Solve this question financial accounting On May 21, 2019, Christine worked 4.5 hours on Job A-1, and 3 hourson general "overhead activities." Christine is paid $15 per hour.Overhead is applied based on $30 per direct labor hour. Additionally,on May 21 Job A-1 requisitioned and entered into production $230 ofdirect material. On May 21, Christine, while working on Job A-1 used$27 of an indirect material. Indirect material is included in theoverhead application rate.Use this information to determine the total cost that should havebeen recorded in the Work in Process for Job A-1 on May 21.

Step 1: Define Work-in-Process for a JobThe total work-in-process of a job is the sum of all the…

Answered: On May 21, 2019, Christine worked 4.5…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter3: Accounting For Labor

Section: Chapter Questions

Problem 3P

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Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was startedand completed during the current period, shows charges of $5,000 for direct materials, $8,000 for directlabor, and $6,000 for overhead on its job cost sheet. Job W, which is still in process at year-end, showscharges of $2,500 for direct materials and $4,000 for direct labor.Required:Should any overhead cost be added to Job W at year-end? If so, how much? Explain.
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,100 for direct materials, $10,000 for direct labor, and $7,400 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $2,800 for direct materials and $5,200 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? 1b. How much overhead cost should be applied to Job W? 2. How will the costs included in Job W's job cost sheet be reported within Sigma Corporation's financial statements at the end of the year? Complete this question by entering your answers in the tabs below. Required la Required 1b Required 2 Should any overhead cost be applied to Job W at year-end? Should any overhead cost be applied to Job Wat year-end?
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25.000. direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112.500 and was part of finished goods inventory. There was a $18.750 balance in the Raw Materials Inventory account. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $152,500 and $197.500, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $112.500 on account. incurred factory labor costs of $87.500. Of this amount $20,000 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials…
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Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $5,000 for direct materials, $8,300 for direct labor, and $5,810 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $3,200 for direct materials and $5,600 for direct labor. Required: 1a. Should any overhead cost be applied to to Job W at year-end? 1b. How much overhead cost should be applied to Job W? 2. How will the costs included in Job W’s job cost sheet be reported within Sigma Corporation’s financial statements at the end of the year?
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During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: A. Record the expenses incurred. B. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour.
Ryzen Company uses a job costing system. The WIP inventory on December 31, 2019 consisted of Job No. 175 with a balance of $53,400. Job No. 175 has been charged with manufacturing overhead of $16,000. Ryzen allocates manufacturing overhead at a rate of 80% of direct labour cost. The amount of direct materials charged to Job No. 175 was;
During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Prepare journal entries for the following: Record the expenses incurred. Date To record overhead expenses. Record the allocation of overhead at the predetermined rate of $1.50 per machine hour. Date To allocate manufacturing overhead to work in process inventory. Note: Account titles are important! Using the proper account is vital in accounting. For this question use the following account titles: Accounts Payable Accumulated Depreciation Manufacturing Overhead Property Taxes Payable Work In Process Inventory
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