Reilly Company Reilly Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #8 , #12, and #15. Raw material used $130,000 $9.50 Direct labor per hour Overhead applied based on direct labor cost 125% Direct material was requisitioned as follows for each job respectively: 25 percent, 30 percent, and 30 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is $45,000. Other actual overhead costs totaled $50,000. Refer to Reilly Company. Assume the balance in Work in Process Inventory was $21,500 on April 1 and $29,520 on April 30. The balance on April 30 represents one job that contains direct material of $12,375. How many direct labor hours have been worked on this job (rounded to the nearest hour)? Select one: O a. 802 b. 3,107 c. 1,805 d. 1,381

Reilly Company Reilly Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #8 , #12, and #15. Raw material used $130,000 $9.50 Direct labor per hour Overhead applied based on direct labor cost 125% Direct material was requisitioned as follows for each job respectively: 25 percent, 30 percent, and 30 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is $45,000. Other actual overhead costs totaled $50,000. Refer to Reilly Company. Assume the balance in Work in Process Inventory was $21,500 on April 1 and $29,520 on April 30. The balance on April 30 represents one job that contains direct material of $12,375. How many direct labor hours have been worked on this job (rounded to the nearest hour)? Select one: O a. 802 b. 3,107 c. 1,805 d. 1,381

Name: Reilly CompanyReilly Company uses a job-order costing system and the
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Reilly CompanyReilly Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #8, #12, and #15.Raw material used$130,000$9.50Direct labor per hourOverhead applied bas

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jacks Company uses a job order costing system and the following information isavailable from its records. The company has three jobs in process: #1, #2, and #3.Raw material used P120,000Direct labor per hour P8.50Overhead applied based on direct labor cost 120%Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent,and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per jobare 2,500; 3,100; and 4,200; respectively. Indirect labor is P33,000. Other actual overhead coststotaled P36,000. If Job #3 is completed and transferred, what is the balance in Work in Process Inventory atthe end of the period if overhead is applied at the end of the period?
Carradine Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine hours. The company based as predetermined overhead rate for the curren manufacturing overhead cost of $105,000. variable manufacturing overhead of $3.00 per machine hour, and 70,000 machine hours. The company recently completed job P223 which required 60 machine overhead applied to Job P233 is closest to O $90 O $270 Ⓒ$450 O$180
Adams Co. uses a job order costing system. The following information is available from its records. The company has 3 jobs in process: #13, #16 and #20. Raw material used $900,000, direct labour rate per hour $8.50 and overhead is applied based on direct labour cost 120%. Direct material was requisitioned as follows for each job: 30%, 25% and 25%; the balance of the requisitions was considered indirect. Direct labour hours per job are 18,750; 23,250 and 31,500 respectively. Indirect labour is $247,500. Other actual overhead costs totalled $270,000. What is the total amount of overhead applied to Job #16, Job #13 and Job#20 ?
A company uses job-order costing system with a pre-determined overhead rate based onthe machine hours. The total machine hours are 64,000 hours. The variable manufacturingoverhead per machine hour is $6 and the estimated total fixed manufacturing overheadscost is $704,000. The additional information for a job order "JOCS" is summarized asfollows:20DescriptionNumber of unitsTotal machine hoursDirect materials80$1,400$2,800Direct labor costsThe company marks up it unit product costs by 25%. With the provided information,compute the selling price of the unit in JOCS.
What is the total amount of actual factory overhead?
Please write your answer
Reilly Company Reilly Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #8, #12, and #15. Raw material used Direct labor per hour Overhead applied based on direct labor cost Direct material was requisitioned as follows for each job respectively: 25 percent, 30 percent, and 30 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is $45,000. Other actual overhead costs totaled $50,000. Refer to Reilly Company. How much overhead is applied to Work in Process? Select one: O O O O $130,000 $9.50 125% a. $164,938 b. $95,000 c. $162,900 d. $119,938
At the end of Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: JobDirect Materials Direct Machine Hours Job No. 765 $ 5,670 3,500 Job No. 8,900 4,775 44 Job 765 produced 152 units, and Job 766 consisted of 250 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of 200 per hour. a. Determine the balance on the job cost sheets for each job Job 765 Job 766 b. Determine the cost per unit at the end of April. Round your answers to the nearest cent Job 765 Job 766
Jacks Company uses a job order costing system and the following information isavailable from its records. The company has three jobs in process: #1, #2, and #3.Raw material used P120,000Direct labor per hour P8.50Overhead applied based on direct labor cost 120%Direct material was requisitioned as follows for each job respectively: 30 percent, 25 percent,and 25 percent; the balance of the requisitions was considered indirect. Direct labor hours per jobare 2,500; 3,100; and 4,200; respectively. Indirect labor is P33,000. Other actual overhead coststotaled P36,000. Required: a. prime cost of Job #1? b. total amount of overhead applied to Job #2? c. total amount of actual overhead? d. overhead applied to Work in Process?
2
For XYZ Company, the following information related to costs is available for the last quarter: direct materials $1,000, direct labor $2,000, variable MOH $200, fixed MOH$1,800 and selling and administrative expenses $3,000. The product cost under absorption costing is: Oa. $8,000 O b. $3,200 O c $5,000 O d. $4,800 O e. none of the given answers
Tyler Tooling Company uses a job order cost system with overhead applied to products on the basis of machine hours. For the upcoming year, the company estimated its total manufacturing overhead cost at $234,840 and total machine hours at 61,800. During the first month of operations, the company worked on three jobs and recorded the following actual direct materials cost, direct labor cost, and machine hours for each job: Job 101 Job 102 Job 103 Total Direct materials used $ 11,900 $ 7,900 $ 5,200 $ 25,000 Direct labor $ 17,300 $ 5,000 $ 5,400 $ 27,700 Machine hours 1,600 hours 2,500 hours 800 hours 4,900 hours Job 101 was completed and sold for $50,800. Job 102 was completed but not sold. Job 103 is still in process. Actual overhead costs recorded during the first month of operations totaled $14,020. Required: 1. Prepare a journal entry showing the transfer of Job 102 into Finished Goods Inventory upon its completion. 2. Prepare the journal entries to recognize the…