Harrison Ford Company uses a job-order cost system and had the following data available for 1998. Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning work in process inventory Beginning finished goods inventory Overhead application rate (as a percent of direct labor The ending inventory of work in process is: $ 74,000 $ 41,000 $ 65,000 $ 73,000 $ 1,46,000 $ 1,28,000 $13,000 $ 32,000 $ 29,000 125% a. $219,250 b. $73,250 c. $65,000 d. $211,000

Harrison Ford Company uses a job-order cost system and had the following data available for 1998. Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning work in process inventory Beginning finished goods inventory Overhead application rate (as a percent of direct labor The ending inventory of work in process is: $ 74,000 $ 41,000 $ 65,000 $ 73,000 $ 1,46,000 $ 1,28,000 $13,000 $ 32,000 $ 29,000 125% a. $219,250 b. $73,250 c. $65,000 d. $211,000

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 11E: Leen Production Co. uses the job order cost system of accounting. The following information was...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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