Lawler and Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are daa concerning the three audit jobs conducted during November.
Q: What was Sweeten Company’s cost of goods sold for March?
A: Cost of Goods Sold is the cost of manufacturing the goods that has been sold during a financial…
Q: Required information [The following information applies to the questions displayed below.]…
A: Specific unit of a product which is manufactured, or a batch of similar units which are manufactured…
Q: Direct materials Auditor labor costs Auditor hours Sandhill Inc. $710 $5,800 78 Wildhorse In $430…
A: Budgeting, performance review, price choices, and financial reporting are all key uses of cost…
Q: [The following information applies to the questions displayed below.] Sweeten Company had no…
A: Unit product cost is the cost of producing a single unit of output. Unit product cost is calculated…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: The formula for calculating Unit product cost:
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Predetermined overhead rate is used to allocate manufacturing overhead costs to products based on a…
Q: 6. What was the total manufacturing cost assigned to Job Q? (Do not round intermediate…
A: Job costing is a costing method in which a company tracks the cost and revenues per job not in total…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Solution.. Predetermined overhead rate = (Estimated fixed overhead cost ÷ estimated machine…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Definition: Total manufacturing cost: Its the addition of direct materials , direct labor ,…
Q: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed…
A: Direct materials used = Direct materials for Job 301 + Job 302 + Job 303 + Job 304 = $10,900 +…
Q: I do not understand how to do the t accounts for this problem pictured. With the following…
A: Prepare T-account for raw materials:
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Here we used the concept of Overhead Predetermined Overhead rate is a rate that to be estimated for…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: An allocation rate for manufacturing costs that are incurred indirectly during the production of a…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Definition of materials: Materials are physical and tangible. Materials are used for further…
Q: Required information [The following information applies to the questions displayed below.]…
A:
Q: total manufacturing cost assigned to Job
A: Rate of fixed manufacturing overhead per machine-hour = Estimated total fixed manufacturing…
Q: or questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with…
A: Solution:- Computation of departmental overhead rates Particulars Molding Fabrication…
Q: Steven Garcia and Associates, a CPA firm, uses job order costing to capture the costs of its audit…
A: Job order costing is one of the costing methods used by those entities where multiple products are…
Q: Colil Computer Systems, Inc., manufactures printer circuit cards. All direct materials are added at…
A: The equivalent cost per unit is calculated as total cost divided by number of equivalent units.
Q: [The following information applies to the questions displayed below.] Sweeten Company had no jobs in…
A: Step 1 Step 2 Step 3 : Step 4
Q: Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit…
A: Introduction: Overhead refers to ongoing business expenses that are not directly related to the…
Q: 2. How much manufacturing overhead was applied to Job P and how much was applied to Job Q? (Do not…
A: First we calculate, predetermined overhead rate Predetermined overhead rate = Estimated total…
Q: XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the…
A: Correct option is
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Overhead expenses are what it costs to run the business, including rent, insurance, and utilities.…
Q: Binus and Associates is an auditing firm that uses job order costing to capture the costs of its…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Molin Corporation is a manufacturer that uses job-order costing. The company closes out any…
A: The objective of the question is to calculate the total amount of manufacturing overhead applied to…
Q: Required information [The following information applies to the questions displayed below.]…
A: A job in a job costing can be defined as specific unit of product that is manufactured, or a batch…
Q: John Morris Associates, a C.PA firm, uses job order costing to capture the costs of its audit jobs.…
A: Requirement a: Cost Aaron $9,972 Sharon $7558 Daron $5,846 Working notes: Aaron…
Q: 8. John Morris Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit…
A: The following calculations are done for John Morris Associates.
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Job costing is widely used by the management to ascertain the cost of a particular job as in service…
Q: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed…
A: A business's accounting records can contain information about a transaction by creating a journal…
Q: XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the…
A: Above question deals with journal entries for flow of production costs. When raw material inventory…
Q: Direct materials Auditor labor costs Auditor hours. Waters Renolds Daubold $ Waters Inc. $ $710…
A: The question is based on the concept of Cost Accounting. The cost for each job is the sum total of…
Q: Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead…
A: The total cost of job comprises direct materials, direct labor and overhead applied costs. The…
Q: XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the…
A: The Job PS5 is unsold and no entries are made in the accounting records related to the material used…
Q: Charles Wilson and Associates, a CPA firm, uses job order costing to capture the costs of its audit…
A: Job order costing is one of costing method used by those entities where multiple products are…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. It…
A: The journal entries are prepared to record the transactions on regular basis. The cost of direct…
Q: John Morris Associates, a C.P.A. firm, uses job order costing to capture the costs of its audit…
A: Overhead = Auditor hours×Predetermined rate
Q: XYZ company uses a job-order costing system. In reviewing its records at the end of the year, the…
A: The cost of OMR 12,000 is used to complete Finished Goods, but not recorded. So the cost of OMR…
Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…
A: Note: Answering the first three subparts as there are multiple subparts, please submit a new…
Q: 6. What was the total manufacturing cost assigned to Job Q?
