Michael Jones and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs inprocess at the beginning of November. Listed below are data concerning the three audit jobs conducted during November.Direct materialsAuditor labor costsAuditor hoursIvanhoe Inc.$700$5,70076Oriole Inc.$440$7,50089Pharoah Inc.$250$4,47549Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. TheIvanhoe Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $12.900 are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. TheIvanhoe Inc. job is the only incomplete job at the end of November. Actual overhead for the month was $12.900.(a) Determine the cost of each job.IvanhoeOriole$$Pharoah $Cost(b) Indicate the balance of the Service Contracts in Process account at the end of November.Balance in service contracts in process account $(c) Calculate the ending balance of the Operating Overhead account for November.Balance in operating overhead account $

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Description: Michael Jones and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs inprocess at the beginning of November. Listed below are data concerning the three audit jobs conducted during November

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Michael Jones and Associates, a CPA 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 data concerning the three audit jobs conducted during November. Direct materials Auditor labor costs Auditor hours Ivanhoe Inc. $700 $5,700 76 Oriole Inc. $440 $7,500 89 Pharoah Inc. $250 $4,475 49 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. The Ivanhoe Inc job is the pobrinco

Michael Jones and Associates, a CPA 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 data concerning the three audit jobs conducted during November. Direct materials Auditor labor costs Auditor hours Ivanhoe Inc. $700 $5,700 76 Oriole Inc. $440 $7,500 89 Pharoah Inc. $250 $4,475 49 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $51 per auditor hour. The Ivanhoe Inc job is the pobrinco

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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Bayas Corporation uses process costing. A number of transactions that occurred in June are listed below. (1) Raw materials that cost $40,700 are withdrawn from the storeroom for use in the Mixing Department. All of these raw materials are classified as direct materials. (2) Direct labor costs of $17,000 are incurred, but not yet paid, in the Mixing Department. (3) Manufacturing overhead of $46,600 is applied in the Mixing Department using the department’s predetermined overhead rate. (4) Units with a carrying cost of $88,500 finish processing in the Mixing Department and are transferred to the Drying Department for further processing. (5) Units with a carrying cost of $112,200 finish processing in the Drying Department, the final step in the production process, and are transferred to the finished goods warehouse. (6) Finished goods with a carrying cost of $99,100 are sold. Required: Prepare journal entries for each of the transactions listed above. (If no entry is…
Charles Wilson and Associates, a CPA 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 data concerning the three audit jobs conducted during November. Waters Inc. Renolds Inc. Bayfield Inc. Direct materials $610 $480 $300 Auditor labor costs $6,300 $7,600 $3,575 Auditor hours 76 90 48 Overhead costs are applied to jobs on the basis of auditor hours, and the predetermined overhead rate is $55 per auditor hour. The Waters job is the only incomplete job at the end of November. Actual overhead for the month was $13,900.(a) Determine the cost of each job. Cost Waters $ Renolds $ Bayfield $ (b) Indicate the balance of the Service Contracts in Process account at the end of November. Balance in service contracts in process account $ (c) Calculate the ending balance of the Operating Overhead account…
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The transactions that flow through the accounts in job-order costing are entered into the accounting system by making journal entries and posting them to the accounts. Let's complete this process for the various transactions that occurred during the month of January for Healthy Choice Pastries and Cakes. Purchased raw materials costing P125,000. Requisitioned materials costing P75,000 for use in production. Recognized direct labor costing P76,500 (i.e. it was not paid in cash but was shown as a liability in the wages payable). Applied overhead to production at the rate of P200 per direct labor hour. A total of 85 direct labor hours were worked. Incurred actual overhead costs of P20,750. Completed Job 101 (elegant wedding cake) and transferred it to Finished Goods. Sold the wedding cake job at cost plus 50%. The customer agrees to pay after two weeks time. Check the overhead control account. Close the overhead variance to Cost of Goods Sold. Required: Journalize the transactions…
XYZ 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. Cost of Goods Sold to be overstated by OMR 12,000 for the year. O b. Cost of Goods Manufactured to be overstated by OMR 12,000 for the year. O C. None of the given answer is correct O d. Finished Goods to be overstated by OMR 12,000 at the end of the year. Work in Process to be understated by OMR 12,000 at Oe. year end. étv MacBook Air
How do I complete the following cost sheet for services still in process for Jones Audit?
I think I'm doing this wrong but for unfinished jobs do I not add materials, labor, and overhead and the subtract the completed jobs from it?
The Summer Corp. manufactures office tables and chairs, and accounts for cost using the job order costing system. The following data were taken from company records as of April 30 (See table below). No Jobs were in process at the beginning of the month. In April, Job Nos. 121 and 122 were completed and sold for P4,500 and P10,000, respectively. Job Nos. 124 and 125 were likewise completed during the month. Manufacturing overhead costs are applied to jobs at P1.50 per direct labor hour. Actual manufacturing overhead cost for the month amounted to P15,175. 1.Determine the amount of Cost of Goods Manufactured: 2.Refer to no.1Determine the amount of cost of goods manufactured:
The WildSide Company modifies production motorcycles for superbike racing to customer order. It operates a job costing system. The following information is available for the month of June 20X3: Purchases during June: Direct material $30,000 Direct labour costs incurred during June: 20,400 (i.e. $40 per hour * 510 hours). Manufacturing overhead is applied based on a rate $1.5 per direct labour dollar. Other costs incurred during June: Manufacturing supplies inventory issued $6.000 Indirect labour cost $3,500 Depreciation of manufacturing equipment $12,000 Electricity-Factory $8,500 Jobs costing $64,500 were sold at the price of $76,400 on credit at the end of June. Required: Complete the T- accounts providing the amounts of a) to p) to show the flow of costs through the company's manufacturing accounts. Raw materials inventory Work in process inventory O/B $30,000 b) O/B $46,250 a) c) d) e) CGM 53,250 f) C/B 71,500 Finished goods inventory Cost of goods sold O/B $34,500 h) i) j) g) C/B…
Please help me with correct answer thanku
Please I want to learn how to make this problem with a good explanation. One of those there is the possible answer. Thank you