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Jobs Job #101 Job #102 Job #103 Feb-Beginning Balance $236,000 $185,000 $125,000 Feb - Direct Material $15,600 $13,800 $12,500 Feb - Direct Labor $23,500 $22,300 $25,800 Feb-Labor Hours 1,300 hrs 1,250 hrs 1,100 hrs At the end of February, Job #101 was completed and sold to the customer for a 30% markup. Answer the following questions using the data above: 1. Compute the predetermined Overhead rate for the year? (round to 2 decimals) 2. Compute the Beginning WIP balance for the month of February? 3. Compute the Manufacturing Overhead applied to each job in February? 4. Record the entry to assign February manufacturing costs to WIP. 5. Compute the total cost of Job #101 at completion? 6. Record the entry for completion of Job # 101. 7. Record the entry for sale of Job #101. 8 Compute the Ending WIP balance at the end of February?

Jobs Job #101 Job #102 Job #103 Feb-Beginning Balance $236,000 $185,000 $125,000 Feb - Direct Material $15,600 $13,800 $12,500 Feb - Direct Labor $23,500 $22,300 $25,800 Feb-Labor Hours 1,300 hrs 1,250 hrs 1,100 hrs At the end of February, Job #101 was completed and sold to the customer for a 30% markup. Answer the following questions using the data above: 1. Compute the predetermined Overhead rate for the year? (round to 2 decimals) 2. Compute the Beginning WIP balance for the month of February? 3. Compute the Manufacturing Overhead applied to each job in February? 4. Record the entry to assign February manufacturing costs to WIP. 5. Compute the total cost of Job #101 at completion? 6. Record the entry for completion of Job # 101. 7. Record the entry for sale of Job #101. 8 Compute the Ending WIP balance at the end of February?

FINANCIAL ACCOUNTING
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 total Estimated Overhead costs for the year were $1,632,000 and estimated labor hours were
120,000 hours. At the beginning of February, there were 3 incomplete jobs in Work-In-Process, and the following
manufacturing costs were added in the month of February. Manufacturing Overhead is applied based on
Labor Hours

answer the question 4-8

Jobs Job #101 Job #102 Job #103 Feb-Beginning Balance $236,000 $185,000 $125,000 Feb - Direct Material $15,600 $13,800 $12,500 Feb - Direct Labor $23,500 $22,300 $25,800 # Answer the following questions using the data above: Feb-Labor Hours At the end of February, Job # 101 was completed and sold to the customer for a 30% markup. 1,300 hrs 1,250 hrs 1,100 hrs 1. Compute the predetermined Overhead rate for the year? (round to 2 decimals) 2. Compute the Beginning WIP balance for the month of February? 3. Compute the Manufacturing Overhead applied to each job in February? 4. Record the entry to assign February manufacturing costs to WIP. 5. Compute the total cost of Job #101 at completion? 6. Record the entry for completion of Job #101. 7. Record the entry for sale of Job #101. 8. Compute the Ending WIP balance at the end of February? horing
Transcribed Image Text:Jobs Job #101 Job #102 Job #103 Feb-Beginning Balance $236,000 $185,000 $125,000 Feb - Direct Material $15,600 $13,800 $12,500 Feb - Direct Labor $23,500 $22,300 $25,800 # Answer the following questions using the data above: Feb-Labor Hours At the end of February, Job # 101 was completed and sold to the customer for a 30% markup. 1,300 hrs 1,250 hrs 1,100 hrs 1. Compute the predetermined Overhead rate for the year? (round to 2 decimals) 2. Compute the Beginning WIP balance for the month of February? 3. Compute the Manufacturing Overhead applied to each job in February? 4. Record the entry to assign February manufacturing costs to WIP. 5. Compute the total cost of Job #101 at completion? 6. Record the entry for completion of Job #101. 7. Record the entry for sale of Job #101. 8. Compute the Ending WIP balance at the end of February? horing
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