I only want to know how the factory overhead of job101 and job103 ( the highlighted portion of the photo on the right side) were computed in the problem 17. Problem 17Watson Manufacturing Company employs a job order cost accounting system andkeeps perpetual inventory accounts. The following transactions occurred in thefirst month of operations.1. Direct materials requisitioned during the month:P 20,00016,00024,000Job 101Job 102Job 103c. Work in Process63,200Factory Overhead Applied63,2002. Direct labor incurred and charged to jobs during the month was:Job 101Job 102Job 103P 30,00029,00020,000d. Factory Overhead ControlVarious credit accounts60,00060,000e. Finished Goods134,000Work in process134,0003. Factory overhead was applied to jobs worked on using a predeterminedoverhead rate based on 80% of direct labor cost.Job 101 ( 20,000 + 30,000 + 24.000)Job 103 ( 24,000 + 20,000 + 16.000)74,00060,000134.000Actual manufacturing overhead costs incurred during the month amountedto P 60,000.4.Total costs5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units werecompleted during the month.Requirement No. 2a. FO Applied ( 20,000 x 80%)16.000

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Description: I only want to know how the factory overhead of job101 and job103 ( the highlighted portion of the photo on the right side) were computed in the problem 17. Problem 17Watson Manufacturing Company employs a job order cost accounting system andkeeps pe

Factory overhead is the indirect total cost for the manufacturing of the product. Factory overhead…

Business

Accounting

Problem 17 Watson Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory accounts. The following transactions occurred in the first month of operations. Direct materials roquisitioned during the month: Job 101 Job 102 Job 103 1. P 20,000 16,000 24,000 c. Work in Process 63,200 Factory Overhead Applied 63,200 2. Direct labor incurred and charged to jobs during the month was: P 30,000 29,000 20,000 d. Factory Overhead Control Various credit accounts Job 101 60,000 Job 102 60,000 Job 103 e. Finished Goods 134,000 Work in process 134,000 3. Factory overhead was applied to jobs worked on using a predetermined overhead rate based on 80% of direct labor cost 4. Actual manufacturing overhead costs incurred during the month amounted to P 60,000. Job 101 ( 20,000 + 30,000 + 24,000) Job 103 ( 24,000 + 20,000 + 16,000) Total costs 74,000 60.000 134.000 5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were Requirement No. 2 a. FO Applied ( 20,000 x 80%) 16.000 completed during the month 品显的

Problem 17 Watson Manufacturing Company employs a job order cost accounting system and keeps perpetual inventory accounts. The following transactions occurred in the first month of operations. Direct materials roquisitioned during the month: Job 101 Job 102 Job 103 1. P 20,000 16,000 24,000 c. Work in Process 63,200 Factory Overhead Applied 63,200 2. Direct labor incurred and charged to jobs during the month was: P 30,000 29,000 20,000 d. Factory Overhead Control Various credit accounts Job 101 60,000 Job 102 60,000 Job 103 e. Finished Goods 134,000 Work in process 134,000 3. Factory overhead was applied to jobs worked on using a predetermined overhead rate based on 80% of direct labor cost 4. Actual manufacturing overhead costs incurred during the month amounted to P 60,000. Job 101 ( 20,000 + 30,000 + 24,000) Job 103 ( 24,000 + 20,000 + 16,000) Total costs 74,000 60.000 134.000 5. Job 101 consisting of 1,000 units and Job 103 consisting of 200 units were Requirement No. 2 a. FO Applied ( 20,000 x 80%) 16.000 completed during the month 品显的

