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. How much overhead is applied to Work in Process? Select one: O a. $164,938 O b. $95,000 c. $162,900 d. $119,938 C O

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. How much overhead is applied to Work in Process? Select one: O a. $164,938 O b. $95,000 c. $162,900 d. $119,938 C O

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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 usedDirect labor per hourOverhead applied based on direct

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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Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $770,000. b. Materials requisitioned, $680,000, of which $75,800 was for general factory use. c. Factory labor used, $756,000, of which $182,000 was indirect. d. Other costs incurred on account for factory overhead, $245,000; selling expenses, $171,500; and administrative expenses, $110,600. e. Prepaid expenses expired for factory overhead were $24,500; for selling expenses, $28,420; and for administrative expenses, $16,660. f. Depreciation of factory equipment was $49,500; of office equipment, $61,800; and of office building, $14,900. g. Factory overhead costs applied to jobs, $568,500. h. Jobs completed, $1,500,000. i. Cost of goods sold, $1,375,000. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it…
Far West Manufacturing Company operates a job-order costing system and applies overhead cost to jobs on the basis of direct material cost. Its predetermined overhead rate was based on a cost formula that estimated $500,000 of manufacturing overhead for an estimated allocation base of $390,625 direct material dollars. The company has provided the following data in the form of an Excel worksheet: Beginning $38,000 79,000 Ending $55,000 166,125 138,000 Raw Materials Work in Process Finished Goods 47,000 The following actual costs were incurred during the year: $450,000 $119,000 Purchase of raw materials Direct labor cost Manufacturing overhead costs: Indirect materials Insurance, factory Depreciation of equipment Indirect labor 104,875 102,000 35,000 32,700 Property taxes Maintenance Rent, building 41,000 23,425 49,000 Required: 4. Prepare a schedule of cost of goods sold for the year. Adjust the underapplied or overapplied overhead to cost of goods sold. 5. Prepare all journal entries…
Baggins Bed and Second Breakfast utilizes a job order costing system. They only had one job for the period. The material requisition form for the period has been provided below: Direct materials purchased $18,000 Direct materials used $17,600 In addition to the direct materials, the following amounts were incurred during production: $9,200 in direct labor and $6,500 in applied manufacturing overhead. They began the period with $4,300 in beginning balance for this job. What is the ending balance for this job?
Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased on account, $50,000. b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 306 For general factory use Job Machine Hours 301 302 303 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700. e. The factory overhead rate is $40 per machine hour. Machine hours used: 304 305 306 Total 30 60 41 63 70 36 Materials Factory Labor $1,850 $2,500 3,150 2,200 1,900 4,230 1,770 1,200 300 7,220 5,350 2,300 6,225 2,900 5,000 1. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $9,000; Job 302, $16,150; Job 303, $12,800. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item g as 2 entries. 2. Post the…
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: a. 802 b. 3,107 c. 1,805 d. 1,381 O O
Calculating Activity-Based Costing Overhead Rates Assume that manufacturing overhead for Glassman Company consisted of the following activities and costs: Setup (1,000 setup hours) $148,000 Production scheduling (400 batches) 64,000 Production engineering (60 change orders) 120,000 Supervision (2,000 direct labor hours) 56,000 Machine maintenance (12,000 machine hours) 84,000 Total activity costs $472,000 The following additional data were provided for Job 845 Direct materials costs $8,000 Direct labor cost (5 Milling direct labor hours; 35 Finishing direct labor hours) $2,000 Setup hours 5 hours Production scheduling 1 batch Machine hours used (25 Milling machine hours; 5 Finishing machine hours) 30 hours Production engineering 3 change orders a. Calculate the cost per unit of activity driver for each activity cost category. Setup Production scheduling cost Production engineering cost Supervision cost Machine…
1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Complete this question by entering your answers in the tabs…
answer in text form please (without image), answer both the parts
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The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Beginning of period End of Period Raw materials $ 48,000 $ 37,000 Work in process 9,900 20,900 Finished goods 60,000 34,400 Cost incurred for the period Raw materials purchases $ 180,000 Factory payroll 150,000 Factory overhead (actual) Indirect materials used 16,000 Indirect labor used 34,500 Other overhead costs 95,500 Exercise 15-13 (Algo) Recording materials; direct and indirect LO P1, P3 Raw materials purchases for cash. Direct materials used. Indirect materials used. Prepare journal entries for the above transactions for the period.
BIven aiISwers A Company uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor cost. The company based its predetermined overhead rate for the current year on total estimated manufacturing overhead cost of 40% of direct labor cost. The job cost sheet of Job2121 shows that the number of units in this job order is 50 units which incurred total of 90 labor-hours. This job consumed $20/unit of direct materials cost and $90/hour of direct labor. What would be the total manufacturing cost for Job2121 approximately? a. $11,340 O b. $4,240 Oc. $9,100 O d. None of the given answers. O e. $12,340 PAGE NEXT PAGE Address hp
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