Problem - Job Order Costing Julia Company makes a specialty product to customer specifications. To accumulate cost Julia Company uses job-order costing. Manufacturing overhead is applied to production based on a predetermined rate of 75% of direct material cost. Any over-or underapplied overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: Cost Added in November Balance Direct Direct Materials $1,930 Job Name 10/31/2021 $9,800| Labor Fillory $900 Brakebills 6,780 5,600 2,100 Wellspring 9,300 2,780 1,870 Blackspire 5,670 7,100 1,560 Neitherlands 5,000 1,370 Atlantis 2,800 1,800 Actual Manufacturing OH for November was $31,450 At the end of November Jobs Fillory, Brakebills, Wellspring and Neitherlands were finished. Jobs Fillory, Brakebills, and Wellspring had been delivered to the customer. REQUIRED: 1. What is the ending balance in Work in process for November 30? 2. What is the ending balance in Finished Goods for November 30? 3. What is the total cost of goods manufactured in November 30?

Problem - Job Order Costing Julia Company makes a specialty product to customer specifications. To accumulate cost Julia Company uses job-order costing. Manufacturing overhead is applied to production based on a predetermined rate of 75% of direct material cost. Any over-or underapplied overhead is closed to the cost of goods sold account at the end of each month. Additional information is available as follows: Cost Added in November Balance Direct Direct Materials $1,930 Job Name 10/31/2021 $9,800| Labor Fillory $900 Brakebills 6,780 5,600 2,100 Wellspring 9,300 2,780 1,870 Blackspire 5,670 7,100 1,560 Neitherlands 5,000 1,370 Atlantis 2,800 1,800 Actual Manufacturing OH for November was $31,450 At the end of November Jobs Fillory, Brakebills, Wellspring and Neitherlands were finished. Jobs Fillory, Brakebills, and Wellspring had been delivered to the customer. REQUIRED: 1. What is the ending balance in Work in process for November 30? 2. What is the ending balance in Finished Goods for November 30? 3. What is the total cost of goods manufactured in November 30?

Name: Problem - Job Order CostingJulia Company makes a specialty product to
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Problem - Job Order CostingJulia Company makes a specialty product to customer specifications.To accumulate cost Julia Company uses job-order costing.Manufacturing overhead is applied to production based on apredetermined rate of 75% of direct mater

