PART 4 Quest Company manufactures electric drills to the exacting specifications of various customers. During April 2019, job 403 to produce 1,100 drills was completed at the following costs per unit: $ 20 $ 16 $24 $ 60 Final inspection of job 403 disclosed 100 spoiled units. The spoiled drills were sold for $ 1,500. Direct materials Direct labor Applied overhead Total Required: Prepare the necessary journal entry (if any) to account for the spoilage (1) assuming the spoilage is attributable to job 403. 2) assuming the spoilage is attributable to all jobs.

PART 4 Quest Company manufactures electric drills to the exacting specifications of various customers. During April 2019, job 403 to produce 1,100 drills was completed at the following costs per unit: $ 20 $ 16 $24 $ 60 Final inspection of job 403 disclosed 100 spoiled units. The spoiled drills were sold for $ 1,500. Direct materials Direct labor Applied overhead Total Required: Prepare the necessary journal entry (if any) to account for the spoilage (1) assuming the spoilage is attributable to job 403. 2) assuming the spoilage is attributable to all jobs.

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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Problem 10: Spoiled Goods Josh Inc. has completed the Job 101, containing 2,200 shoes, during 2016 at the following unit costs: Direct materials Direct labor 2,000 1,000 1,300 Factory overhead (including an allowance of P300 for spoiled work) Final inspection of Job 101 disclosed 200 spoiled shoes which were sold to a department for P400,000. Required: 1. What is the unit cost of shoes produced on Job 101 if spoilage loss is common to all jobs? 2. What is the unit cost of shoes produced on Job 101 if spoilage loss is charged to specific Job 101?
Ferdon inc. company started job #4 with 32 units. 7 units were rejected upon inspection. normal spoilage is 5 units. costs prior to inspection amount to $1,450 per unit and the spoiled units have a salvage value of $520 per unit. what is the cost per unit of the good units in job #4
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
(a) Given that 30% of the unexpected losses were because of pilferage, prepare the abnormal spoilage statement, clearly showing All Things Brass true loss associated with the Polishing Process.
D1.
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Cost of Normal Spoilage Frieling Company installs granite countertops in customers' homes. First, the customer chooses the particular granite slab, and then Frieling measures the countertop area at the customer's home, cuts the granite to that shape, and installs it. The Tramel job calls for direct materials of $2,100 and direct labor of $1,100. Overhead is applied at the rate of 110 percent of direct labor cost. Unfortunately, one small countertop breaks during installation and Frieling must cut another piece and install it to properly complete the job. The additional rework required direct materials costing $600 and direct labor costing $300. Assume that the spoilage was due to carelessness by a Frieling worker and it is considered to be normal spoilage. Required: 1. Calculate the cost of the Tramel job. $ 2. Make any needed journal entry to the overhead control account. If an amount box does not require an entry, leave it blank. 3. What if the additional rework required $600 of…
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