Job CostsAt the end of April, Almerinda Company had completedJobs 50 and 51. Job 50 is for 23,040 units, and Job 51 isfor 26,000 units.The following data relate to these two jobs:On April 6, Almerinda Company purchased on account60,000 units of raw materials at $12 per unit. On April 21,raw materials were requisitioned for production as follows:25,000 units for Job 50 at $10 per unit and 27,000 units forJob 51 at $12 per unit.During April, Almerinda Company accumulated 20,000hours of direct labor costs on Job 50 and 24,000 hours onJob 51. The total direct labor was incurred at a rate of$20.00 per direct labor hour for Job 50 and $22.00 perdirect labor hour for Job 51.Almerinda Company estimates that total factory overheadcosts will be $1,750,000 for the year. Direct labor hours areestimated to be 500,000.a. Determine the balance on the job cost sheets for Jobs50 and 51 at the end of April.Job 50Job 51b. Determine the cost per unit for Jobs 50 and 51 at theend of April. If required, round your answers to two decimalplaces.Job 50Job 51$Feedback.$ 31.25Check My Work36 ✓a. The job cost sheet summarizes the direct materials, directlabor and factory overhead assigned to the job.b. The total cost for each job should be assigned to the unitscompleted for each job.Learning Objective 2.

Name: Job CostsAt the end of April, Almerinda Company had completedJobs 50
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Description: Job CostsAt the end of April, Almerinda Company had completedJobs 50 and 51. Job 50 is for 23,040 units, and Job 51 isfor 26,000 units.The following data relate to these two jobs:On April 6, Almerinda Company purchased on account60,000 units of raw

Cost Sheet -An accounting sheet is a statement that shows, in tabular form, the varied expenses…

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Job Costs At the end of April, Almerinda Company had completed Jobs 50 and 51. Job 50 is for 23,040 units, and Job 51 is for 26,000 units. The following data relate to these two jobs: On April 6, Almerinda Company purchased on account

Job Costs At the end of April, Almerinda Company had completed Jobs 50 and 51. Job 50 is for 23,040 units, and Job 51 is for 26,000 units. The following data relate to these two jobs: On April 6, Almerinda Company purchased on account

FINANCIAL ACCOUNTING

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Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Cavy Company estimates that the factory overhead for the following year will be $2,829,000. The company has determined that the basis for applying factory overhead will be machine hours, which is estimated to be 34,500 hours. There are 4,690 machine hours for all of the jobs in the month of April. What amount will be applied to all of the jobs for the month of April?
At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 200 units, and Job 56 is for 2,000 units. The following data relate to these two jobs: On August 4, raw materials were requisitioned for production as follows: 200 units for Job 50 at $12 per unit and 1,200 units for Job 56 at $10 per unit. During August, Carrothers Company accumulated 600 hours of direct labor costs on Job 50 and 1,100 hours on Job 56. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 50 and $10 per direct labor hour for Job 56. The predetermined factory overhead rate is $15.00 per direct labor hour. a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. Job 50 $fill in the blank 1 Job 56 $fill in the blank 2 b. Determine the cost per unit for Jobs 50 and 52 at the end of August. If required, round your answers to the nearest cent. Job 50 $fill in the blank 3 Job 56 $fill in the blank 4
Bernard Incorporated uses a job-order costing system and a predetermined overhead rate based on direct labor hours.At the beginning of the year, the company estimated manufacturing overhead for the year would be $1,184,000 and direct labor hours would be 80,000 hours.The following information pertains to September of the current year: Job X10 Job X11 Job X12 Work in Process, Sept. 1 $14,000 $18,000 $24,000 March production activity: Materials used $12,800 $8,200 $9,700 Direct labour used $3,400 $4,600 $6,500 Machine hours 390 620 790 Labour hours 1,050 1,170 1,180 Required (round answers to 2 decimal points) Calculate the predetermined overhead rate (POHR). Complete a brief job-order cost sheets for the 3 jobs for the month of September. (Hint: this requires applying overhead using the rate calculated in part 1 above).
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Your Company applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. Any underapplied or overapplied manufacturing overhead cost is closed out to Cost of Goods Sold at the end of the month. During March, the following transactions were recorded by the company: Direct labor costs $20,000 Actual manufacturing costs: $17,000 By how much was overhead under or over applies?
At the beginning of the year, a company estimates total overhead costs of $750,000. The company applies overhead using machine hours and estimates it will use 1,500 machine hours during the year. What amount of overhead should be applied to Job 65A if that job uses 23 machine hours that year? Overhead applied to Job 65A
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Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end: Direct Materials Direct Labor Allocated Mfg. Overhead Job completed Job sold Jul 10 Revenues $25,000 What was the balance in Work-in-Process OA. $2,400 OB. $1,100 OC. $2,800 OD. $2,100 Job 1 $1,000 12,000 1,500 Click to select your answer Jun 30 Job 2 $7,500 20,000 6,000 Job 3 $4,000 13,000 2,500 Sep 1 Sep 12 $39,000 Inventory at year-end? Oct 15 Not sold N/A Job 4 $3,500 12,000 7,500 Job 5 $1,700 Not sold N/A 700 400 Not Nov 1 completed N/A N/A
K company production was working on Job 1 and Job 2 during the month. Of the $785 in direct materials, $375 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $22 per hour, and employees worked 17 hours on Job 1 and 28 hours on Job 2. Overhead is applied at the rate of $18 per direct labor hours. Prepare job order cost sheets for each job. Job 1 Hours Total Cost Direct materials $fill in the blank 1 Direct labor fill in the blank 2 fill in the blank 3 Manufacturing overhead fill in the blank 4 fill in the blank 5 Total cost $fill in the blank 6 Job 2 Hours Total Cost Direct materials $fill in the blank 7 Direct labor fill in the blank 8 fill in the blank 9 Manufacturing overhead fill in the blank 10 fill in the blank 11 Total cost $fill in the blank 12
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