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Problem (worksheet) 1. Finished goods The books of Rochelle Products Company show the folowing account badances as of March 1: P 78, 830 Work in process 292, 621 Materids 65, 000 Over- or under opplied factory 12, 300 (Cr.) The work in process account is supported by the folowing job order cost sheets: Direct Materials Direct Factory Job Item Labor Overhead Totd 204 80, 000 balloons P 15, 230 P 21, 430 P 13, 800 P 50, 460 55, 240 22, 370 19, 366 205 5, 000 life rafts 40, 450 118, 060 206 10, 000 life belts 60, 875 43, 860 124, 101 P 292, 621 Totd P 16, 555 P 120, 530 55, 536 During March, the folowing transactions occurred: a. Purchase of materials, P 42, 300 b. Purchase of special materids wCas P 5, 800 for new Job 207, which colls for 4, 000 life jackets. c. hcirect Iabor cost was P 12, 480. Direct labor was folows: Job Amount Hours 204 P26, 844 3, 355.5 205 22, 750 3, 250. O 206 28, 920 3,615.O 207 20, 370 2,910.0 d. Materids issued: Job 204 P 9, 480 Job 205 P 1, 320 Job 206 P 1O, 490 Job 207 P 16, 640 (excluding P5, 800 of specid materials, which are dso issued at this time) e. Other factory overhead incurred or accrued: Insurance on factory P 830. 00 Tax on real estate 845. 00 780. 00 Depreciation-machinery Depreciation-factory building Light Cod used 840. 00 560. 00 1, 810. 00 3, 390. 00 Power Repairs and maintenance Indirect supplies 2, 240, 00 1, 910. 00 15, 256. 87 f. Factory overhead is applied at the rate of P 2.30 per direct labor hour. An applied overhead control account is used and is Miscellaneous then closed to the overhead control account. g. Job 204 was shipped and billed at a contract price of P 117, 500. . Required: (1) Compute the total cost of each job at the end of March. (2) Determine the over- or under-qpplied factory overhead remaining in the overhead account. (3) Necessary Journd entries for Job 204

Problem (worksheet) 1. Finished goods The books of Rochelle Products Company show the folowing account badances as of March 1: P 78, 830 Work in process 292, 621 Materids 65, 000 Over- or under opplied factory 12, 300 (Cr.) The work in process account is supported by the folowing job order cost sheets: Direct Materials Direct Factory Job Item Labor Overhead Totd 204 80, 000 balloons P 15, 230 P 21, 430 P 13, 800 P 50, 460 55, 240 22, 370 19, 366 205 5, 000 life rafts 40, 450 118, 060 206 10, 000 life belts 60, 875 43, 860 124, 101 P 292, 621 Totd P 16, 555 P 120, 530 55, 536 During March, the folowing transactions occurred: a. Purchase of materials, P 42, 300 b. Purchase of special materids wCas P 5, 800 for new Job 207, which colls for 4, 000 life jackets. c. hcirect Iabor cost was P 12, 480. Direct labor was folows: Job Amount Hours 204 P26, 844 3, 355.5 205 22, 750 3, 250. O 206 28, 920 3,615.O 207 20, 370 2,910.0 d. Materids issued: Job 204 P 9, 480 Job 205 P 1, 320 Job 206 P 1O, 490 Job 207 P 16, 640 (excluding P5, 800 of specid materials, which are dso issued at this time) e. Other factory overhead incurred or accrued: Insurance on factory P 830. 00 Tax on real estate 845. 00 780. 00 Depreciation-machinery Depreciation-factory building Light Cod used 840. 00 560. 00 1, 810. 00 3, 390. 00 Power Repairs and maintenance Indirect supplies 2, 240, 00 1, 910. 00 15, 256. 87 f. Factory overhead is applied at the rate of P 2.30 per direct labor hour. An applied overhead control account is used and is Miscellaneous then closed to the overhead control account. g. Job 204 was shipped and billed at a contract price of P 117, 500. . Required: (1) Compute the total cost of each job at the end of March. (2) Determine the over- or under-qpplied factory overhead remaining in the overhead account. (3) Necessary Journd entries for Job 204

FINANCIAL ACCOUNTING
