Job Number 10 11 12 13 14 (a) April May $4,860 $4,220 3,840 3,680 1,100 Your answer is incorrect. April 30 May 31 June 30 4,390 5,560 $ June Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion. $ $1,880 $ Work in Process Inventory Month Completed What is the balance in Work in Process Inventory at the end of each month? May June April 4,230 3,370 Not complete June

Job Number 10 11 12 13 14 (a) April May $4,860 $4,220 3,840 3,680 1,100 Your answer is incorrect. April 30 May 31 June 30 4,390 5,560 $ June Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion. $ $1,880 $ Work in Process Inventory Month Completed What is the balance in Work in Process Inventory at the end of each month? May June April 4,230 3,370 Not complete June

Name: JobNumber1011121314(a)AprilMay$4,860 $4,2203,680April 303,840May 311,
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Description: JobNumber1011121314(a)AprilMay$4,860 $4,2203,680April 303,840May 311,100Your answer is incorrect.June 304,3905,560Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% aboveits c

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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Unit v question 14
Current Attempt in Progress Job 400 Job 401 Job 402 Direct Materials $200 $21/hour O $10/hour O $16/hour O $18/hour 250 500 Direct Labour Cost $800 200 600 Direct Labour Hours 40 10 32 Sparkle Company uses job costing and applies overhead using an actual costing system using direct labour hours as the allocation base. This period's estimated overhead cost is $400,000, estimated direct labour cost is $500,000 and estimated direct labour hours are 25,000. This period's actual overhead cost was $420,000, actual direct labour cost was $390,000, and actual direct labour hours were 20,000. What is the overhead allocation rate?
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Exercise 15-17 (Algo) Overhead rate; costs assigned to jobs LO P3 Shire Company's predetermined overhead rate is based on direct labor cost. Management estimates the company will incur $826,000 of overhead costs and $590,000 of direct labor cost for the period. During March, Shire began and completed Job 56. 1. What is the predetermined overhead rate for this period? 2. Use the Information on the following job cost sheet to determine the total cost of Job 56. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Use the information on the following job cost sheet to determine the total cost of Job 56. Note: Round your answers to the nearest dollar amount. Customer's Name: Keiser Company Job Description: 3 customized systems Direct Materials Date March 08 March 11 March 18 Requisition Number M-129 M-142 M-107 Cost JOB COST SHEET Direct Labor Time-Ticket Number S 4.000 T-300 6,600 T-432 3.300 T-456 Total Cost
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At June 30 Job 5 Job 6 Job 7 Direct materials $ 17,400 $ 34,200 $ 28,200 Direct labor 10,400 16,600 23,400 Overhead applied 5,200 8,300 11,700 Additional Information Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,200; direct labor, $3,000; and applied overhead, $2,100. Job 5 was finished in June. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 2. What is the total cost of direct labor used in June?
Problem 16-3B Weighted average: Production cost report P2 P4 Switch Co. manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting process for January follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Check (2) Cost transferred out, $741,400 Units 10,000 250,000 220,000 40,000 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct Materials Percent Complete 75% 50% Percent Complete $ 7,500 49,840 $ 57,340 Conversion 112,500 616,000 728,500 $785,840 60% 30% Required 1. Prepare the Cutting department's production cost report for January using the weighted average method. 2. Prepare the January 31 journal entry to transfer the cost of units from Cutting to Assembly.
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QUESTION 46 A company has $10,000 under-applied overhead at the end of a given period. The following information is given: Account Ending balance Overhead applied in the accountWork-in-process $95,000 $30,000 Finished goods $85,000 $10,000 Cost of goods sold $120,000 $60,000 Manufacturing overhead control $110,000 Applied manufacturing overhead $100,000 The company uses the proration method to allocate the under-applied overhead to the above accounts. The accounting treatment to dispose of the under-applied overhead does which of the following? A. Decrease (credit) Cost of goods sold by $10,000 B. Increase (dedit) Cost of goods sold by $4,000 C. Increase (debit)…