••Q5: Stone Company, a manufacturer that uses job order costing provides the below partial account balances for the twelvemonths ended 12/31/20X2 and shares the following information regarding its 20X2 operations:The predetermined overhead rate for 20X2 was $1.25 of overhead for each dollar of direct labor incurred.Stone purchases 100% of its raw materials on account from vendor Diamond Corporation and used $0 indirect materials.Stone disposes of over/under applied MOH using the method covered in class and during 20X2 incurred $1,540,000 of directlabor which is already reflected below in item (ii).Raw MaterialBB 580,000BBA/P Diamond Corp180,000Work In ProcessBB 370,000(a)(b)1,100,000 1,280,000(1) (c)(ii) 1,540,000(e)EB 610,000EB360,000(iii)(d)EB(f)Finished GoodsBB 418,0001,980,000(g)(h)EB 523,000MOHCost of Goods SoldBB04,600,000EB()(1)What value of direct materials were requisitioned by production during the twelve months ended 12/31/20X2?A. $1,070,000 B. $1,250,000 C. $1,130,000 D. $1,100,000 E. $1,280,000

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Answered: • • Q5: Stone Company, a manufacturer…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 10EB: Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct...

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Inez has the following information relating to Job AA5. Direct material cost was $200,000, direct labor was $36,550, and overhead applied on the basis of direct labor hours was $73,100. What was the predetermined overhead rate using the labor rate of $17 per hour?
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1. ABC Co. uses a job-order cost system and applies overhead cost to jobs on the basis of direct materials used in production. The company's estimates were: manufacturing overhead cost, S400,000; and direct materials to be used in production, s250,000. The company's inventory accounte at the beginning of the year were: Beginning S 10,000 Ending $ 40,000 Raw Materials Work in Process 75,000 35,000 200,000 Finished Goods 130,000 The following actual costs were incurred during the year: Purchase of raw material (all direct) Direct labor cost S 255,000 45,000 Manufacturing overhead costs: Indirect labor 85.000 90,000 130,000 45,000 7,000 24,000 Utilities Depreciation of equipment Maintenance Insurance Rent, building Required: b) Compute the amount of under- or overapplied overhead for the year. 2. Prepare a schedule of cost of goods manufactured for the year. 3. Compute the cost of goods sold for the year. 4. Job 207 was started and completed during the year. What price would have been…
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O'Connell Corporation had the following transactions for its job order costing operation. Apr. 4 Purchased materials on account, $17,000. 7 Direct materials requisitioned to production, Job No. 106, $15,800. 12 Direct labor, Job No. 106, $15,200. 16 Indirect materials (factory overhead) requisitioned to production, $3,300. 22 Indirect labor (factory overhead), $2,400. 28 Other indirect costs (factory overhead, credit Accounts Payable), $2,700. Prepare general journal entries to record these transactions. GENERAL JOURNAL Page 1 Date Description PostRef. Debit Credit
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Q# 2: Job Order Costing (7 Marks)The Searider Company uses a job-order costing system. The following transactions occurred inApril:a. Raw materials were purchased on account, $180,000.b. Raw materials used in production, $148,000 ($130,000 direct materials and $18,000 indirectmaterials).c. Accrued direct labor cost of $75,000 and indirect labor cost of $105,000.d. Depreciation recorded on factory equipment, $40,000.e. Other manufacturing overhead costs accrued during April, $118,000.f. The company applies manufacturing overhead cost to production using a predetermined overheadrate of $6 per machine-hours. A total of 46,000 machine-hours were used in April.g. Jobs costing $495,000 according to their job cost sheets were completed during April andtransferred to Finished Goods.h. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped tocustomers during the month. These jobs were sold on account at 30% above cost.Required:1. Prepare journal entries to…

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