How much is total cost of goods manufactured?A company uses job order costing. At the beginning of February, two jobs were in process:Job 769Job 772MaterialsP4,000P1,4002,0003,000There 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 job779, 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 theDirect Labor600Applied Factory Overhead900month, has a total cost of P4,000.

In cost accounting, manufacturing cost can be defined as the cost which is incurred during the…

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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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[The following information applies to the questions displayed below.] Capri Boat Corporation uses a job order cost system and applies overhead based on a percentage of direct labor cost. Cost flows through the Work in Process Inventory account during March are given below: Work in Process Beginning Balance 0 Transferred Out 224,500 Direct Materials 56,000 Direct Labor 99,000 Overhead 148,500 Ending Balance 79,000 Only Job #007 was still in process at the end of March and this job had been charged with $26,000 in direct materials cost. The amount of overhead costs applied to Job #007 during March was:
The Lee Corporation uses a job-order costing system. The following data were recorded for June: Direct Added During June Direct Materials $2,000 $ 2,200 $ 2.600 $2,900 June 1 Work in Job Number Process Inventory 235 236 237 238 Multiple Choice O O $12,350 Overhead is charged to production et 80% of direct materials cost. Jobs 235, 237, end 238 were completed during June and transferred to finished goods. Jobs 235 and 238 have been delivered to customers. Actual manufacturing overhead was equal to manufacturing overheed applied. There were no Finished Goods inventories at the beginning of June. Lee's Finished Goods inventory balance on June 30 was: $8,150 $8,910 $ 9,500 $ 8,500 $17,230 $ 8,000 $ 2,200 Labor $ 3,200 $3,800 $ 4,550 $ 5,050
A company uses a job-order costing system and its total manufacturing overhead applied always equals its total manufacturing overhead. In April the company completed a 20,700 units their standard products. No other jobs were in process, completed, or sold during the month. The job cost sheet shows that the total cost was $1,262,700. During the month, 15,700 completed units were sold. What was the cost of goods sold for the month of April.
Kenworth Company uses a job-order costing system. Only three jobs-Job 105, Job 106, and Job 107-were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company's operating year. Data from the job cost sheets of the three jobs follow: November costs incurred: Direct materials Direct labour Manufacturing overhead December costs incurred: Direct materials. Direct labour Manufacturing overhead. Raw Materials Work in Process Finished Goods Beg. Bal. ….………………….. End. Bal. The following additional information is available: a. Manufacturing overhead is applied to jobs on the basis of direct labour cost. b. Balances in the inventory accounts at November 30 were as follows: Beg. Bal. End. Bal. Beg. Bal. Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in…
how much is total cost of goods manufactured? A 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 7000 600 Appled 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 Matera's requisitions for February totaled P26.000, direct mobor 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 779, with a materials cost of P2,800 and direct labor cost of P1 800 Job 776, the onlY finished rob on hand at tee end of the month, has a total cost of P4,000, how much is total cost of goods manufactured?
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Job 765 Job 766 Direct Materials $11,200 14,364 Job 765 $ Job 766 $ Direct Labor $3,360 4,536 Machine Hours 40 84 Job 765 produced 240 units, and Job 766 consisted of 420 units. Assuming that factory overhead is applied using machine hours at a rate of $105 per hour. a. Determine the balance on each job cost sheet. Job 765 $ Job 766 $ b. Determine the cost per unit for each job at the end of April. Round your answers to the nearest cent.
Leija Manufacturing Company uses a job-order costing system and started the month of March with one job in process (Job #359). This job had $500 of cost assigned to it at this time. During March, Leija assigned production costs as follows to the jobs worked on during the month: Total cost assigned to jobs during March: Job 359 6,000 Job 360 8,100 Job 361 2,400 During March, Leija completed and sold Job #359. Job #360 was also completed but was not sold by month end. Job #361 was not completed by the end of March. A. What is Leija's work in process inventory balance at the end of March?B. What is Leija's cost of goods manufactured for March?
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods…
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 14,193 4,482 83 Job 765 produced 162 units, and Job 766 consisted of 249 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $145 per hour. a. Determine the balance on the job cost sheets for each job. Job 765 $fill in the blank 1 Job 766 $fill in the blank 2 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent. Job 765 $fill in the blank 3 Job 766 $fill in the blank 4
Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $30,100. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,110 $2,720 302 3,710 3,810 303 2,400 1,970 304 8,500 6,870 305 5,210 5,410 306 3,850 3,290 For general factory use 1,080 4,120 c. Factory overhead costs incurred on account, $5,440. d. Depreciation of factory machinery and equipment, $1,980. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 35 303 32 304 73 305 38 306 24 Total 227 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $7,990; Job 302, $10,960; Job 303, $14,290. Journalize the entries to record the summarized…
4
Sandra Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Sandra Corporation Balance Sheet January 1 Assets: Cash $ 17,950 Raw materials $ 7,950 Work in process 11,950 Finished goods 16,950 36,850 Property, plant, and equipment (net) 218,950 Total assets $273,750 Liabilities and Stockholders' Equity: Retained earnings $273,750 Total liabilities and stockholders' equity $273,750 Summaries of the transactions completed during January appear below: (1) Raw materials purchased for cash $ 81,950 (2) Raw materials used in production (direct materials) $ 64,950 (3) Raw materials used in production (indirect materials) $ 10,475 (4) Direct labor paid in cash $ 77,950 (5) Indirect labor paid in cash $ 21,950 (6) Selling and administrative salaries paid in cash $ 39,950 (7) Factory utility costs paid in…

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