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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Which one of the following best describes a job cost sheet? A. It is a form used to record the costs chargeable to a specific job and to determine the total and unit costs of the completed job. B. It is used to track manufacturing overhead costs for specific jobs. C. It is used by management to understand how direct costs affect profitability. D. It is a daily form that management uses for tracking worker productivity on which employee raises are based.
Factory Overhead Rates and Account Balances Prostheses Industries operates two factories. The manufacturing operations of Factory 1 are m e intensive, while the manufacturing operations of Factory 2 are labor intensive. The company applies factory overhead to jobs on the basis of machine hours in Factory 1 and on the basis of direct labor hours in Factory 2. Estimated factory overhead costs, direct labor hours, and machine hours are as follows: Factory 1 Estimated factory overhead cost for fiscal year beginning August 1 Estimated direct labor hours for year Estimated machine hours for year Actual factory overhead costs for August Actual direct labor hours for August Actual machine hours for August 1,730 a. Determine the factory overhead rate for Factory 1. Round your answer to the nearest cent. per machine hour $887,200 Factory 2 22,180 $70,930 $1,049,400 15,900 $90,600 1,430 b. Determine the factory overhead rate for Factory 2. Round your answer to the nearest cent. per direct labor…
How much manufacturing overhead was allocated to Job #222?
Q4. Referring to the concept of job costing in the manufacturing sector, identify how you will record the following journal entries: a)When raw materials are received. b)When raw materials are sent to the factory floor. c)When labor costs are incurred. d)When a job is completed. e)When a job is shipped to a customer. Note: You must assume significant values for each transaction of your own and prepare the journal entries for each case.
23. Using the activity-based costing method of applying manufacturing overhead, the amount of overhead applied to Job #414 would be: A) $29,600 B) $17,412 C) $34,824 $59,200 E) $36,000 24. Using the POHR based on direct labor hours, the amount of overhead costs applied to Job#414 would be: A) $36,000 B) $34,824 $17,412 D) $29,600 E) $59,200
What is the answer for number 32?
The job-order cost sheet accumulates the cost of all the jobs produced. True O False
Manufacturing cost data for Wildhorse Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Work in process 1/1/22 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Work in process 12/31/22 Cost of goods manufactured $ Case A 61,000 50,020 177,693 245,830 234,606 (a) (b) (c) Case B $18,910 $101,260 170,800 14,396 (d) (e) (f) (g)
10. How much manufacturing overhead was applied from the Molding Department to Job P and how much was applied to Job Q? 11. How much manufacturing overhead was applied from the Fabrication Department to Job P and how much was applied to Job Q? 12. If Job P includes 20 units, what is its unit product cost?
for 11; 12; 13; and 15 11. Using the plantwide overhead rate, what percentage of the total overhead cost is allocated to Product Y and Product Z? Note: Round intermediate calculations to 2 decimal places. Round your "Percentage" answers to 2 decimal place. 12. Using the ABC system, what percentage of the Machining costs is assigned to Product Y and Product Z? Note: Round intermediate calculations and your "Percentage" answers to 2 decimal places. 13. Using the ABC system, what percentage of Machine Setups cost is assigned to Product Y and Product Z? Note: Round intermediate calculations to 2 decimal places. Round your "Percentage" answers to 2 decimal places. 15. Using the ABC system, what percentage of the General Factory cost is assigned to Product Y and Product Z? Note: Round intermediate calculations to 2 decimal places. Round your "Percentage" answers to 2 decimal place.
Manufacturing cost data for Crane Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct la and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Work in process 1/1/22 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Work in process 12/31/22 Cost of goods manufactured Case A 38750 60000 (b) 52,000 43,680 151,476 209,560 (a) 199,992 (c) Case B $16,120 $86,320 145,600 231500 (e) (d) 369970 (f) 12,272 357770 (g)
I. In job-order costing, when the predetermined overhead rate is based on direct labor-hours, the amount of overhead applied to a job is proportional to the amount of actual direct labor-hours incurred on the job. II. In job-order costing, the work in process inventory account contains the actual costs of direct labor, direct materials, and manufacturing overhead incurred on partially completed jobs. A. Both statement are false b. Both statement are true c. Only statement I is true d. Only statement II is trye