a. Direct and indirect materials used. If an amount box does not require an entry, leave it bank38b. Direct and indirect labor used. If an amount box does not require an entry, leave it blankc. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry.leave it blank.88d. Completion of Jobs 301 and 302. of an amount box does not require an entry, leave it blank188evious Entries for Factory Costs and Jobs CompletedCollegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to themwere recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factury verheadhave been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $2,220 of indirect materials and$26,920 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows insummary form:Job 301Job 302Direct materialsDirect materials$10,700$23,0208,000Direct laborDirect labor4,000Factory overhead4,640Factory overhead2,530Total$36,660Total$17,890Job 303Job 304Direct materials$29,420Direct materials14,630Direct laborDirect labor1,300Factory overheadFactory overheadJournalize the summary entry to record each of the following operations for March (one entry for each operation)

Name: a. Direct and indirect materials used. If an amount box does not requ
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Description: a. Direct and indirect materials used. If an amount box does not require an entry, leave it bank38b. Direct and indirect labor used. If an amount box does not require an entry, leave it blankc. Factory overhead applied to all four jobs (a single ove

The direct costs incurred are debited to work in process and indirect costs are debited to…

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Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all cats licable to the were recorded on the related cost sheets Jobs 303 and 304 are still in process at the end of the month, and all applicable costs exopt factory svad have been recorded on the related cost sheets. In addition to the materials and labor charged directly t $26.920 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month summary form Job 301 Job 302 Direct materials $23,620 $10,700 8,800 Direct labor 4,500 Factory overhead 4.HO Factory overhead 2,530 $36,660 $17,300 Direct materials $29,429 Direct materials $4,830 Direct laber 9,300 1,300 Factory overhead " Jub 303 Job 304 Come

Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all cats licable to the were recorded on the related cost sheets Jobs 303 and 304 are still in process at the end of the month, and all applicable costs exopt factory svad have been recorded on the related cost sheets. In addition to the materials and labor charged directly t $26.920 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month summary form Job 301 Job 302 Direct materials $23,620 $10,700 8,800 Direct labor 4,500 Factory overhead 4.HO Factory overhead 2,530 $36,660 $17,300 Direct materials $29,429 Direct materials $4,830 Direct laber 9,300 1,300 Factory overhead " Jub 303 Job 304 Come

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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on the related cost sheets. SOS US an OT are summ process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $1,710 of indirect materials and $20,710 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Direct materials Direct labor Factory overhead Total Job 303 Direct materials Direct labor Factory overhead $17,710 6,800 3,740 $28,250 $25,950 7,500 Job 302 Direct materials Direct labor Factory overhead Total Job 304 Direct materials Direct labor Factory overhead $8,280 3,500 1,925 $13,705 $5,100 1,000 Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. DUQ b. Direct and indirect labor…
The April Work in Process account for Coventry Co. contained the following: Beginning balance -- $19,000 debit Direct materials -- $11,000 debit Direct labor -- $8,000 debit Overhead -- $13,000 debit Transfer to finished goods -- $3,000 credit Overhead is applied at a rate of 125% of direct labor cost. The only job in process at April 30, Job #897, has been charged with direct labor cost of $4,000. What amount of direct materials cost has been charged to Job #897? $
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Direct Materials Direct Labor Machine Hours Job 765 $7,560 $2,268 27 Job 766 12,654 3,996 74 Job 765 produced 162 units, and Job 766 consisted of 222 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $150 per hour. a. Determine the balance on the job cost sheets for each job. Job 765 Job 766 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent. Job 765 Job 766 $1 %24 %24
Billy Baroo Company uses a job order cost system. The following information was found in the Work-in-Process account for the month of July. Date Description Amount [DR. or (CR.)] July 1 Balance $16,500 July 31 Direct labor 47,000 July 31 Direct materials 70,000 July 31 Factory overhead 37,600 July 31 Transfer to finished goods (98,000 ) Billy Baroo applies overhead to production at a predetermined rate of 80% based on the direct labor cost. Job #23, the only job still in process at the end of July, has been charged with direct labor of $18,300. Direct material charged to Job #23 was: Multiple Choice $40,160. $41,760. $44,760. $47,160.
In January, Dieker Company requisitions raw materials for production as follows: Job 1 $910, Job 2 $1, 500, Job 3 $810, and general factory use $610. Prepare a summary journal entry to record raw materials used.
Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,400; direct labor, $2,200; and applied overhead, $1,300. Job 5 was finished in June. Job 5 $ 15,800 8,800 4,400 Direct labor used in June Job 6 $ 33,400 15,000 7,500 Job 7 $ 27,400 21,800 10,900 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across months. 2. What is the total cost of direct labor used in June?
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 for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $1,880 of indirect materials and $22,780 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Line Item Description Amount Direct materials $19,480 Direct labor 7,500 Factory overhead 4,125 Total $31,105 Job 302 Line Item Description Amount Direct materials $9,110 Direct labor 3,900 Factory overhead 2,145 Total $15,155 Job 303 Line Item Description Amount Direct materials $26,000 Direct labor 8,300 Factory overhead — Job 304…
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Entries for Factory Costs and Jobs Completed Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $1,540 of indirect materials and $18,640 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $15,940 Direct materials $7,450 Direct labor 6,100 Direct labor 3,200 Factory overhead 3,355 Factory overhead 1,760 Total $25,395 Total $12,410 Job 303 Job 304 Direct materials $21,480 Direct materials $4,590 Direct labor 6,800 Direct labor 900 Factory overhead Factory overhead Journalize the summary entry to…
Brunswick Home Remodelers (BHM) uses a job order cost system. The following debits (credits) appeared in Work - in - Process Inventory for April: Description Amount April 1 Balance $ 26,500 For the month Direct materials 157,000 For the month Direct labor 98,000 For the month Factory overhead 96,050 For the month To finished goods (295,000) BHM applies overhead to production at a predetermined rate of 65 percent based on direct materials cost. Job BH-7, which was started during April and is the only job still in process at the end of April, has been charged direct materials of $20,880. Required: How much direct labor cost was charged to Job BH-7 in April?
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,700, direct labor of $3,600, and applied overhead of $2,880. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on credit) for $24,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Job 121 Job 122 Direct materials used $ 1,000 $ 6,100 $ 2,900 Direct labor used 3,800 4,000 3,900 1. Prepare journal entries for the following July transactions and events a through e.a. Direct materials used.b. Direct labor used.c. Overhead applied.d. Sale of Job 120.e. Cost of goods sold for Job 120. Hint: Job 120 has costs from June and July.2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory…