1) How much total cash will be paid to employees for the last week of November? 2) How much is Work in Process-Direct Labor? 3) How much will be charged to Factory Overhead Control in recording all employer contribution? An analysis of the job time tickets and payroll records showed:Thurs8No. Job No.001 Supervisor002 701702003Tues87WedFriSatMon88886621747017028488850047024470386278600570347370425006704476444705704240078434470556Previous earnings in June (November 1- 24)No.001 19,210.0000200300400500600716,204.0012,814.0012,706.0012,528.0016,102.0014,538.00TC NN Company operates on a 6-day week, with time and one-quarter for all hours over eightduring the regular days. The time cards for the week ending November 30 showed:Wed88No.Fri8Name001 JakeTibsRamonTeddyArtReneAgaMon8TuesThurs88Sat8Rate/hrP120808002867400388870004888984707080800058880069840078844

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NN Company operates on a 6-day week, with time and one-quarter for all hours over eight during the regular days. The time cards for the week ending November 30 showed: Wed 8 8 Fri No. Name 001 |Jake 002 Tues Mon 8 8 Thurs 8 Sat 8 Rate/hr P120 80 Tibs 8 7 4 003 Ramon 8 8 8 8 8 4 70 70 70 80 80 004 Teddy 8 005 Art 8 9. 006 007 Rene Aga 8 8 8 4 8 4

NN Company operates on a 6-day week, with time and one-quarter for all hours over eight during the regular days. The time cards for the week ending November 30 showed: Wed 8 8 Fri No. Name 001 |Jake 002 Tues Mon 8 8 Thurs 8 Sat 8 Rate/hr P120 80 Tibs 8 7 4 003 Ramon 8 8 8 8 8 4 70 70 70 80 80 004 Teddy 8 005 Art 8 9. 006 007 Rene Aga 8 8 8 4 8 4

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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A company has the following transactions during the week. Purchase of $900 raw materials inventory Assignment of $400 of raw materials inventory to Job 5 Payroll for 15 hours with $600 assigned to Job 5 Factory utility bills of $740 Overhead applied at the rate of $9 per hour What is the cost assigned to Job 5 at the end of the week?
1. How much overhead would have been charged to the company’s Work-in-Process account during the year? 2. Comment on the appropriateness of the company’s cost drivers (i.e., the use of machine hours in Machining and direct-labor cost in Assembly).
Accounting for manufacturing overhead This problem continues the Piedmont Computer Company situation from Chapter 16 Piedmont Computer Company uses a job order costing system in which each batch manufactured is a different job. Piedmont Computer Company assigns direct materials and direct labor to each job. The company assigns labor costs at $25 per hour. It allocates manufacturing overhead to jobs based on a predetermined overhead allocation rate, computed as a percentage of direct labor costs. At the beginning of 2020, the controller prepared the following budget; In November 2020, Piedmont Computer Company worked on several jobs, Records for two jobs appear here: Requirements Compute Piedmont Computer Company’s predetermined overhead allocation rate for 2020. Compute the total cost of each job. Why does Piedmont assign costs to jobs?
3. What is the overapplied or underapplied overhead for September? Job Costing Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct labor hours are 95,000 and estimated factory overhead is $617,500. The following information is for September of the current year. Job A was completed during September, and Job B was started but not finished September 1, inventories Materials inventory $7,500.00 Work-in-process inventory (All Job A) 31,200.00 Finished goods inventory 67,000.00 Material purchases 104,000.00 Direct materials requisitioned Job A 65,000.00 Job B 33,500.00 Direct labor hours…
a)Calculate the amount of overhead that should be applied to each job and amount of Rullos overapplied or underapplied overhead at the end of the first year b)Calculate Rullos balances for work in process ,finished goods and cost of goods sold at the end of the first year
4. Sam Tully works two separate jobs for Mountain Company. During the week, Job A consisted of 38 hours at $20 per hour; Job B involved 15 hours at $14 per hour.What is Sam’s total earnings for this workweek if Mountain Company uses the average rate basis for calculating overtime?
Jon Stone is paid $20 an hour for an 8-hour day, with time-and-a-half for overtime and double-time for Sundays and holidays. Regular employment is on the basis of 40 hours a week, 5 days a week. Overtime premium is charged to Factory Overhead. Required: Using the labor-time record below: a. Compute Jerrod's total earnings for the week. b. Present the journal entry to distribute Jerrod's total earnings. Sunday Monday Tuesday Wednesday Thursday Friday Saturday ТОTAL Job F2 3 5 4 31 Job M1 1 3 6 14 Admin 1 3 6 TOTAL 8. 8. 8 10 51
explain why the factory overhead balance must be disposed of at year end?
What is the journal entry for the application of Factory Overhead to Work in Process if the driver is imprints, the rate is $1.80 per imprint, and the imprint meter reads 1,780 at the start of the day and 2,890 at the end of the day? a. Work in Process1.80 Factory Overhead1.80 b. Work in Process1,998 Factory Overhead1,998 c. Work in Process1,998 Cash1,998 d. Work in Process1,998 Depreciation Expense1,998
Hello, Please provide the steps to solve the problem below: At the beginning of the year, a company estimates total overhead costs of $300,000. The company applies overhead using direct labor costs and estimates it will spend $1,200,000 on direct labor during the year. What amount of overhead should be applied to "Job C" if that job uses $65,000 of direct labor hours during April?
During the current month, a company that uses job order costing incurred a monthly factory payroll of $180,000. Of this amount, $40,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions.
Prepare the journal entry to record the factory wages of $14,000 incurred for a single production department assuming payment will be made in the next pay period. If an amount box does not require an entry, leave it blank. Work in Process Wages Payable X X