Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 2,100 For general work in the factory .. 2,250 d. Miscellaneous factory overhead costs on account $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to the customer and billed at $39,000. Required: 1. Prepare a schedule reflecting the cost of each of the four jobs. 2. Prepare journal entries to record the transactions. 3. Compute the ending balance in Work in Process.

Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 2,100 For general work in the factory .. 2,250 d. Miscellaneous factory overhead costs on account $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to the customer and billed at $39,000. Required: 1. Prepare a schedule reflecting the cost of each of the four jobs. 2. Prepare journal entries to record the transactions. 3. Compute the ending balance in Work in Process.

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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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The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. Work in Process Inventory Debit Credit Beginning WIP 4,500 Direct materials 47,100 Direct labor 29,600 Applied overhead 15,800 To finished goods ? Ending WIP 8,900 The cost of jobs transferred to finished goods is:
The company uses a perpetual inventory system and has a highly labour-intensive production process, so it assigns manufacturing overhead based on direct labour cost. The predetermined overhead rate was computed from the following data: Total estimated factory overhead $2,400,000 Total estimated direct labour cost $2,000,000 The WIP account given below relates to the activities for the month of June: WIP Inventory A/C June 1 Balance b/f $15,000 Direct Materials Used 123,000 Additional data: ▪ Total material requisitioned ………………………………… $153,000 ▪ Manufacturing Labour Costs incurred …………………. $163,500 (75% represents direct labour) ▪ Other manufacturing overheads incurred …………... $94,275 ▪ Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a margin of 33 1/3% on sales.
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The Work-in-process inventory consists of the following Job Orders: Job Order No. Direct Materials Direct Labor 18-133 P3,000 P4,000 P3,500 P4,500 18-134 P5,000 P5,000 18-136 During the month, Job Oder Nos. 18-137 and 18- 138 were started. Costs incurred for the period are as follows: Job Order No. Direct Materials Direct Labor P 2,500 P 3,000 P 5,500 P 9,000 18-133 P3,000 P3,000 P4,500 P8,500 18-134 18-136 18-137 18-138 P9,500 P10,500 At the end of the period, only Job Order No. 18- 137 is on hand and Job Order No. 18-138 is incomplete. Normal costing is used. Factory overhead is applied so that it is always 20% of total manufacturing costs. What is the Finished Goods Inventory ending balance?
Mc Graw Prepare the schedule of cost of goods manufactured for Barton Company using the following information for the year ended December 31. Direct materials used Direct labor Factory overhead Work in process inventory, beginning Work in process inventory, ending $ 190,000 64,500 24,400 158, 200 148,000 Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31 Add: Work in process inventory, beginning Add: Work in process inventory, ending Less: Work in process inventory, beginning Less: Work in process inventory, ending TOL DUST UT WUK BT DIGUDDO 8:01 PM 9/20/2022
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Sterling's records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used Overhead applied Cost of goods manufactured $1,500 50 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any…
Partially completed T-accounts and additional information for Dumfries Designs for the month of August follow: Materials Inventory Debit Credit BB (8/1) 165,200 682,200 610,200 Work-in-Process Inventory Debit Credit BB (8/1) 307,200 Labor 597,400 Finished Goods Inventory Debit Credit BB (8/1) 589,200 960,800 777,700 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 482,920 Applied Manufacturing Overhead Debit Credit 473,800 Additional information for August follows: The labor wage rate was $29 per hour. During the month, sales revenue was $1,732,000, and selling and administrative costs were $324,800. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Required: What was the cost of direct materials issued to production…
How much is total cost of goods manufactured?
were ROBLEMS selected from their chart of accounts: Code Account Name Cash Accounts receivable C Raw materials inventory Work in process inventory Finished goods inventory Accounts payable Direct labor Factory overhead Cost of goods sold Sales K Operating expense Credit for each transaction: Debit 1 Raw materials were purchased on account 2 Direct materials were requisitioned for Job 1225 3 Issued a check to vendor for repair services on factory equipment 4 Factory labor for the month was paid as incurred. 5 Direct and indirect labor used were recognized 6 Raw materials previously purchased on account were paid 7 The productilon department requisitioned indirect materials for use in the factory. 8 Overhead was applied to production based on a predetermined overhead rate of P60 per labor hour 9 Completed goods were transferred to warehouse 10 Goods costing P100,000 were sold for P135,000 on account.
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