solve questions d,e,f from the question given in the image.Bella Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours.Remaining question is in the images provided. c. Give the journal entry to record the completion of Job Z.d. What was the ending balance of work-in-process inventory assuming overhead was applied based on machinehours?Determine the total costs associated with each job assuming overhead was applied based on an overhead rate of140 percent of direct labor costs.e.f. What was the ending balance of work-in-process inventory assuming overhead was applied based on direct laborcosts? At the beginning of the year, the company estimated manufacturing overhead for the year would be $250,000 andmachine hours used would be 10,000.The following information pertains to December of the current year:Job XJob YJob ZTotalsWork in process, December 1$20,000$29,000$50,000$99,000December production activity:Materials requisitionedDirect labor costs$ 5,000$ 3,000$6,000$4,000$8,000$5,000$19,000$12,000Machine hours8007005002,000Assume that only job Z was completed during the month.a. Compute the predetermined overhead application rate based on machine hours.b. Determine the total costs associated with each job assuming overhead was applied based on machine hours.Job XJob YJob Z

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Description: solve questions d,e,f from the question given in the image.Bella Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours.Remaining question is in the images provided. c. Give the journal entry to record t

Job costing: It is a method of costing where in all the costs like direct material, direct labor and…

Business

Accounting

solve questions d,e,f from the question given in the image. Bella Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours. Remaining question is in the images provided.

solve questions d,e,f from the question given in the image. Bella Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours. Remaining question is in the images provided.

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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In a job order cost accounting system, when goods that have been ordered are received, the receiving department personnel count, inspect the goods, and complete a a.
A manufacturer reports three activities: assembling components into products; product design; and purchase order processing. Determine whether each of the following cost drivers relates to assembly, design, or purchase order processing. Cost Driver 1. Number of design changes 2. Finishing machine hours 3. Number of design hours 4. Number of purchase orders received 5. Number of purchase orders processed 6. Direct labor hours to finish production Activity
If CustomCraft uses job order costing, each of the followingis true, except: a. Individual job cost sheets accumulate all manufactur-ing costs applicable to each job and together constitute a subsidiary ledger for the Work in Process Inventoryaccount.b. Direct labor cost applicable to individual jobs isrecorded when paid by a debit to Work in ProcessInventory and a credit to Cash, as well as by enteringthe amount on the job cost sheets.c. The amount of direct materials used in individual jobsis recorded by debiting the Work in Process Inventoryaccount and crediting the Materials Inventory account, aswell as by entering the amount used on job cost sheets.d. The manufacturing overhead applied to each job istransferred from the Manufacturing Overhead accountto the Work in Process Inventory account, as well asentered on the individual job cost sheets.
What is the proper order of tasks in an ABC system? a.identify the cost pools, identify the cost drivers, calculate the overhead application rate for each cost pool, assign the costs to the products b.assign the costs to the products, identify the cost drivers, calculate the overhead application rate for each cost pool, identify the cost pools c.identify the cost drivers, identify the cost pools, calculate the overhead application rate for each cost pool, assign the costs to the products d.identify the cost drivers, assign the costs to the products, calculate the overhead application rate for each cost pool, identify the cost pools
When using a normal costing system direct material and direct labor are recorded at standard cost and overhead is treated as a period cost. direct material and direct labor are recorded at actual cost and overhead is treated as a period cost. direct material and direct labor are recorded at standard cost and overhead is applied to products using a predetermined overhead rate. direct material and direct labor are recorded at actual cost and overhead is applied to products using a predetermined overhead rate.
Compute the predetermined overhead rate assuming that Tiger Furnishings uses direct labor costs to allocate overhead costs.
In a process costing system, the purpose of a production cost report is to allocate production costs incurred in a process to which of the following? Group of answer choices To finished goods inventory To the units completed and transferred to the next process and incomplete units left in the ending work-in-process inventory account To direct costs and indirect costs To individual jobs completed during a period
The entry to record the purchase of raw materials on account using a job costing system would include a credit to Work-in-Process Inventory account. debit to Accounts Payable account. debit to Work-in-Process Inventory account. debit to Raw Materials Inventory account.