Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 $ 35,400 26,400 16,400 $ 41,400 24,400 15,400 151,000 91,400 ? Finished (sold) 236,000 166,000 ? Finished (unsold) $ 116,000 121,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $86,400. b. Raw materials purchases in April are $516,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $27,000; factory rent, $36,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $651,000 cash in April.

Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 $ 35,400 26,400 16,400 $ 41,400 24,400 15,400 151,000 91,400 ? Finished (sold) 236,000 166,000 ? Finished (unsold) $ 116,000 121,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $86,400. b. Raw materials purchases in April are $516,000, and total factory payroll cost in April is $379,000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $27,000; factory rent, $36,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $651,000 cash in April.

Name: Balances on March 31Direct materials used (in March)Direct labor used
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Additional InformationReq 5AJob 306Req 5B$ 35,40026,400

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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Question 20
Job No. 92 Date Beg. bal. Jan. 1 8 12 25 27 Direct Materials 6,700 7,200 2,900 16,800 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($54,016 +2,000) Overhead rate Direct Labor 7,200 9,200 4,100 20,500 $16,800 20,500 16,716 $54,016 $27.01 For 2,000 Units Manufacturing Overhead Balance in Work in Process Inventory on January 1 $ On the basis of this data, answer the following questions. (a) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? Last year 5,544 7,728 3,444 16,716 (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O decimal places, e.g. 55%.) % Current year
Work in Process Job 33 Job 34 Source documents revealed the following during March: Materials. Requisitions Forms Job 33 Job 34 Job 35 Indirect View transaction list Balance on 3/1 $ 4,900 3,600 $ 8,500 $ 2,800 2,900 4,200 1,100 $ 11,000 The company applies overhead to products at a rate of 60 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account field. 1 Journal entry worksheet 2 3 Transaction a Note: Enter debits before credits. Labor Time Tickets $ 4,400 4,000 2,500 1,600 $ 12,500 Record the issuance of raw materials to production. Record entry Status of Job at Month-End Completed and sold Completed, but not sold In process Work in Process Inventory General Journal Clear entry Debit 9,900 Credit View general journal
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Question 39
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Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 32,200 Direct labor used (in March) Overhead applied (March) 23,200 13,200 $ 38,200 21,200 12,200 Costs during April Direct labor used Overhead applied Direct materials used 143,000 Status on April 30 88,200 ? Finished (sold) 228,000 $ 108,000 158,000 ? 113,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory…
Job Costs, Ending Work in Process During March, Estes Company worked on three jobs. Data relating to these three jobs follow: Job 86 Job 87 Job 88 Units in each order 120 150 220 Units sold — 150 — Materials requisitioned $792 $690 $2,596 Direct labor hours 132 165 396 Direct labor cost $1,584 $2,475 $3,485 Overhead is assigned on the basis of direct labor hours at a rate of $8.30 per direct labor hour. During March, Jobs 86 and 87 were completed and transferred to Finished Goods Inventory. Job 87 was sold by the end of the month. Job 88 was the only unfinished job at the end of the month. Required: Question Content Area 1. Calculate the per-unit cost of Jobs 86 and 87. Round your answers to the nearest cent. Job 86 $fill in the blank 0ab414084002ffe_1 per unit Job 87 $fill in the blank 0ab414084002ffe_2 per unit 2. Compute the ending balance in the…
A job cost sheet for Ivanhoe Company is shown below. Job No. 92 Date Beginning Balance January 1 Direct labour 8 Total cost 32°C 12 Cost of completed job: Direct materials 25 27 Manufacturing overhead Direct Materials Unit cost ($43,200 + 2,000) $3,980 6,030 2,410 12,420 Direct Labour $5,900 8,890 4,010 18,800 For 2,000 Units Manufacturing Overhead $2,950 6,223 2,807 11,980 $12,420 18,800 11,980 $43,200 $21.60
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