on the basis of direct labor cost. A markup of 50% is also added to the cost of production at time of sale of finished goods. On July 31st, Job 99 remained in production with direa Splenda uses normal cost system and manufacturing overhead are being applied to jobs Estimated manufacturing overhead Actual manufacturing overhead Estimated direct labor cost P 562,500 540,000 P 450,000 P 470,000 P1,680,000 Actual direct labor cost Total work in progress account (debit) Total work in progress account (credit) 1,000,000 Required: d. Compute ending work in process inventory. e. Journal entry to record sales assuming all credit sale.

on the basis of direct labor cost. A markup of 50% is also added to the cost of production at time of sale of finished goods. On July 31st, Job 99 remained in production with direa Splenda uses normal cost system and manufacturing overhead are being applied to jobs Estimated manufacturing overhead Actual manufacturing overhead Estimated direct labor cost P 562,500 540,000 P 450,000 P 470,000 P1,680,000 Actual direct labor cost Total work in progress account (debit) Total work in progress account (credit) 1,000,000 Required: d. Compute ending work in process inventory. e. Journal entry to record sales assuming all credit sale.

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Description: on the basis of direct labor cost. A markup of 50% is also added to the cost of productionat time of sale of finished goods. On July 31st, Job 99 remained in production with direaSplenda uses normal cost system and manufacturing overhead are being a

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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! Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 77,000 46,000 28,000 0 9,000 3,000 108,000 26,000 49,000 $ 346,000 Credit $ 10,000 13,000 30,000 82,000 211,000 $ 346,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time…
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Mama Co. Employs the job order cost system. Data for the month just ended are summarized below: Work in Process, Beg P100,000 Direct Materials used for the month P200,000 Direct labor cost for the month P160,000 Factory overhead applied P120,000(Set rate based on direct labor) Goods completed and transferred to stock P501,800 Ending Work in Process reffered to Jobs 105 and 107 The company charged Job 105 with direct labor cost of P12,000 and Job 107 charged with overhead of 9,600. 1. Cost of direct materials charged to Job 105 and 107 a. 40,400b. 34,800c. 78,200 d. 121,600
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…
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Direct Labor Costs During May, Salinger Company accumulated 690 hours of direct labor costs on Job 200 and 880 hours on Job 305. The total direct labor was incurred at a rate of $18 per direct labor hour for Job 200 and $21 per direct labor hour for Job 305. Journalize the entry to record the flow of labor costs into production during May. If an amount box does not require an entry, leave it blank.
Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount
Online 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 ?
How much is total cost of goods manufactured?
Morrison Company uses job-order costing to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: Morrison Company Balance Sheet January 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 11,900 5,900 20,550 h. Manufacturing overhead applied to production, $141,000. i. Cost of goods manufactured, $293,800. j. Cash sales to customers, $401,720. k. Cost of goods sold (unadjusted), $289,800. 1. Cash payments to creditors, $77,200. m. Underapplied or overapplied overhead $? . Required: $ 34,800 During January the company completed the following transactions: a. Purchased raw materials on account, $90,800. b. Raw materials used in production, $93,600 ($78,600 was direct materials and $15,000 was indirect materials). c. Paid $195,100 of salaries and wages in cash ($110,200 was…
A manufacturer began operations on April 1 and reports the information below. All jobs are sold for 20% above cost. Manufacturing costs Job number 1 2 3 4 5 April $ 880 730 May $ 2,200 1,280 1,920 2,710 In process Job Status at May 31 Completed and sold during May Completed but not sold 555 480 3,680 Completed and sold during May In process 1. Compute the May 31 balance in (a) Work in Process Inventory and (b) Finished Goods Inventory. 2. Compute gross profit for May.