Question:At the end of April, Almerinda Company had completed Jobs 50 and 51.Job 50 is for 23,040 units, and Job 51 is for 26,000 units.The following data relate to these two jobs:On April 6, Almerinda Company purchased on account 60,000 units of rawmaterials at $12 per unit.On April 21, raw materials were requisitioned for production as follows:25,000 units for Job 50 at $10 per unit and 27,000 units for Job 51 at $12per unit.During April, Almerinda Company accumulated 20,000 hours of directlabor costs on Job 50 and 24,000 hours on Job 51. The total direct laborwas incurred at a rate of $20.00 per direct labor hour for Job 50 and$22.00 per direct labor hour for Job 51.Almerinda Company estimates that total factory overhead costs will be$1,750,000 for the year. Direct labor hours are estimated to be 500,000.a. Determine the balance on the account in the work in process subsidiaryledger in which the costs charged to a particular job order are recorded onjob cost sheets for Jobs 50 and 51 at the end of April.b. Determine the cost per unit for Jobs 50 and 51 at the end of April. Ifrequired, round your answers to two decimal places.

Definition Of A Job Cost Sheet:A job cost sheet is a detailed record that accumulates all costs…

Answered: Question: At the end of April,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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During October, Jobs 878, 879, and 880 were started. Data on costs added during October for all jobs are as follows: Direct materials Direct labor Job 877 $14,490 15,600 Job 878 $5,920 8,700 Job 879 $3,480 1,900 Job 880 $1,880 1,900 Overhead is applied to production at the rate of 60% of direct labor cost. Job 877 was completed on October 28, and the client was billed at cost plus 50%. All other jobs remained in process. Required: 1. Prepare a brief job-order cost sheet showing the October 1 balances of all four jobs, plus the direct materials and direct labor costs during October. There is no need to calculate applied overhead at this point or to total the costs. All amount cells must have an entry; enter zeros as needed. Gorman Company Job-Order Cost Sheets For the Month of October Job 877 Beginning balance $18,630 Job 878 Job 879 Job 880
In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of $72,000. Overhead totaled $32,700 for the month. Information on inventories was as follows: July 1 July 31 Materials $5,400 $5,200 Work in process $ 700 $1,200 Finished goods $3,100 $2,700 What was the cost of direct materials used in July?
Job Costs At the end of April, Almerinda Company had completed Jobs 50 and 51. Job 50 is for 23,040 units, and Job 51 is for 26,000 units. The following data relate to these two jobs: On April 6, Almerinda Company purchased on account 60,000 units of raw materials at $12 per unit. On April 21, raw materials were requisitioned for production as follows: 25,000 units for Job 50 at $10 per unit and 27,000 units for Job 51 at $12 per unit. During April, Almerinda Company accumulated 20,000 hours of direct labor costs on Job 50 and 24,000 hours on Job 51. The total direct labor was incurred at a rate of $20.00 per direct labor hour for Job 50 and $22.00 per direct labor hour for Job 51. Almerinda Company estimates that total factory overhead costs will be $1,750,000 for the year. Direct labor hours are estimated to be 500,000. a. Determine the balance on the job cost sheets for Jobs 50 and 51 at the end of April. Job 50 Job 51 b. Determine the cost per unit for Jobs 50 and 51 at the end of…
Subject: acounting
Job Costs At the end of August, Carrothers Company had completed Jobs 50 and 56. Job 50 is for 1,000 units, and Job 56 is for 500 units. The following data relate to these two jobs: On August 4, raw materials were requisitioned for production as follows: 400 units for Job 50 at $20 per unit and 1,400 units for Job 56 at $16 per unit. During August, Carrothers Company accumulated 200 hours of direct labor costs on Job 50 and 1,200 hours on Job 56. The total direct labor was incurred at a rate of $12 per direct labor hour for Job 50 and $14 per direct labor hour for Job 56. The predetermined factory overhead rate is $4.00 per direct labor hour. a. Determine the balance on the job cost sheets for Jobs 50 and 56 at the end of August. Job 50 $ Job 56 b. Determine the cost per unit for Jobs 50 and 52 at the end of August. If required, round your answers to the nearest cent. Job 50 $ Job 56 $ $
9.
[The following information applies to the questions displayed below.]Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $101,700 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 49,900 Job 202 25,300 Total direct materials 75,200 Indirect materials 10,320 Total materials used $ 85,520 Time tickets show the following labor used for the month. Job 201 $ 40,900 Job 202 14,300 Total direct labor 55,200 Indirect labor 25,900 Total labor used $ 81,100 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $168,860 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 33,700 Rent on factory building (payable)…
Job Costs At the end of May, Bergan Company had completed Jobs 200 and 305. Job 200 is for 2,390 units, and Job 305 is for 2,053 units. The following data relate to these two jobs: On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. During May, Bergan Company accumulated 2,500 hours of direct labor costs on Job 200 and 3,000 hours on Job 305. The total direct labor was incurred at a rate of $28 per direct labor hour for Job 200 and $24 per direct labor hour for Job 305. Bergan Company estimates that total factory overhead costs will be $620,000 for the year. Direct labor hours are estimated to be 80,000. a. Determine the balance on the job cost sheets for Jobs 200 and 305 at the end of May. b. Determine the cost per unit for Jobs 200 and 305 at the end of May. If required, round your answers…
K company production was working on Job 1 and Job 2 during the month. Of the $785 in direct materials, $375 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $22 per hour, and employees worked 17 hours on Job 1 and 28 hours on Job 2. Overhead is applied at the rate of $18 per direct labor hours. Prepare job order cost sheets for each job. Job 1 Hours Total Cost Direct materials $fill in the blank 1 Direct labor fill in the blank 2 fill in the blank 3 Manufacturing overhead fill in the blank 4 fill in the blank 5 Total cost $fill in the blank 6 Job 2 Hours Total Cost Direct materials $fill in the blank 7 Direct labor fill in the blank 8 fill in the blank 9 Manufacturing overhead fill in the blank 10 fill in the blank 11 Total cost $fill in the blank 12
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,700, direct labor of $3,600, and applied overhead of $2,880. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on credit) for $24,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Job 121 Job 122 Direct materials used $ 1,000 $ 6,100 $ 2,900 Direct labor used 3,800 4,000 3,900 1. Prepare journal entries for the following July transactions and events a through e.a. Direct materials used.b. Direct labor used.c. Overhead applied.d. Sale of Job 120.e. Cost of goods sold for Job 120. Hint: Job 120 has costs from June and July.2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory…
Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 1,270 Job No. 223 1,580 Job No. 224 1,690 Job No. 225 960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would the journal entry to record the costs of completed job during the first quarter be? Group of answer choices Debit: Finished goods inventory $4,200 and Credit: Work-in-process inventory $4,200 Debit: Work-in-process inventory $2,650 and Credit: Finished goods inventory $2,650 Debit: Finished goods inventory $1,270 and Credit: Work-in-process inventory $1,270 Debit: Work-in-process inventory $2,930 and Credit Finished goods inventory $2,930
On May 7, Lockmiller Company purchased on account 12,000 units of materials at $6 per unit. During May, raw materials were requisitioned for production as follows: 8,400 units for Job 275 at $6 per unit and 2,150 units for Job 310 at $4 per unit. Required: Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Chart of Accounts CHART OF ACCOUNTS Lockmiller Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance…

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