process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $1,710 of indirect materials and $20,710 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Direct materials. Direct labor Factory overhead Total Direct materials Direct labor Job 303 Factory overhead $17,710 6,800 3,740 $28,250 $25,950 7,500 Job 302 Direct materials Direct labor Factory overhead Total Direct materials Direct labor Job 304 Factory overhead $8,280 3,500 1,925 $13,705 $5,100 1,000 Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry, leave it blank. d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.
process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $1,710 of indirect materials and $20,710 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Direct materials. Direct labor Factory overhead Total Direct materials Direct labor Job 303 Factory overhead $17,710 6,800 3,740 $28,250 $25,950 7,500 Job 302 Direct materials Direct labor Factory overhead Total Direct materials Direct labor Job 304 Factory overhead $8,280 3,500 1,925 $13,705 $5,100 1,000 Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry, leave it blank. d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:on the related cost sheets. SOS US an OT are summ
process at the end of the month, and all applicable costs
except factory overhead have been recorded on the
related cost sheets. In addition to the materials and
labor charged directly to the jobs, $1,710 of indirect
materials and $20,710 of indirect labor were used during
the month. The cost sheets for the four jobs entering
production during the month are as follows, in summary
form:
Job 301
Direct materials
Direct labor
Factory overhead
Total
Job 303
Direct materials
Direct labor
Factory overhead
$17,710
6,800
3,740
$28,250
$25,950
7,500
Job 302
Direct materials
Direct labor
Factory overhead
Total
Job 304
Direct materials
Direct labor
Factory overhead
$8,280
3,500
1,925
$13,705
$5,100
1,000
Journalize the summary entry to record each of the
following operations for March (one entry for each
operation):
a. Direct and indirect materials used. If an amount box
does not require an entry, leave it blank.
DUQ
b. Direct and indirect labor used. If an amount box
does not require an entry, leave it blank.
BE
c. Factory overhead applied to all four jobs (a single
overhead rate is used based on direct labor cost). If an
amount box does not require an entry, leave it blank.
d. Completion of Jobs 301 and 302. If an amount box
does not require an entry, leave it blank.
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