Pratice Problem 3 A company's individual job sheets show these costs for Jobs 298, 299, and 300. Direct material is RO 2,228, RO 23,945, and RO 4,231 respectively. Direct labor is RO 2,391, RO 23,492, and RO 3,413, respectively. Overhead is applied at 1.75 times the direct labor cost. Use the data on the cost sheets to perform these tasks: You are required to : Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process.

Pratice Problem 3 A company's individual job sheets show these costs for Jobs 298, 299, and 300. Direct material is RO 2,228, RO 23,945, and RO 4,231 respectively. Direct labor is RO 2,391, RO 23,492, and RO 3,413, respectively. Overhead is applied at 1.75 times the direct labor cost. Use the data on the cost sheets to perform these tasks: You are required to : Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process.

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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QUESTION 1C (TOPIC 3) North Network Sdn Bhd (NNSB) makes custom made furniture from quality woods. The company uses a job-order costing system and predetermined overhead rates to apply manufacturing overhead cost to jobs. Currently, NNSB uses a plantwide overhead rate based on direct labor costs in estimating the company manufacturing overhead. The following estimated data have been made by NNSB at the beginning of the year 2018: Department Costs Designing Machining Furnishing Direct labor hours 30,000 60,000 40,000 Machine hours 20,000 40,000 30,000 Direct labor costs RM150,000 RM100,000 RM200,000 Direct materials costs RM190,000 RM400,000 RM250,000 Manufacturing overhead costs RM270,000 RM400,000 RM50,000 Job 118 was started on 1 January 2018 and completed on 28 February 2018. NNSB’s cost records shown the following information on the Job 118: Department Costs Designing Machining…
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The Prancing Pony utilizes a job-order costing system for accumulating their product costs. They had the following jobs during the month: Job A Job B Job C Job D Beginning balance 67,700 77,200 23,000 55,100 Direct materials used 92,800 67,000 60,500 75,900 Direct labor 47,400 80,300 81,100 83,900 Applied manufacturing overhead 97,000 10,300 14,900 81,500 Job A was unfinished at the end of the period. Job B and D were finished, and subsequently sold. Job C was finished, but had not yet been sold at the end of the period. The time ticket record revealed that Employee Underhill worked on Job A, while Employee Baggins worked on Job B, C, and D. Each job represents a small batch of 400 units. As the manager for The Prancing Pony, you previously set and communicated with employees that in order to meet budgetary goals, each unit should require no more than $150 of direct labor and $200 of direct materials. Using the information provided, what is the reported cost…
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