account with the job cost sheets. (Use a T-account.)ce a job cost sheetepare entries foracturing costs.E2-3 A job order cost sheet for Lowry Company is shown below.3, 4, 5), APJob No. 92For 2,000 UnitsDirectMaterialsDirectLaborManufacturingOverheadDateBeg. bal. Jan. 15,1005,0006,0006,0008128,0006,400252,000274,0003,20013,00018,00014,700Cost of completed job:Direct materialsDirect laborManufacturing overhead$13,00018,00014,700Total cost$45,700Unit cost ($45,700 2,000)$22.85Instructions(a) D On the basis of the foregoing data, answer the following questions.(1) What was the balance in Work in Process Inventory on January 1 if this was theonly unfinished job?(2) If manufacturing overhead is applied on the basis of direct labor cost, what over-head rate was used in each year?(b) Prepare summary entries at January 31 to record the current year's transactions per-taining to Job No. 92.focturing cost data for Orlando Company, which uses a job order cost system,

1. Work in process inventory on January 1 2. Overhead rate on the basis of direct labor cost 3.…

Instructions On the basis of the foregoing data, answer the following questions. (a) DE (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92.

Instructions On the basis of the foregoing data, answer the following questions. (a) DE (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92.

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

Please answer these
Please donot provide solution in image format and provide step by step solution and asap
A company provided the following data for its first year of operations ended on June 30. Figures are all in thousands. The company closes any under- or over-applied manufacturing overhead costs to cost of goods sold at the end of their fiscal year-end. Selling and administrative expenses Manufacturing overhead applied to Work-in-process Actual manufacturing overhead cost Cost of goods available for sale during the year Finished goods, ending balance Net operating income (after adjusting COGS) 266 337 358 730 56 21 What was the total sales for the year? (All answers are whole numbers - unless specified otherwise. You should NOT include the $ sign or a comma. Eg., you should type 1000 for one thousand. Negative numbers should be added with a minus sign, e.g., -1000 for a decrease or loss of one thousand.) Sales = $
The following account appears in the ledger prior to recognizing the jobs completed in August: Work in Process Balance, August 1 $ 59,050 Direct materials 335,000 Direct labor 494,700 Factory overhead 226,200 Jobs finished during August are summarized as follows: Job 210 $178,300 Job 216 232,250 Job 224 149,500 Job 230 328,250 Required: a. Journalize the entry on Aug. 31 to record the jobs completed. Refer to the Chart of Accounts for exact wording of account titles. b. Determine the cost of the unfinished jobs at August 31.
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in Process Balance, January 1 $12,780 Direct materials 103,900 Direct labor 112,080 Factory overhead 58,920 Jobs finished during January are summarized as follows: Job 210 $51,780 Job 216 31,640 Job 224 60,410 Job 230 106,440 a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. b. Determine the cost of the unfinished jobs at January 31.
Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year. 1-c. Determine the over- or underapplied overhead at the year-end. 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year.
Hello Please provide the journal enty for H.
4.
Lastly: Determine the costs of the unfinished jobs at January 31.
Subject :- Accounting
17.) In a job order system, the ending Work in Process account balance should equal the sum of: A.) the Pokémon from all nine regions B.) all manufacturing costs for the period dloun C.) the open job cost sheets D.) the over or under-applied balance in Manufacturing Overhead for the period
A company's Factory Overhead account shows total debits of $675,000 and total credits of $698,700 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost