6. 1,000 1,000 27,000 32,000 20,000 9.000 16 27,000 3,000 5,000 18,000 17,500 25 1,500 11,500 9,000 23 30 Factory overhead Engines completed 60,000 100 32,000 60 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of the month. Required: 1. Prepare the summary journal entries for the month to record the preceding information. (Assume a work in process accounts is maintained for each job.) 2. Prepare a cost sheet for each job. 3. Prepare statement of cost of goods manufactured and sold.

Ellen Joyce Company is engaged in the manufacture of engines only on worked on Jobs customers' orders and to their specifications. During January, the company 201, 202, 203, and 204. The following figures summarize the cost records for the month. lob 201 lob 202 lob 203 Job 204 Direct Materials put into process: Jan. 2 18 P15,000 20,000 15,000 P5,000 16,000 1,000 P5,000 10,000 3,500 P6,000 2,000 22 28 Direct labor costs week ending Jan. 2 6. 1,000 1,000 27,000 32,000 20,000 9.000 16 27,000 3,000 5,000 18,000 17,500 25 1,500 11,500 9,000 23 30 Factory overhead Engines completed 60,000 100 32,000 60 Jobs 201 and 202 have been completed and delivered to the customer at a total selling price of P350,000. Job 204 is still in process. There was no work in process at the beginning of the month. Required: 1. Prepare the summary journal entries for the month to record the preceding information. (Assume a work in process accounts is maintained for each job.) 2. Prepare a cost sheet for each job. 3. Prepare statement of cost of goods manufactured and sold.

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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A job cost sheet for Ivanhoe Company is shown below. Job No. 92 Date Beginning Balance January 1 Direct labour 8 Total cost 32°C 12 Cost of completed job: Direct materials 25 27 Manufacturing overhead Direct Materials Unit cost ($43,200 + 2,000) $3,980 6,030 2,410 12,420 Direct Labour $5,900 8,890 4,010 18,800 For 2,000 Units Manufacturing Overhead $2,950 6,223 2,807 11,980 $12,420 18,800 11,980 $43,200 $21.60
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Morrow Corporation had only one job in process during May-Job X32Z- and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below: Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of may Units sold during May Job X32Z $ 17,000 $ 14,000 $ 4,400 $ 32,800 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory 220 0 100 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May?
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-rk 8 Worksheet Kaitlyn, Inc. is a manufacturer who uses a job order costing system. The data below summårizes the operations related to production and sales for January, the first month of operations. Kaitlyn, Inc. allocates factory overhead on a monthly basis based upon total monthly factory overhead costs and direct labor hours. Total direct labor hours for January are 75,000 hours. Purchased the following raw materials: • 6,000 units for Job 1 (@ $10/unit 5,500 units for Job 2 @ $15/unit 12,300 units for Job 3 @ $5/unit Requisitioned materials for production: 5,000 units for Job 1 @ $10/unit 4,000 units for Job 2 @ $15/unit 10,000 unit for Job 3 @ $5/unit Dir • 2,000 hours of direct labor on Job 1 at $15 per hour • 10,000 hours of direct labor on Job 2 at $14 per hour • 8,000 hours of direct labor on Job 3 at $20 per hour labor costs: • Total factory overhead costs for the month: • $70,000 of indirect materials • S115,000 of indirect labor • $97,000 of utilities costs • $18,000 of…
company uses job order costing. At the beginning of February, two jobs were in process: Job 769 Job 772 Materials P4,000 P1,400 Direct Labor 2,000 600 Applied Factory Overhead 3,000 900 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were started. Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is job 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of the month, has a total cost of P4,000.
Kansas manufacturing company uses a job-order costing system and started the month of October with a zero balance in its work in process and finished goods inventory accounts. During October, Kansas worked on three jobs and incurred the following direct costs on those jobs: Job B18 Job B19 Job C11 Direct materials $13,000 $25,000 $16,000 Direct labor $8,000 $10,000 $5,000 Kansas applies manufacturing overhead at a rate of 200% of direct labor cost. During October, Kansas completed Jobs B18 and B19 and sold Job B19. What is Kansas' work in process inventory balance at the end of October? $31,000 $30,500 $33,000 $43,000 None of the above. Please show your work
Shen Company reports the costs incurred below for the month ended May 31. The company has no beginning Work in Process Inventory. Overhead is applied using a predetermined overhead rate of 120% of direct materials costs. Job 4 was completed and Job 5 is still in process at month-end. Prepare a schedule of cost of goods manufactured for the month. Direct materials used Direct labor used Job 4 $ 1,500 2,100 Job 5 $1,000 200 SHEN COMPANY Schedule of Cost of Goods Manufactured For Month Ended May 31 Direct materials used Direct labor Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ $ 2,500 2,300 4,800 4,800 4,800
The jenny Company uses job order costing. At the beginning of the May, two jobs were in process: Job 369 Job372 Materials $ 2,000 $ 700 Direct labor 1,000 300 Applied factory overhead 1,500 450 There was no inventory of finished goods on May1. During the month, Jobs 373, 374, 375, 376, 378, and 379 were started. Materials requisitions for May totaled $13,000, direct labor cost, $10,000, and actual factory overhead, $16,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of May is No. 379, with costs of $1,400 for materials and $900 for direct labor. Job 376, the only finished job on hand at the end of May, has a total cost of $2,000. How much is total cost of goods manufactured?
1. Sale of completed units and Cost of sales2. Over- or underapplied factory overhead (Not closed out until the end of the year)
If the balance of Work in Process on August 31 is $220,000, what was the amount debited to Work in Process for direct materials in August? a.$390,000 b.$525,000 c.$580,000 d.$170,000