A: In this numerical has covered the concept of Overhead Calculation
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- Bright Star Incorporated is a job-order manufacturer. The company uses predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours were 134,000 and estimated factory overhead was $1,085,400. The following information was for September. Job X was completed during September, while Job Y was started but not finished.Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments—Molding and Fabrication. It started, completed, and sold only two jobs during March—Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 13,000 $ 16,800 $ 29,800 Estimated variable manufacturing overhead per machine-hour $ 2.60 $ 3.40 Job P Job Q Direct materials $ 25,000 $ 14,000 Direct labor cost $ 30,600 $ 12,300 Actual machine-hours used: Molding 2,900 2,000 Fabrication 1,800 2,100 Total 4,700 4,100…Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments—Molding and Fabrication. It started, completed, and sold only two jobs during March—Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 13,000 $ 16,800 $ 29,800 Estimated variable manufacturing overhead per machine-hour $ 2.60 $ 3.40 Job P Job Q Direct materials $ 25,000 $ 14,000 Direct labor cost $ 30,600 $ 12,300 Actual machine-hours used: Molding 2,900 2,000 Fabrication 1,800 2,100 Total 4,700 4,100…
- Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March- Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Total price for the job Selling price per unit Job P $18,000 $25,000 Job P 2,200 1,100 3,300 Job Q Job Q $10,500 $9,500 1,300 1,400 2,700 Molding 2,500 $11,250 $ 1.90 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. Required: For questions 1-9, assume that Sweeten Company uses departmental predetermined overhead rates with…Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Motor tune-up Standard Hours 2.50 Standard Rate Standard Cost $ 29.00 $ 72.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 120 F Labor spending variance $ 170 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. Note: Round your answer to 2 decimal places. 1. Actual labor hours 2. Actual hourly rate hours per hourSweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments-Molding and Fabrication. It started, completed, and sold only two jobs during March- Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable manufacturing overhead per machine-hour Direct materials Direct labor cost Actual machine-hours used: Molding Fabrication Total Job Job. 0 $0,000 $7,500 $13,000 $ 21,000 1,700 600 2,300 000 900 1,700 Holding Fabrication Total 2,500 1,500 4,000 $10,000 $15,000 $25,000 $2.20 $ 1.40 Sweeten Company had no underapplied or overapplied manufacturing overhead costs during the month. A Required: For questions 1 to 9, assume that Sweeten Company uses departmental predetermined overhead rates with machine-…
- Service industry; journal entries and CSRKalogrides & McMillan CPAs incurred the following costs in performing audits during September. The firm uses a Work in Process Inventory account for audit engagement costs and records overhead in fixed and variable overhead accounts. a. Prepare journal entries for each of the following transactions:Note: Where applicable, list multiple debits in alphabetical order and multiple credits in alphabetical order.1. Used $8,000 of previously purchased supplies on audit engagements.2. Paid $12,800 of partner travel expenses to an accounting conference.3. Recorded $10,400 of depreciation on laptops used in audits.4. Recorded $2,880,000 of annual depreciation on the Kalogrides & McMillan Building, located in downtown New York; 65 percent of the space is used to house audit personnel.5. Accrued audit partner salaries, $320,000.6. Accrued remaining audit staff salaries, $412,640.7. Paid credit card charges for travel costs for client engagements,…Please help me with correct answer thankuDream Makers is a small manufacturer of gold and platinum jewelry. It uses a job costing system that applies overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $476,100, and management budgeted 34,500 direct labor-hours. The company had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of April. These transactions were recorded during April: April insurance cost for the manufacturing property and equipment was $1,900. The premium had been paid in January. Recorded $1,095 depreciation on an administrative asset. Purchased 21 pounds of high-grade polishing materials at $16 per pound (indirect materials). The purchase was on credit. Paid factory utility bill, $6,590, in cash. Incurred 4,000 hours and paid payroll costs of $160,000. Of this amount, 1,000 hours and $20,000 were indirect labor costs. Incurred and paid other factory overhead costs, $6,330. Purchased $25,500 of materials. Direct materials included unpolished…
- Required information [The following information applies to the questions displayed below.] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments—Molding and Fabrication. It started, completed, and sold only two jobs during March—Job P and Job Q. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of March): Molding Fabrication Total Estimated total machine-hours used 2,500 1,500 4,000 Estimated total fixed manufacturing overhead $ 13,000 $ 16,800 $ 29,800 Estimated variable manufacturing overhead per machine-hour $ 2.60 $ 3.40 Job P Job Q Direct materials $ 25,000 $ 14,000 Direct labor cost $ 30,600 $ 12,300 Actual machine-hours used: Molding 2,900 2,000 Fabrication 1,800 2,100 Total 4,700 4,100…Need help with these two questionsXYZ company uses a job-order costing system. In reviewing its records at the end of the year, the company has discovered that OMR 12,000 of raw materials has been drawn from the storeroom and used in the production of Job PS5, but that no entry has been made in the accounting records for the use of these materials. Job PS5 has been completed but it is unsold at year end. This error will cause: O a. None of the given answer is correct O b. Work in Process to be understated by ON 12,000 at year end. O c. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O d. Finished Goods to be understated by OMR 12,000 at the end of the year. O e. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year.