Harper Company's Job 301 for the manufacture of 2,200 T-shirts was completedduring August 2014 at the followving unit costs:Direct materialsP 20.0018.00Direct laborFactory overhead (includes anallowance of PI for spoiled work)18.00P 56.00Final inspection of Job 301 discloses 200 spoiled T-shirts which were sold to a jobberfor P 6,000.2.Assume that spoilage loss is charged to al production during August. Whatwould be the unit cost of the good units produced on Job 301?а. Р 53.00b. P 55.00c. P 56.00d. P 58.00

Name: Harper Company's Job 301 for the manufacture of 2,200 T-shirts was co
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Harper Company's Job 301 for the manufacture of 2,200 T-shirts was completedduring August 2014 at the followving unit costs:Direct materialsP 20.0018.00Direct laborFactory overhead (includes anallowance of PI for spoiled work)18.00P 56.00Final inspe

Total cost of spoiled 200 t-shirts = 200 x P56 = P11,200 The spoiled T-shirts sold to jobber at…

Business

Accounting

Harper Company's Job 301 for the manufacture of 2,200 T-shirts was completed during August 2014 at the following unit costs: Direct materials Direct labor Factory overhead (includes an allowance of PI for spoiled work) P 20.00 18.00 18.00 P 56.00 Final inspection of Job 301 discloses 200 spoiled T-shirts which were sold to a jobber for P 6,000. 2. Assume that spoilage loss is charged to al production during August. What would be the unit cost of the good units produced on Job 301? a. P 53.00 b. P 55.00 C. P 56.00 d. P 58.00

Harper Company's Job 301 for the manufacture of 2,200 T-shirts was completed during August 2014 at the following unit costs: Direct materials Direct labor Factory overhead (includes an allowance of PI for spoiled work) P 20.00 18.00 18.00 P 56.00 Final inspection of Job 301 discloses 200 spoiled T-shirts which were sold to a jobber for P 6,000. 2. Assume that spoilage loss is charged to al production during August. What would be the unit cost of the good units produced on Job 301? a. P 53.00 b. P 55.00 C. P 56.00 d. P 58.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation used $3,000 of direct materials and used $4,500 of direct labor. The job was not finished in September. An additional $3,500 of direct materials and $7,000 of direct labor were needed to finish the job in October. The company applies overhead at the end of each month at a rate of 100% of the direct labor cost incurred. What is the total cost of the job when it is completed in October?
The Leprechaun Company uses Normal Costing and Job Order Costing, Job 57 was charged $30,000 for Direct Materials, $20,000 for Direct Labor, and $25,000 for Overhead. Overhead is charged to jobs using Direct Labor Cost. The job consisted of 150 units. After the job was completed, but before it was sent to the Finished Goods Warehouse, 6 units were found to be spoiled. For each of the following three situations, tell how many dollars would be transferred to Finished Goods Control after we take care of the spoilage. 20. The 6 bad units are thrown away. Treat the spoilage as abnormal. 21. The 6 bad units are thrown away. Treat the spoilage as normal specific. 22. The 6 bad units are sold for $50 each. Treat the spoilage as normal generic.
During March, the following transactions/events were reported by Jerico Company that uses job- order costing for its product costing purpose: Depreciation on production machines and equipment, $10,500 Insurance on the plant assets, $2,700 Property taxes on the factory building accrued during the month, $4,000 Advertising paid with cash, $8,200 Which of the following accounts should NOT appaer in your journal entries to record the above transactions? O Depreciation Expense O Prepaid Insurance O Taxes Payable O Advertising (or Selling) Expense
For the year ended December 31 2017, Waltz Company incurred the following costs on job number 007 for manufacturing 500 units: Original cost accumulation:Direct materials P800,000Direct labor 500,000Manufacturing 125,000 Direct costs of reworking 200 units Direct materials P320,000Direct labor 200.000What is the cost per unit of Job number 007 if the rework costs were attributed to internal failure?
ABC Company’s Job 123 for the manufacture of 2,000 bags was completed during June 2022 at the following unit costs:· Direct Materials, P20· Direct Labor, P18· Overhead (including allowance of P1 for spoiled work), P18 Final inspection of Job 123 disclosed 100 spoiled bags which were sold to an online store for P1,985. Determine the total cost of completed units.
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Motor tune-up Standard Hours 2.50 Standard Rate $33.00 Standard Cost $82.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance Required: $ 80 F $ 118 U 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours hours 2. Actual hourly rate per hour
Prblm
Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 33.00 $ 82.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 80 F Labor spending variance $ 118 U Required: Determine the number of actual labor-hours spent on tune-ups during the week. Determine the actual hourly pay rate for tune-ups last week
Widmer Watercraft's predetermined overhead rate for year 2013 is 200% of direct labor. Information on the company's production activities during May 2013 follows. a. Purchased raw materials on credit, $ 220,000, b. Paid $128,500 cash for factory wages, c. Paid $15, 250 cash to a computer consultant to reprogram factory equipment. d. Materials requisitions record use of the following materials for the month. Job 136 $ 49,000 Job 137 32,500 Job 138 19,400 Job 139 23,200 Job 140 6,400 Total direct materials 130,500 Indirect materials 21,000 Total materials used $151,500 e. Time tickets record use of the following labor for the month, Job 136 $ 12,100 Job 137 10,500 Job 138 37,700 Job 139 39,600 Job 140 3,400 Total direct labor 103,300 Indirect labor 25, 500 Total $ 128,800 f. Applied overhead to Jobs 136, 138, and 139. g Transferred Jobs 136, 138, and 139 to Finished Goods. h. Sold Jobs 136 and 138 on credit at a total price of 5540,000. i. The company incurred the following overhead…
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over-applied overhead is considered immaterial. What is the adjusted balance of work in process inventory after disposing of the under-or over-applied overhead?
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
Please I want to learn how to make this problem with a good explanation. One of those there is the possible answer. Thank you