nline A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?

nline A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?

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 Prancing Pony utilizes a job-order costing system for accumulating their product costs. They had the following jobs during the month: Job A Job B Job C Job D Beginning balance 67,700 77,200 23,000 55,100 Direct materials used 92,800 67,000 60,500 75,900 Direct labor 47,400 80,300 81,100 83,900 Applied manufacturing overhead 97,000 10,300 14,900 81,500 Job A was unfinished at the end of the period. Job B and D were finished, and subsequently sold. Job C was finished, but had not yet been sold at the end of the period. The time ticket record revealed that Employee Underhill worked on Job A, while Employee Baggins worked on Job B, C, and D. Each job represents a small batch of 400 units. As the manager for The Prancing Pony, you previously set and communicated with employees that in order to meet budgetary goals, each unit should require no more than $150 of direct labor and $200 of direct materials. Using the information provided, what is the reported cost…
nline A company uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Bal. 1/1 Debits Bal. 12/31 Finished Goods 43,000 Credits ? 50,000 The Cost of Goods Manufactured for the year was $450,000. The unadjusted Cost of Goods Sold for the year was:
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Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave…
What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
If the indirect labor cost in August for clerical and maintenance that help production in all departments was $123,000, the following journal entry would be recorded in a process costing system: Account Title Factory Overhead Factory Wages Payable True or False True False Debit 123,000 Credit 123,000
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