••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

We can solve for the value of direct materials requisitioned by production using the information…

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

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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Tuscon Corporation The records of Tuscon Corporation revealed the following data for the current year. Work in Process $73,150 Finished Goods 115,000 Cost of Goods Sold 133,650 Direct Labor 111,600 Direct Material 84,200 Refer to Tuscon Corporation. Assume that Tuscon has underapplied overhead of $37,200 and that this amount is material. What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent.) Select one: a. Debit Overhead $37,200 and credit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 b. Debit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 and credit Overhead $37,200 c. Debit Cost of Goods Sold $37,200 and credit Overhead $37,200 d. Debit Work in Process $37,200 and credit Overhead $37,200
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Required information [The following information applies to the questions displayed below.] Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded this year: a. Raw materials were purchased on account, $510,000. b. Raw materials used in production, $480,000. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $600,000; indirect labor, $150,000; selling and administrative salaries, $240,000. d. Incurred various selling and…
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Grange Company has two departments, Stamping and Assembly. The company uses a job-order costing system and computes a predetermined overhead rate in each department. The Stamping Department bases its rate on machine-hours, and the Assembly Department bases its rate on direct labour cost. At the beginning of the year, the company made the following estimates: Department Stamping 40,000 300,000 $2,550,000 $ 360,000 $3,200,000 Assembly 125,000 15,000 $4,000,000 Direct labour-hours Machine-hours Manufacturing overhead cost Direct labour cost Required: 1. Compute the predetermined overhead rate to be used in each department. (Round your stamping department answer to 2 decimal places.) Stamping department Assembly department per machine-hour % Direct labour cost
Company XYZ applies overhead cost to jobs on the basis of direct labor cost Job A, which was started and completed during the current period, shows charges of $15,000 for direct materials, $13,000 for direct labor, and $26,000 for overhead on its job cost sheet Job B, which is still in process at year-end, shows charges of $12,400 for direct materials and $24.000 for applied overhead. Deect ubor cost of lob B at year end is Select one a None of the arswers given b. $11,000 C $36,400 Od $13,000 e $12,000
The Cavy Company accumulated 570 hours of direct labor on Job 456 and 810 hours on Job 777. The direct labor was incurred at a rate of $18 per direct labor hour for Job 456 and $21 per direct labor for Job 777. Journalize the entry to record the flow of labor costs into production. fill in the blank 2 fill in the blank 4
The billing price for job no. 100 per unit amounted to ________
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Assume that a company pays a 5% sales commission. Also, assume (1) a company's plantwide predetermined overhead rate is $13.00 per direct labor-hour, and (2) its job cost sheet for Job X shows that this job used 18 direct labor-hours and incurred direct materials and direct labor charges of $500 and $360, respectively. What is the total cost of Job X? O $1,105.70 O $734.00 O $1148.70 O $1094.00
7. Reamer Company uses a predetermined overhead rate based on machine-hours to apply manufacturing overhead to jobs. The company has provided the following estimated costs for next year: Direct materials.. Direct labor S1,000 S3,000 S4,000 $2,000 $400 S800 S1,000 Sales commissions Salary of production supervisor. Indirect materials. Advertising expense. Rent on factory equipment. Reamer estimates that 500 direct labor-hours and 1,000 machine-hours will be worked during the year. The predetermined overhead rate per hour will be: $6.80 $6.00 $3.00 $3.40

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