esOak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order.On March 1, OCFF had two jobs in process with the following costs:Work in ProcessJob 33Job 34Source documents revealed the following during March:Job 33Job 34Job 35IndirectBalance on3/1$ 4,8003,000$ 7,800MaterialsRequisitionsFormsRequired 1$ 2,2003,8004,100600$ 10,700The company applies overhead to products at a rate of 75 percent of direct labor cost.Job 33Job 34Job 35Labor TimeTickets$ 4,0004,1003,0001,900$ 13,000Required:1. Compute the cost of Jobs 33, 34, and 35 at the end of the month.2. Calculate the balance in the Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts at month-end.Status of Job at Month-EndCompleted and soldCompleted, but not soldIn processComplete this question by entering your answers in the tabs below.Required 2Compute the cost of Jobs 33, 34, and 35 at the end of the month.Total ManufacturingCost

Name: esOak Creek Furniture Factory (OCFF), a custom furniture manufacturer
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Description: esOak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order.On March 1, OCFF had two jobs in process with the following costs:Work in ProcessJob 33Job 34Source documents reve

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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $ 4,800 3,000 $ 7,800 Source documents revealed the following during March: Materials. Requisitions Forms $2,200 3,800 4,100 600 $ 10,700 Job 33 Job 34 Job 35 Indirect Labor Time Tickets $ 4,000 4,100 3,000 1,900 $ 13,000 Status of Job at Month-End Completed and sold Completed, but not sold In process

Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Job 33 Job 34 Balance on 3/1 $ 4,800 3,000 $ 7,800 Source documents revealed the following during March: Materials. Requisitions Forms $2,200 3,800 4,100 600 $ 10,700 Job 33 Job 34 Job 35 Indirect Labor Time Tickets $ 4,000 4,100 3,000 1,900 $ 13,000 Status of Job at Month-End Completed and sold Completed, but not sold In process

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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I need ALL parts of this question answered Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,350 Raw materials $ 3,350 Work in process 15,350 Finished goods 19,350 38,050 Property, plant, and equipment (net) 229,350 Total assets $277,750 Liabilities and Stockholders’ Equity: Accounts payable $ 15,175 Retained earnings 262,575 Total liabilities and stockholders’ equity $277,750 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,350 (2) Raw materials used in production (direct materials) $ 50,350 (3) Raw materials used in production (indirect materials) $ 7,175 (4) Direct labor paid in cash $…
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Herschel Enterprises uses a job-order costing system. At the beginning of March, the company had two jobs in process with the following costs: Direct Material Direct Labor Overhead Job #893 $3,400 $510 $255 Job #904 1,100 289 ? Herschel Enterprises pays its workers $8.50 per hour and applies overhead on a direct labor hour basis. During March, Herschel’s employees worked on Job #978. At the end of the month, the job was not yet complete but $714 of overhead had been applied to this job. Total Work in Process at the end of the month was $6,800 and all other jobs in process had a total cost of $3,981. What amount of direct material is included in Job #978? Select one: a. $725 b. $935 c. $1,391 d. $2,142 e. $677
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Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated Its total manufacturing overhead cost at $237,500 and total machine hours at 62,500. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Direct materials used Direct labor Machine hours Job 1011 $ 11,600 $ 18,000 1,700 hours 1. Predetermined Overhead Rate 2. Total Applied Manufacturing Overhead 3. Ending Work in Process Inventory 4. Gross profit Job 102 $ 8,100 $ 5,700 5-a. Balance 5-b. Is it over- or underapplied? 2,700 hours Job 103 $5,500 $ 5,100 Job 101 was completed and sold for $50,400. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $19,800. 1,100 hours Total Required: 1. Calculate the predetermined…
Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 11-101 $6,240 Job 11-102 9,000 Job 11-103 7,210 Job 11-104 6,750 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $234,840 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $ 11,900 $ 7,900 $ 5,200 $ 25,000 Direct labor $ 17,300 $ 5,000 $ 5,400 $ 27,700 Machine hours 1,600 hours 2,500 hours 800 hours 4,900 hours Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $14,020. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the…
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