Kennedy Kiln makes custom ceramic tiles. During March, the company started and firThe company's records show the following direct materials were requisitioned for JoBasic terra cotta tiles2,000 units at $2.00 per unitSpecialty paintHigh gloss glaze5 quarts at $4.00 per quart2 quarts at $10.00 per quartLabor time records show the following employees worked on Job #231:Emily JergensDan Evrard20 hours at $22 per hour12 hours at $15 per hourKennedy Kiln applies manufacturing overhead at a rate of $25 per direct labor hourWhat is the gross profit per tile on Job #231?$9.27$9.67$12.00$11.60

Step 1: Calculate the Total Cost of Direct MaterialsBasic terra cotta tiles:2,000 units at $2.00 per…

Answered: Kennedy Kiln makes custom ceramic…

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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Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased on account, $50,000. b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 306 For general factory use Job Machine Hours 301 302 303 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700. e. The factory overhead rate is $40 per machine hour. Machine hours used: 304 305 306 Total 30 60 41 63 70 36 Materials Factory Labor $1,850 $2,500 3,150 2,200 1,900 4,230 1,770 1,200 300 7,220 5,350 2,300 6,225 2,900 5,000 1. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $9,000; Job 302, $16,150; Job 303, $12,800. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item g as 2 entries. 2. Post the…
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Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $26,700 Polyester filling 8,000 Lumber 59,800 Glue 2,600 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $134,600 Polyester filling 187,100 Lumber 368,800 Glue 12,800 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $51,100 $64,400 $172,200 $287,700 Job 602 39,300 70,000 150,700 260,000 Job 603 36,300 47,500 83,800 167,600 Factory overhead-indirect materials $6,600 6,600 Total $126,700 $181,900 $406,700 $6,600 $721,900 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of…
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Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past year: Budget Actual 7,600 hours 6,100 hours Direct labor hours Machine hours 7,200 hours 6,300 hours Depreciation on salespeople's autos $23,000 $23,000 Indirect materials $48,500 $50,500 Depreciation on trucks used to deliver uniforms to customers solla $13,000 $70,000 $40,000 $11,000 Depreciation on plant and equipment Indirect manufacturing labor $72,500 $42,000 Customer service hotline $19,000 $21,000 Plant utilities $35,900 $38,400 Direct labor cost $72,500 $85,500 Requirements 1odel tba 1. Compute the predetermined manufacturing overhead rate. 2. Calculate the allocated manufacturing overhead for the past year. 3. Compute the underallocated or overallocated manufacturing overhead. How will this underallocated or overallocated manufacturing overhead be disposed of? 4. How can managers usA acco
The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q, and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. Date Document Amount 7/1 Q-4698 $1,250 W-3393 600 7/1 ed 7/5 Q-4725 1,000 7/5 W-3479 450 7/10 W-3559 300 Determine the total cost on the job cost sheet for Job 9-1005. es JOB COST SHEET: Job 9-1005 Direct Materials Direct Labor Total Cost Date Requisition No. Amount Time-Ticket No. Amount 07/01 07/05 07/10 < Prev G F3 -- 2 # F4 $ F5 % OL F6 F7 A Overhead Costs Applied 7 of 7 F8 & Next F9 * * F10 -O- F11 28 D F12 2 Fn Lock 9:27 AM 6/3/2022 Insert Prt Sc
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Custom Cabinets Inc. (CCI) uses a job-order costing system. During February and March, only 3 jobs were worked on. Job 1602 was completed on March 15th. The other two jobs were still in process at March 31st, CCI's year-end. Here is a summary of the data from the job cost sheets for the 3 jobs: Job 1602 Job 1603 Job 1604 February costs incurred: Direct materials $ 16,000 $ 9,000 $ - Direct labour 13,500 7,300 - Manufacturing overhead 21,600 11,680 - March costs incurred: Direct materials - 8,400 21,000 Direct Labour 4,000 5,800 10,300 Manufacturing overhead ? ? ? Manufacturing overhead is applied to jobs on the basis of direct labor cost. Balances in the inventory accounts at the end of…

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