Answered: The job order cost sheets used by Animo…

Name: The job order cost sheets used by Animo Company revealed the followin
Uploaded: 2024-03-20T06:32:49.000Z
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Description: The job order cost sheets used by Animo Company revealed the following:Job No.Balance, Apr 1124$37,00012532,000126012701281290Jobs No. 124, 125, and 126 were shipped to customers in April.Jobs No. 127, 128, and 129 were completed in May.WORK-IN-PROC

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 job order cost sheets used by Animo Company revealed the following:
Job No.
Balance, Apr 1
124
$37,000
125
32,000
126
0
127
0
128
129
0
Jobs No. 124, 125, and 126 were shipped to customers in April.
Jobs No. 127, 128, and 129 were completed in May.
WORK-IN-PROCESS for the month of April amount to P
Apr Production Costs
P 0
30,000
25,000
29,000
25,000
20,000

Octillery Manufacturing Inc uses a job-order costing system. During the month materials purchased on credit
amounted to 198,000; the raw materials issued to the production amounted to $195,000 of which $50,000
were indirect. Factory payroll incurred amounted to $370,000, paid in cash, of which $45,000 was indirect labor.
The firm uses a predetermined overhead application rate of 125% of direct labor cost. Total overhead costs
incurred during the month amounted to $392,800. The amount of OVER (UNDER) APPLIED OVERHEAD amount
to P
** INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED.
CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place
any spaces.

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Octillery Manufacturing Inc uses a job-order costing system. During the month materials purchased on credit amounted to ₱198,000; the raw materials issued to the production amounted to ₱195,000 of which ₱50,000 were indirect. Factory payroll incurred amounted to ₱370,000, paid in cash, of which ₱45,000 was indirect labor. The firm uses a predetermined overhead application rate of 125% of direct labor cost. Total overhead costs incurred during the month amounted to ₱392,800. The amount of OVER (UNDER) APPLIED OVERHEAD amount to ₱_____________.

** INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED.

CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place any spaces.

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Follow-up Question

Onix Manufacturing Company Inc uses direct labor hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor hours were 16,100 hours and the total estimated manufacturing overhead was ₱362,250. At the end of the year, actual direct labor hours for the year were 17,050 hours and the actual manufacturing overhead for the year was ₱395,000. The amount of OVER (UNDER) APPLIED OVERHEAD amount to ₱_____________.

** INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED.

CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place any spaces.

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by Bartleby Expert

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