Job cost sheets for Howard Manufacturing are as follows:Job No 210Quantity1,500ManufacturingOverheadDateDirect MaterialsDirect LaborJuly19,0008,00012,00088,5001010,000155,5002520,000Job No 211Quantity1,200ManufacturingDateDirect MaterialsDirect LaborOverheadJuly15,0006,0009,000109,000158,000207,0002712,000What was the balance in Work in Process Inventory on July 1 if these were the only unfinished jobs?Balance in Work in Process Inventory$What was the predetermined overhead rate in June if overhead was applied on the basis of direct labor cost?Predetermined overhead rate% If July is the start of a new fiscal year and the overhead rate is 20% higher than in the preceding year, how much overheadshould be applied to Job 210 in July?Overhead applied in July$Assuming Job 210 is complete, what is the total and unit cost of the job? (Round unit cost answer to 2 decimal places, e.g. 52.75.)Total cost$Unit cost$Assuming Job 211 is the only unfinished job at July 31, what is the balance in Work in Process Inventory on this date?Balance in Work in Process Inventory$Journalize the summary entries to record the assignment of costs to the jobs in July. (Note: Make one entry in total for eachmanufacturing cost element.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit

The cost of supplies, labor, and overhead for a particular job is accumulated through job costing.…

Answered: Job cost sheets for Howard…

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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What are the total manufacturing costs for job order #23 if the company uses normal job-ordercosting?
The Silver Corporation uses a predetermined overhead rate to apply manufacturing overhead to jobs. The predetermined overhead rate is based on labor cost in Dept. A and on machine-hours in Dept. B. At the beginning of the yea the Corporation made the following estimates: Direct labor cost Manufacturing overhead Direct labor-hours Machine-hours Dept. A Dept. B $60,000 $40,000 $90,000 $45,000 6,000 9,000 2,000 15,000 What predetermined overhead rates would be used in Dept. A and Dept. B, respectively?
Spock Ltd uses a job costing system. On 1 October 20X1, work in process account had a balance of $8 600, made up as follows: Job No. Direct materials 501 $2 480 502 $2 920 Direct Labour Overhead costs $960 $1.060 $600 $580 Job No. 501 During October direct materials and direct labour costs, and direct labour hours were: Direct materials $400 $800 $6 000 Direct Labour $2 240 $3 600 $1 920 Total $4.500 $4 100 Required: (a) Determine the company's predetermined overhead rate. (b) Prepare the job cost sheet for the company. Overhead is allocated to jobs on a direct labour hour basis. The company is expected to operate at a volume of 40 000 direct labour hours and overhead costs is expected to be $120 000 annually. During the month Job 501, 502 were completed and transferred to finished goods. 代码语言 Direct labour hours 800 900 600
Sturdy Manufacturing Co. assembled the following cost data for job order #23:
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Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. g. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. i. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it…
Mackey Company's plantwide predetermined overhead rate is $25.00 per DLH and its direct labor wage is $21.00 per hour. For Job N, Direct materials is $1,000 and Direct labor is $420. a. What is the total manufacturing cost assigned to Job N? b. If Job N consists of 60 units, what is the unit product cost for this job?

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