Job order cost sheets show the following costs assigned to each job: Job order cost data Job 13 Job 14 Job 15 Direct materials 1,918 3,588 1,137 Direct labor 4,388 1,978 3,794 The company assigns overhead at $2.22 for each direct labor dollar spent. pite What is the total cost for Job 14?

Job order cost sheets show the following costs assigned to each job: Job order cost data Job 13 Job 14 Job 15 Direct materials 1,918 3,588 1,137 Direct labor 4,388 1,978 3,794 The company assigns overhead at $2.22 for each direct labor dollar spent. pite What is the total cost for Job 14?

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Description: Job order cost sheets show the following costs assigned to each job:Job order cost dataJob 13Job 14Job 15Direct materials1,9183,5881,137Direct labor4,3881,9783,794or enentThe company assigns overhead at $2.22 for each direct labor dollar spent.What

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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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. %
A job cost sheet for Ivanhoe Company is shown below. Job No. 92 Date Beginning Balance January 1 Direct labour 8 Total cost 32°C 12 Cost of completed job: Direct materials 25 27 Manufacturing overhead Direct Materials Unit cost ($43,200 + 2,000) $3,980 6,030 2,410 12,420 Direct Labour $5,900 8,890 4,010 18,800 For 2,000 Units Manufacturing Overhead $2,950 6,223 2,807 11,980 $12,420 18,800 11,980 $43,200 $21.60
Brooklyn Company produces leather bags for individual or corporates. On December 1, there were three jobs in process with the following costs attached below Questions : If overhead is applied on the basis of electricity consumed, what is the overhead rate? If overhead is applied on the basis of direct material consumed, what is the overhead rate? Please compute the overhead allocated for each job if the basis used is electricity consumed.
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 17 14 David Clancy 12 16 14 2 Jose Cano 13 15 11 6 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $24 David Clancy 19 Jose Cano 22 The process improvement category includes training, quality improvement, housekeeping, and other indirect tasks. (Note: Ignore any overtime issues, if applicable.) 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. Work in Process Factory Overhead Wages Payable v Feedback
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.
Question 1 Far West Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct material cost. Its predetermined overhead rate was based on a cost formula that estimated $500,000 of manufacturing overhead for an estimated allocation base of $390,625 direct material dollars. The company has provided the following data in the form of an Excel worksheet: Ending $55,000 166,125 138,000 The following actual costs were incurred during the year: $450,000 $119,000 Beginning $38,000 79,000 47,000 Raw Materials Work in Process Finished Goods Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect materials 104,875 102,000 35,000 32,700 41,000 23,425 49,000 Insurance, factory Depreciation of equipment Indirect labor Property taxes Maintenance Rent, building Required: Compute the predetermined overhead rate for the year. Prepare a schedule of cost of goods manufactured for the year. Compute the amount of underapplied…
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 ?
How much is total cost of goods manufactured?
Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Hours Process Job 301 Job 302 Job 303 Improvement Tom Couro 17 11 7 4 David Clancy 8 18 13 Jose Cano 13 13 10 5 The direct labor rate earned per hour by the three employees is as follows: Tom Couro $18 David Clancy 25 Jose Cano 21 The process improvement category includes training, quality improvement, and other indirect tasks. 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. b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the week? The direct labor costs for the completed jobs would become part of the . The direct labor costs for Job 303 would be remain part of the
Predetermined Factory Overhead Rate Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts Shop direct labor Shop and repair equipment depreciation Shop supervisor salaries Shop property taxes Shop supplies Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $22 per hour. $1,054,900 770,000 39,700 110,400 20,000 15,400 21,100 90,700 11,600 $2,133,800 Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour
CLEAR MY CHOICE A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor cost. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of 40% of direct labor cost. The job cost sheet of Job2121 shows that the number of units in this job order is 70 units which incurred total of 90 labor-hours. This job consumed $40/unit of direct materials cost and $90/hour of direct labor. What would be the total manufacturing cost for Job2121 approximately? O a. None of the given answers. O b. $11,340 O c. $14,140 O d. $10,900 O e. $6,040 US PAGE NEXT PAGE Address hp 近