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 (worksheet) 1. The books of Rochelle Products Company show the folowing account badances as of March 1: Firished goods P 78,830 Work in process 292, 621 Materids 65, 000 Over- or under applied factory 12, 300 (Cr.) The work in process account is supported by the folowing job order cost sheets: Direct Direct Factory Job Item Materias Labor Overhead Totd 204 80, 000 balloons P. 15, 230 P 21, 430 Р 13, 800 P 50, 460 5.000 life rafts 55, 240 43, 860 P 120, 530 22, 370 19, 366 205 40, 450 118, 060 206 10, 000 life belts 60, 875 124, 101 Totd P 116, 555 P 16. P P 292, 621 55, 536 During March, the folowing transactions occurred: a. Purchose of materials, P 42, 300 b. Purchose of special materids was P 5, 800 for new Job 207, which calls for 4, 000 life jackets. c. hdirect Iabor cost was P 12, 480. Direct labor was folows: Job Amount Hours 204 P26, 844 3, 355. 5 205 22, 750 3, 250. O 206 28, 920 3,615. O 207 20, 370 2, 910.0 d. Materids issued: Job 204 P 9, 480 Job 205 P 11, 320 Job 206 P10, 490 Job 207 P 16, 640 (excluding P5, 800 of specid materials, which are dso issued at this time) e. Other factory overhead incurred or accrued: Insurance on factory P 830. 00 845. 00 780, 00 840. 00 Tax on real estate Depreciation-machinery Depreciation-factory building Light Cod used 560. 00 1, 810. 00 Power 3, 390. 00 Repairs and maintenance Indirect supplies 2,240, 00 1, 910. 00 Miscellaneous 15, 256. 87 f. Factory overhead is applied at the rate of P 2.30 per direct Iabor hour. An applied overhead control account is used and is then closed to the overhead control account. g. Job 204 was shipped and billed at a contract price of P 117, 50o. Required: (1) Compute the total cost of each job at the end of March. (2) Determine the over- or under-applied factory overhead remaining in the overhead account. (3) Necessary Journa entries for Job 204 L J
Transcribed Image Text:Problem (worksheet) 1. The books of Rochelle Products Company show the folowing account badances as of March 1: Firished goods P 78,830 Work in process 292, 621 Materids 65, 000 Over- or under applied factory 12, 300 (Cr.) The work in process account is supported by the folowing job order cost sheets: Direct Direct Factory Job Item Materias Labor Overhead Totd 204 80, 000 balloons P. 15, 230 P 21, 430 Р 13, 800 P 50, 460 5.000 life rafts 55, 240 43, 860 P 120, 530 22, 370 19, 366 205 40, 450 118, 060 206 10, 000 life belts 60, 875 124, 101 Totd P 116, 555 P 16. P P 292, 621 55, 536 During March, the folowing transactions occurred: a. Purchose of materials, P 42, 300 b. Purchose of special materids was P 5, 800 for new Job 207, which calls for 4, 000 life jackets. c. hdirect Iabor cost was P 12, 480. Direct labor was folows: Job Amount Hours 204 P26, 844 3, 355. 5 205 22, 750 3, 250. O 206 28, 920 3,615. O 207 20, 370 2, 910.0 d. Materids issued: Job 204 P 9, 480 Job 205 P 11, 320 Job 206 P10, 490 Job 207 P 16, 640 (excluding P5, 800 of specid materials, which are dso issued at this time) e. Other factory overhead incurred or accrued: Insurance on factory P 830. 00 845. 00 780, 00 840. 00 Tax on real estate Depreciation-machinery Depreciation-factory building Light Cod used 560. 00 1, 810. 00 Power 3, 390. 00 Repairs and maintenance Indirect supplies 2,240, 00 1, 910. 00 Miscellaneous 15, 256. 87 f. Factory overhead is applied at the rate of P 2.30 per direct Iabor hour. An applied overhead control account is used and is then closed to the overhead control account. g. Job 204 was shipped and billed at a contract price of P 117, 50o. Required: (1) Compute the total cost of each job at the end of March. (2) Determine the over- or under-applied factory overhead remaining in the overhead account. (3) Necessary Journa entries for Job 204 L J
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