Job cost sheets show the following information:Job JanuaryFebruary$2,500$1,3004,839AA2AA4AA5AA3January $February3,2403,410$7,950MarchMarchCompletedFebruaryJanuaryFebruary$2,320 April$2,320FinishedGoodsSoldTotal $7,339What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?Work inProcessLANot soldFebruaryMarchNot soldCOGS

Name: Job cost sheets show the following information:Job JanuaryFebruary$2,
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Job cost sheets show the following information:Job JanuaryFebruary$2,500$1,3004,839AA2AA4AA5AA3January $February3,2403,410$7,950MarchMarchCompletedFebruaryJanuaryFebruary$2,320 April$2,320FinishedGoodsSoldTotal $7,339What are the balances in the wor

Cost Sheet: A cost sheet is a statement that records the total costs of products by classifying the…

Business

Accounting

Job cost sheets show the following information: January February March $2,500 $1,300 4,839 Job AA2 AA4 AA5 AA3 January February 3,240 3,410 $7,950 March Completed February January February $2,320 April $2,320 Finished Goods Sold Not sold Total $7,339 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process February March Not sold COGS

Job cost sheets show the following information: January February March $2,500 $1,300 4,839 Job AA2 AA4 AA5 AA3 January February 3,240 3,410 $7,950 March Completed February January February $2,320 April $2,320 Finished Goods Sold Not sold Total $7,339 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work in Process February March Not sold COGS

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

Job-Order Costing Variables On July 1, Job 46 had a beginning balance of $690. During July, prime costs added to the job totaled $670. Of that amount, direct materials were three times as much as direct labor. The ending balance of the job was $1,500. Required: 1. What was overhead applied to the job during July? 2. What was direct materials for Job 46 for July? Direct labor? If rounding is required, round your answers to the nearest cent. Direct labor Direct materials $ 3. Assuming that overhead is applied on the basis of direct labor cost, what is the overhead rate for the company? Round your answer to the nearest whole percent. %
Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave…
Solt Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Debit Balance 1/1 Debits Balance 12/31 Multiple Choice $453,000 $415,000 $403,000 Finished Goods The Cost of Goods Manufactured for the year was $415,000. The unadjusted Cost of Goods Sold for the year was: $503,000 38,000 Credits ? 50,000 Credit ?
1. What is the total cost of direct materials requistioned in June? 2. What is the total cost of direct labor used in June? ( please check plagiarism)
Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount
Please Introduction and show working please proper solution please without plagiarism
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Job 301 Work in Process Job 302 17 13 13 Factory Overhead Wages Payable Landon Vincent Fahad Hamad Ivory Argo The direct labor rate earned per hour by the three employees is as follows: $24 19 22 10 18 Hours 17 Job 303 7 16 Process Improvement 9 5 2 Landon Vincent Fahad Hamad Ivory Argo The process improvement category includes training, quality improvement, and other indirect tasks. 5 a. Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank.
Online A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?
Job cost sheets show the following information: Job January February March Completed Sold AA2 $2500 $1200 February not sold AA4 $4838 January february AA5 $3250 February march AA3 $3409 $2319 april not sold Total $7338 $7859 $2319 Required: a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)? b) Which job(s) were completed at the end of February, and what is the cost of this completed job(s)? c) What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for March? d) How does job costing in a service organization differ from job costing in a manufacturing organization?
How much is total cost of goods manufactured?
Dont uplode images
Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in March: Work in Process Line Item Description Amount Balance, March 1 $9,950 Direct materials 80,890 Direct labor 87,260 Factory overhead 45,870 Jobs finished during March are summarized as follows: Line Item Description Amount Job 459 $40,310 Job 510 24,640 Job 512 47,030 Job 523 82,870 Question Content Area a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Question Content Area b. Determine the cost of the unfinished jobs at March 31. fill in the blank 1 of 1$