Q.2. The lollowing information has been taken from the job order cost systemi used byAADIL & C),leaving $2,000 underapplied that was closed into the cost of goods sold account. TotalPRODUCTION COST IN JULYBALANCE JULY 1, 2006Rs.140,000108,00030,00050,000JOB #2122Rs.166,000130,000200,000121,00080,0002324252627OTHER INFORMATION:During July Job # 23, 24 and 25 were completed and Job # 21, 22 and 23 were sold onaccount at 25% above cost.REQUIRED:A- COMPUTE1. Cost of finished goods inventory - beginning2. Cost of goods in proce:s inventory-beginning3. Cost of finished goods inventory- ending4. Cost of goods in process inventory-ending5. Cost of goods manufactured6. Cost of goods sold7. Sales revenueScanned with CamScannerUIOnder Costineginning of Mlay, tadmiet was $9,000. Factory overhead was applied at a rate of 100% of direct labor cost,ob # 372700marketing and administrative expenses amounted to 10% and 15%, respectively, of thegross sales.Required:(1) Prepare a balance sheet as of December 31, 19B.(2) Prepare an income statement for the year 19B, with details of the cost of goodsmanufactured and sold.jobs # 373,000 and(AICPA adapted)t labor

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Q.2. The lollowing information has heen taken from the job order cost systemi used by AADIL & C), JOB # BALANCE JULY 1, 2006 | PRODUCTION COST IN JULY 21 Rs.140,000 108,000 30,000 50,000 ----- --- 22 23 Rs.166,000 130,000 200,000 121,000 80,000 24 25 26 27 OTHER INFORMATION: During July Job # 23, 24 and 25 were completed and Job # 21, 22 and 23 were sold on account at 25% above cost. REQUIRED: A- COMPUTE 1. Cost of finished goods inventory - beginning 2. C'ost of goods in proce:s inventory-beginning 3. Cost of finished goods inventory- ending

Q.2. The lollowing information has heen taken from the job order cost systemi used by AADIL & C), JOB # BALANCE JULY 1, 2006 | PRODUCTION COST IN JULY 21 Rs.140,000 108,000 30,000 50,000 ----- --- 22 23 Rs.166,000 130,000 200,000 121,000 80,000 24 25 26 27 OTHER INFORMATION: During July Job # 23, 24 and 25 were completed and Job # 21, 22 and 23 were sold on account at 25% above cost. REQUIRED: A- COMPUTE 1. Cost of finished goods inventory - beginning 2. C'ost of goods in proce:s inventory-beginning 3. Cost of finished goods inventory- ending

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 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 32,200 Direct labor used (in March) Overhead applied (March) 23,200 13,200 $ 38,200 21,200 12,200 Costs during April Direct labor used Overhead applied Direct materials used 143,000 Status on April 30 88,200 ? Finished (sold) 228,000 $ 108,000 158,000 ? 113,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases in April are $508,000, and total factory payroll cost in April is $371,000. c. Actual overhead costs incurred in April are indirect materials, $52,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory…
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Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount
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Job cost sheets show the following information: Job January February March Completed Sold AA2 $2500 $1200 February not sold AA4 $4838 January february AA5 $3250 February march AA3 $3409 $2319 april not sold Total $7338 $7859 $2319 Required: a) Which job(s) are still in process at the end of January, and what is the cost of this job(s)? b) Which job(s) were completed at the end of February, and what is the cost of this completed job(s)? c) What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for March? d) How does job costing in a service organization differ from job costing in a manufacturing organization?