Selected accounts with some amounts omitted are as follows:Work in ProcessAug. 1Balance260,440 Aug. 31Goods finished164,15031Direct materialsX31Direct labor34,70031Factory overheadFactory OverheadAug. 1-31Costs incurred97,500 Aug. 131BalanceApplied (30% ofdirect labor cost)13,840XIf the balance of Work in Process on August 31 is $208,070, what was the amount debited to Work in Process for direct materials in August?a. $339,060b. $87,070c. $66,670Od. $503,210

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Answered: Selected accounts with some amounts…

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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Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 7,000 Apr. 30 Goods finished X 30 Direct materials 61,300 30 Direct labor 190,800 30 Factory overhead 57,240 Finished Goods Apr. 1 Balance 16,000 30 Goods finished 307,800 What was the balance of Work in Process as of April 30?
Owe
2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…
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
Direct Labor Costs August, Carrothers Company accumulated 790 hours of direct labor costs on Job 50 and 500 hours on Job 56. The total direct labor was incurred at a rate of $15 per direct labor hour for Job 50 and $13 per direct labor hour for Job During 56. Journalize the entry to record the flow of labor costs into production during August. If an amount box does not require an entry, leave it blank.
Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned Job Number April May June Month Completed 10 $6,700 $4,600 May 11 4,400 4,200 $3,200 June 12 1,400 April 13 4,900 3,500 June 14 5,600 3,600 Not complete Each job was sold for 25% above its cost in the month following completion. (a) Calculate the balance in Work in Process Inventory at the end of each month. Work in Process Inventory April 30 $enter a dollar amount May 31 $enter a dollar amount June 30 $enter a dollar amount
Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 6,600 Apr. 30 Goods finished X 30 Direct materials 69,800 30 Direct labor 193,900 30 Factory overhead 58,170 Finished Goods Apr. 1 Balance 15,600 30 Goods finished 307,900 What was the balance of Work in Process as of April 30? a.$58,170 b.$15,600 c.$20,570 d.$307,900
2. The company incurred factory overhead cost as follows: Indirect materials $ 28,300Indirect labor 52,300Factory Utilities cost 6,000Factory Depreciation 10,200Journalize the entry to record the actual factory overhead incurred during February.
A manufacturer began operations on April 1 and reports the information below. All jobs are sold for 20% above cost. Manufacturing costs Job number 1 2 3 4 5 April $ 880 730 May $ 2,200 1,280 1,920 2,710 In process Job Status at May 31 Completed and sold during May Completed but not sold 555 480 3,680 Completed and sold during May In process 1. Compute the May 31 balance in (a) Work in Process Inventory and (b) Finished Goods Inventory. 2. Compute gross profit for May.

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