Shiloh Company uses a job costing system and applies overhead at 80% direct labor cost. The company'sschedule of cost of goods manufactured showed the following amounts for September.Cost of goods manufactured$63,500Cost of direct materials used$44,300Cost of direct labor ($21 per hour)$27,300Work in process inventory, September 1 $3,600Actual manufacturing overhead costs for September amount to $24,600.What is the amount of work in process inventory on September 30?11,70036,30033,54029,940

Name: Shiloh Company uses a job costing system and applies overhead at 80%
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Shiloh Company uses a job costing system and applies overhead at 80% direct labor cost. The company'sschedule of cost of goods manufactured showed the following amounts for September.Cost of goods manufactured$63,500Cost of direct materials used$44,

Job costing is an accounting technique that involves the allocation of costs to individual projects…

Business

Accounting

Shiloh Company uses a job costing system and applies overhead at 80% direct labor cost. The company's schedule of cost of goods manufactured showed the following amounts for September. Cost of goods manufactured Cost of direct materials used $63,500 $44,300 Cost of direct labor ($21 per hour) $27,300 Work in process inventory, September 1 $3,600 Actual manufacturing overhead costs for September amount to $24,600. What is the amount of work in process inventory on September 30? 11,700 O 36,300 33,540 O 29,940

Shiloh Company uses a job costing system and applies overhead at 80% direct labor cost. The company's schedule of cost of goods manufactured showed the following amounts for September. Cost of goods manufactured Cost of direct materials used $63,500 $44,300 Cost of direct labor ($21 per hour) $27,300 Work in process inventory, September 1 $3,600 Actual manufacturing overhead costs for September amount to $24,600. What is the amount of work in process inventory on September 30? 11,700 O 36,300 33,540 O 29,940

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

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 $257,070 and total machine hours at 62,700. 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: Direct materials used Direct labor Machine hours Job 101 11,600 $ $ 16,900 1,800 hours Job 102 $ 8,700 $ 6,200 2,000 hours Job 103 $ 5,900 $ 4,500 1,100 hours Total $ 26,200 $ 27,600 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 $15,690. 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 sales revenue and…
At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Direct Materials Direct Labor Machine Hours Job 765 $7,560 $2,268 27 Job 766 12,654 3,996 74 Job 765 produced 162 units, and Job 766 consisted of 222 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $150 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 $1 %24 %24
Billy Baroo Company uses a job order cost system. The following information was found in the Work-in-Process account for the month of July. Date Description Amount [DR. or (CR.)] July 1 Balance $16,500 July 31 Direct labor 47,000 July 31 Direct materials 70,000 July 31 Factory overhead 37,600 July 31 Transfer to finished goods (98,000 ) Billy Baroo applies overhead to production at a predetermined rate of 80% based on the direct labor cost. Job #23, the only job still in process at the end of July, has been charged with direct labor of $18,300. Direct material charged to Job #23 was: Multiple Choice $40,160. $41,760. $44,760. $47,160.
Vishnu
A job order costing company had the following ending balances and cost of goods sold prior to any adjustments for under/over-applied overhead. Raw Materials: $20,000 Work-in-process: $60,000 Finished Goods: $40,000 Cost of Goods Sold: $100,000 The company incurred total manufacturing overhead costs of $360,000. The amount of overhead that was debited to work-in-process was $300,000. Which of the following shows the correct journal entry for the adjustment for under/over-applied overhead? The company uses the method that adjusts three different accounts. Debit. Raw Materials $10,000 Debit. Work-in-process $30,000 Debit. Finished Goods $20,000 Credit. Manuf. Overhead Debit. Manuf. Overhead $60,000 Credit. Raw Materials $10,000 Credit. Work-in-process $30,000 Credit. Finished Goods $20,000 Debit. Manuf. Overhead $60,000 Credit. Work-in-process $18,000 Credit. Finished Goods $12,000 Credit. Cost of Goods Sold $30,000 Debit. Work-in-process Debit. Finished Goods Debit. Cost of Goods Sold…
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?
ABC Company uses job costing. Its annual estimated manufacturing overhead and machine hours (the allocation base) were $100,000 and 2,000 hours, respectively. Job 02-03 was completed in June and incurred direct materials of $4,000, direct labor $3,000, and 100 machine hours. Which of the following is the total cost of job 02-03? a) $7,000 b) $107,000 c) $12,000 d) $112,000
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 Raw materials $ 38,000 Work in 9,200 process Finished goods 63,000 Beginning End of of period Period $ 41,000 20,300 33,500 Cost incurred for the period Raw materials purchases $ 184,000 Factory payroll 300,000 Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs Exercise 19-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Prepare journal entries for the above transactions for the period. 13,000 69,000 107,000 Journal entry worksheet
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $211,000. Raw materials used in production, $191,000 ($152,800 direct materials and $38,200 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $106,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,300 machine-hours were used in October. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. Jobs that had cost $451,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost. Can you please help me with the following: Prepare journal entries to record the…
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 The company applies overhead cost to jobs using direct labor-hours. For this year, the company's predetermined overhead rate of $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 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, $614,000. b. Raw materials used in production, $567,600. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $450,000; indirect labor, $150,000; selling and administrative salaries, $290,000. $ 84,500 $ 35,000 $ 44,100 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods…
The company uses a job-order costing system that applies overhead to jobs based on direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $76,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning inventory balances were as follows: Raw materials Work in process Finished goods During the year, the following transactions were completed: a. Raw materials purchased on account, $160,000. b. Raw materials used in production, $144,000 (materials costing $121,000 were charged directly to jobs; the remaining materials were indirect). c. Cash paid to employees: Direct labor Indirect labor Sales commissions Administrative salaries d. Rent for the year was $18,700 ($13,300 related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $18,000. f. Advertising costs incurred, $13,000. g. Depreciation on equipment, $22,000 ($17,000…