PAMELA Manufacturing Company uses a job order cost system. The following debits (credits) appeared in Work in Process for the month of August: August 1 P40,500 Charges during August: Direct materials 243,000 Direct labor 162,000 Factory overhead 129,600 Debits to Finished goods 486,000 PAMELA Manufacturing applies overhead to production at a predetermined rate of 80% of direct labor cost Job XXX, which was started during August and is the only job still in process at the end of August, has been charged direct labor of P20,250. The amount of direct materials charged to Job XXX is

PAMELA Manufacturing Company uses a job order cost system. The following debits (credits) appeared in Work in Process for the month of August: August 1 P40,500 Charges during August: Direct materials 243,000 Direct labor 162,000 Factory overhead 129,600 Debits to Finished goods 486,000 PAMELA Manufacturing applies overhead to production at a predetermined rate of 80% of direct labor cost Job XXX, which was started during August and is the only job still in process at the end of August, has been charged direct labor of P20,250. The amount of direct materials charged to Job XXX is

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Description: PAMELA Manufacturing Company uses a job order cost system. The following debits(credits) appeared in Work in Process for the month of August:August 1P40,500Charges during August:Direct materials243,000Direct labor162,000Factory overhead129,600Debits

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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Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $663,320. Materials requisitioned, $618,780, of which $71,310 was for general factory use. Factory labor used, $640,350, of which $88,200 was indirect. Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. 2 31 31 31 31 31 31 31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. Factory overhead costs applied to jobs, $365,760. Jobs completed, $1,017,410. Cost of goods sold, $911,220.
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Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October Materials purchased on account, $644,380. 1 Materials requisitioned, $670,250, of which $71,770 was for general factory use. 31 Factory labor used, $637,900, of which $88,640 was indirect. 31 Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, $151,300. 31 Prepaid expenses expired for factory overhead were $29,450; for selling expenses, $27,540; and for administrative expenses, $18,720. 31 Depreciation of office building was $84,480; of office equipment, $43,730; and of factory equipment, $32,270. 31 Factory overhead costs applied to jobs, $379,790. 31 Jobs completed, $988,380. 31 Cost of goods sold, $921,340. Required: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for…
Bernard Incorporated uses a job-order costing system and a predetermined overhead rate based on direct labor hours.At the beginning of the year, the company estimated manufacturing overhead for the year would be $1,184,000 and direct labor hours would be 80,000 hours.The following information pertains to September of the current year: Job X10 Job X11 Job X12 Work in Process, Sept. 1 $14,000 $18,000 $24,000 March production activity: Materials used $12,800 $8,200 $9,700 Direct labour used $3,400 $4,600 $6,500 Machine hours 390 620 790 Labour hours 1,050 1,170 1,180 Required (round answers to 2 decimal points) At the end of the September Jobs X10 and Job X11 were completed, and Job X10 was sold and delivered to a customer - show the ending balances of the Work in Process and Finished Goods inventory accounts (assume no beginning Finished Goods inventory). If actual manufacturing overhead…
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.
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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 $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…
Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?
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Techuxia Corporation worked on four jobs during October: Job A256, Job A257, Job A258, and Job A260. At the end of October, the job cost sheets for these jobs contained the following data: Beginning balance Charged to the jobs during October: Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of October Units sold during October Job A256 $ 2,500 $ 3,900 $ 1,450 $ 2,500 100 1. Cost of goods sold for October 2. Finished goods inventory at the end of October 3. Work in process inventory at the end of October 0 80 Job A257 $1,150 $ 4,800 $ 2,300 $ 2,800 0 152 0 Job A258 $0 $ 2,700 $ 1,250 $ 1,550 850 0 170 Job A260 $0 $ 4,800 $ 1,050 $ 1,900 0 122 0 the end of October. There was no Jobs A256 and A258 were completed during October. The other two jobs were incomplete finished goods inventory on October 1. The company's total manufacturing overhead applied equals its total actual manufacturing overhead. Required: 1. What is the cost of…
Barnes Company uses a job order cost system. The following data summarize the operations related to production for October: October 1 Materials purchased on account, $663,320. 2 Materials requisitioned, $618,780, of which $71,310 was for general factory use. 31 Factory labor used, $640,350, of which $88,200 was indirect. 31 Other costs incurred on account for factory overhead, $140,430; selling expenses, $245,050; and administrative expenses, $145,440. 31 Prepaid expenses expired for factory overhead were $30,100; for selling expenses, $27,880; and for administrative expenses, $18,590. 31 Depreciation of office building was $86,490; of office equipment, $45,350; and of factory equipment, $30,880. 31 Factory overhead costs applied to jobs, $365,760. 31 Jobs completed, $1,017,410. 31 Cost of goods sold, $911,220. Required: CHART OF ACCOUNTS Barnes Co. General Ledger ASSETS 110 Cash 121…