Problem 2. The Best Manufacturing Company uses standard costs with its job order costaccounting system. During the third quarter of 2013, an order of 4,000 units of ProductEcho (Job. 3-3003) was accepted from a longtime customer. The standard cost toproduce a unit is given below:Direct materials – 3.0 lbs at P8.00 per poundDirect labor – 2 hours at P18 per hourOverhead – 2 hours (variable P6; Fixed P10)Overhead is applied to production on the basis of direct labor hours. Normal capacity forthe quarter was 9,000 direct labor hours.During the quarter, the following transactions related to the job occurred:a. Purchased 12,400 pounds of raw materials on account at P7.20 per poundb. Issued 12,400 pounds of raw materials to productionc. Incurred 7,600 hours of direct labor at P18.40 per hourd. Manufacturing overhead incurred for the quarter totaled P135,300.e. Applied overhead to production.f. Transferred completed jobs to Finished Goods.g. Billed the customer at cost plus 60% mark-up on cost.REQUIRED: Journal entries to record the above.

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Answered: Problem 2. The Best Manufacturing…

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 2: ABC Company manufactures special purpose machines to order. Because the products are tailored for the customers' preference, completed units are automatically sold to gain 20% profit on billed price. On 1/1/2017 there were two jobs in process, 405 and 406. The following costs were applied to them in 2016: Job 405 P 5,000 Iob 406 P 8,000 Direct material Direct labor 4,000 4,400 P13.400 3,000 3,300 P14.300 Overhead Total During January of 2017, the following transactions took place: Raw material costing P40,000 was purchased on account. Jobs #407, 408, and 409 were started and the following costs were applied to them: Job 407 Lob 408 Job 409 P 7,000 Direct materials Direct labor P3,000 P10,000 6,000 5,000 4,000 Job P405 and Job #406 were completed after incurring additional direct labor costs of P2,000 and P4,000, respectively. Job 408 is also completed on January. Wages paid to production employees during January totaled P25,000. Depreciation of factory equipment for the…
e R Company has the following production information available for June: Total materials costs Equivalent units of materials Total conversion costs Equivalent units of conversion costs What is the total manufacturing cost per unit? O a. $14.00 O b. $6.00 O c. $6.67 O d. $8.00 ment 3-Group Assignment on Job here to search O $ 80,000 10,000 $120,000 20,000 II O 6 Accianmont 4. Final
Your company uses an activity-based costing system for its overhead costs. Thefollowing data is from its activity-based costing system. Activity Cost Pools Activity Rate Construction ........... $35.50 Per DLH Office support....... $580.00 Per Order Customer Support........ $250.00 Per Customer Revenue related to job $35,000.00 Number of orders 5 Traceable costs........ $7,500 DLH used 635 What is customer margin for this client? (Round to the nearest dollar if necessary.) Group of answer choices $25,693 $1,808 $9,308 $2,058
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Question (2 Points) During January 2021, LOBO Company worked on three jobs, under normal cost system. Data relating to these three jobs follows: JOB NO. 101 3,000 JOB NO. 100 JOB NO. 103 Units in each order 1,800 4,500 Raw Materials requisitioned P32,000 P42,000 P45,000 Direct labor hours 1,000 1,500 2,000 Direct labor rate per hour P60 P70 P60 Actual Indirect materials used 5,000 3,000 2,000 Overhead is applied at 80% of direct labor cost. During January, Job no. 100 was completed & delivered to customer at 25% markup based on cost. Job no. 103 was placed in stock. Job no. 101 was the only unfinished job at the end of the month. The billing price for Job No. 100 per unit amounted to Enter your answer 62 These are costs that an in upit ORD F12 PriSc Delc 3 5. 6. RI T U SO G N M Alt Cirl
Please I want to learn how to make these problems with a good explanation. One of those there is the possible answer. I need only question 16 Thank you
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Discussion Question Epsilon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At the beginning of 2018, they estimated total manufacturing overhead costs at $1,015,000, and they estimated total direct labor costs at $1,400,00o. The administration and selling overheads are to be absorbed in each job cost at 15% of production cost. Distribution cost should be added to each job according to quotes from outside carriage companies. The company wishes to quote for job # W5oo. Data for the job are as follows: Direct materials cost $169,450 Direct labour cost $230,000 Direct labour hours 400 hours Special Design Cost Distribution quote from haulage company Units of product produced $12,300 $17,930 250 crates a) Compute Epsilon Manufacturing Company predetermined manufacturing overhead rate for 2018. b) How much manufacturing overhead was allocated to Job #W5o0? c) Calculate the total cost & quotation price of Job #W500, given…
Problem 5. Blims Manufacturing Company manufactures different office furniture and accounts for costs using the Job Order Costing System. During the 3rd quarter of the current year, 500 tables (Job Order No. 6-210) are ordered by an international firm. The costs incurred on this job are: Direct Materials Direct Labor Manufacturing overhead P1,250 per unit 5 hours per unit @ P48.00 per hr P50 per direct labor hour Final inspection revealed that 100 tables are defective and these can be reworked requiring 2 hours a unit in addition to overhead. The 500 units are delivered and billed the customer at cost plus 40%. REQUIRED: 1. Give the entries to record the above assuming that the defective job is due to customer specification. 2. Determine the manufacturing cost per unit.
Question 3: Sur Manufacturing is a small manufacturer that uses machine-hours as its activity base for assigned overhead costs to jobs. The company estimated the following amounts for 2015 for the company and for Job 50: Company OMR 60.000 OMR 25,000 OMR 72,000 90.000 Job 50 OMR 4,000 OMR 2.500 Direct materials Direct labor Manufacturing overhead costs Machine hours 1,350 During 2015, the actual machine-hours totaled 94,000, and actual overhead costs were OMR 71,000. Instructions (a) Compute the predetermined overhead rate. (b) Compute the manufacturing overhead applied. (c) Compute the total manufacturing costs for Job 50.
Please help me with all answers I will give upvote thanku
Please answer all the requirement otherwise skip it Delph Company uses a job-order costing system and has two manufacturing departments—Molding and Fabrication. The company provided the following estimates at the beginning of the year: Molding Fabrication Total Machine-hours 23,000 33,000 56,000 Fixed manufacturing overhead cost $ 800,000 $ 280,000 $ 1,080,000 Variable manufacturing overhead cost per machine-hour $ 5.00 $ 2.00 During the year, the company had no beginning or ending inventories and it started, completed, and sold only two jobs—Job D-70 and Job C-200. It provided the following information related to those two jobs: Job D-70 Molding Fabrication Total Direct materials cost $ 370,000 $ 320,000 $ 690,000 Direct labor cost $ 240,000 $ 160,000 $ 400,000 Machine-hours 14,000 9,000 23,000 Job C-200 Molding Fabrication Total Direct materials cost $ 220,000 $ 220,000 $ 440,000 Direct labor cost $ 140,000 $ 260,000 $ 400,000…

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