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

answer with must explanation , computation , narrations for each steps and parts answer in text form
Predetermined Factory Overhead Rate Spring Street Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $875,000 Shop direct labor 660,000 Shop and repair equipment depreciation 44,500 Shop supervisor salaries 138,000 Shop property taxes 27,500 Shop supplies 10,000 Advertising expense 22,100 Administrative office salaries 73,500 Administrative office depreciation expense 8,600 Total costs and expenses $1,859,200 The average shop direct labor rate is $30 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round to the nearest cent.$ per direct labor hour
Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $ 72,000 Number of moves 3,000 Engineering 165,000 Number of change orders 10,000 Other overhead 280,000 Direct labor hours 50,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $20,300 $19,800 $2,300 $0 Direct materials $6,500 $8,900 $12,700 $9,800 Direct labor cost $18,000 $20,000 $32,000 $2,400 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 44 52 29 5 Number of change orders 30 40 20 20 Direct labor hours 900 1,000 1,600 120 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.…
Overhead Assignment: Actual and Normal Activity ComparedReynolds Printing Company specializes in wedding announcements. Reynolds uses an actualjob-order costing system. An actual overhead rate is calculated at the end of each month usingactual direct labor hours and overhead for the month. Once the actual cost of a job is determined, the customer is billed at actual cost plus 50%.During April, Mrs. Lucky, a good friend of owner Jane Reynolds, ordered three sets ofwedding announcements to be delivered May 10, June 10, and July 10, respectively. Reynoldsscheduled production for each order on May 7, June 7, and July 7, respectively. The orders wereassigned job numbers 115, 116, and 117, respectively.Reynolds assured Mrs. Lucky that she would attend each of her daughters’ weddings. Outof sympathy and friendship, she also offered a lower price. Instead of cost plus 50%, she gave hera special price of cost plus 25%. Additionally, she agreed to wait until the final wedding to billfor the…
A job order cost sheet for Bramble Company is shown below. Job No. 92 For 2,000 Units Date DirectMaterials DirectLabor ManufacturingOverhead Beg. bal. Jan. 1 6,900 7,300 5,840 8 7,300 12 9,700 8,148 25 2,600 27 5,100 4,284 16,800 22,100 18,272 Cost of completed job: Direct materials $ 16,800 Direct labor 22,100 Manufacturing overhead 18,272 Total cost $ 57,172 Unit cost ($ 57,172 ÷ 2,000) $ 29 On the basis of the foregoing data, answer the following questions.(a) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? Balance in Work in Process Inventory on January 1 $ enter the Balance in Work in Process Inventory on January 1 in dollarsenter the Balance in Work in Process Inventory on January 1 in dollars (b) If manufacturing overhead is applied on the basis of direct labor cost, what…
answer with all work for all parts for all parts with computation formulation and explanation with steps please answer in text
Job Costs Using Activity-Based Costing Heitger Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Heitger identified three overhead activities and related drivers. Budgeted information for the year is as follows: Activity Cost Driver Amount of Driver Materials handling $ 72,000 Number of moves 3,000 Engineering 165,000 Number of change orders 10,000 Other overhead 280,000 Direct labor hours 50,000 Heitger worked on four jobs in July. Data are as follows: Job 13-43 Job 13-44 Job 13-45 Job 13-46 Beginning balance $20,300 $19,800 $2,300 $0 Direct materials $6,500 $8,900 $12,700 $9,800 Direct labor cost $18,000 $20,000 $32,000 $2,400 Job 13-43 Job 13-44 Job 13-45 Job 13-46 Number of moves 44 52 29 5 Number of change orders 30 40 20 20 Direct labor hours 900 1,000 1,600 120 By July 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13-45 and 13-46 were still in process.…
Predetermined Factory Overhead Rate Road Runner Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $843,900 Shop direct labor 616,000 Shop and repair equipment depreciation 65,900 Shop supervisor salaries 183,300 Shop property taxes 33,300 Shop supplies 25,500 Advertising expense 16,900 Administrative office salaries 72,600 Administrative office depreciation expense 9,300 Total costs and expenses $1,866,700 The average shop direct labor rate is $14 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent. per direct labor hour
Predetermined Factory Overhead Rate Turbo Shop uses job order costing to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $400,000 Shop direct labor 1,992,000 Shop and repair equipment depreciation 64,220 Shop supervisor salaries 210,000 Shop property taxes 57,390 Shop supplies 14,500 32,000 230,000 12,000 $3,012,110 Advertising expense Administrative office salaries Administrative office depreciation expense Total costs and expenses The average shop direct labor rate is $40.00 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.
i need the answer quickly
Cost Flows; Application of Overhead Mooresville Corporation manufactures reproductions ofeighteenth-century, classical-style furniture. It uses a job costing system that applies factory overheadon the basis of direct labor hours. Budgeted factory overhead for the year was $1,261,500, and management budgeted 87,000 direct labor hours. Mooresville had no Materials, Work-in-Process, or FinishedGoods Inventory at the beginning of August. These transactions were recorded during August:a. Purchased 5,000 square feet of oak on account at $26 per square foot.b. Purchased 50 gallons of glue on account at $36 per gallon (indirect material).c. Requisitioned 3,500 square feet of oak and 31 gallons of glue for production.d. Incurred and paid payroll costs of $187,900. Of this amount, $46,000 were indirect labor costs;direct labor personnel earned $22 per hour.e. Paid factory utility bill, $15,230 in cash.f. August’s insurance cost for the manufacturing property and equipment was $3,500. The…
Predetermined Factory Overhead Rate Spring Street Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts $753,500 Shop direct labor 550,000 Shop and repair equipment depreciation 31,000 Shop supervisor salaries 86,300 Shop property tax 15,700 Shop supplies 12,000 Advertising expense 15,100 Administrative office salaries 64,800 Administrative office depreciation expense 8,300 Total costs and expenses $1,536,700 The average shop direct labor rate is $22 per hour. Determine the predetermined shop overhead rate per direct labor hour. Round the answer to nearest whole cent.$fill in the blank 1 per direct labor hour