Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $30,100. b. Materials requisitioned and factory labor used: JobMaterialsFactory Labor301$3,110$2,7203023,7103,8103032,4001,9703048,5006,8703055,2105,4103063,8503,290For general factory use1,0804,120 c. Factory overhead costs incurred on account, $5,440. d. Depreciation of factory machinery and equipment, $1,980. e. The factory overhead rate is $53 per machine hour. Machine hours used: JobMachine Hours301253023530332304733053830624Total227 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $7,990; Job 302, $10,960; Job 303, $14,290. Prepare a schedule of unfinished jobs to support the balance in the work in process account.* Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.**Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

Raw material means the material purchased and still not enter in to the production lines. Work in…

Answered: Kaymer Industries Inc. uses a job order…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:

	a. Materials purchased on account, $30,100.
	b. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
301	$3,110	$2,720
302	3,710	3,810
303	2,400	1,970
304	8,500	6,870
305	5,210	5,410
306	3,850	3,290
For general factory use	1,080	4,120

	c. Factory overhead costs incurred on account, $5,440.
	d. Depreciation of factory machinery and equipment, $1,980.
	e. The factory overhead rate is $53 per machine hour. Machine hours used:

Job	Machine Hours
301	25
302	35
303	32
304	73
305	38
306	24
Total	227

	f. Jobs completed: 301, 302, 303, and 305.
	g. Jobs were shipped and customers were billed as follows: Job 301, $7,990; Job 302, $10,960; Job 303, $14,290.

Prepare a schedule of unfinished jobs to support the balance in the work in process account.*

Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*
*Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

Expert Solution