Sunland Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 (a) $6,740 3,760 (b) Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $8,460 No. Account Titles and Explanation (To assign labor to jobs) 7,520 (To assign materials to jobs) Debit Credit

Sunland Company is working on two job orders. The job cost sheets show the following. Direct materials Direct labor Job 201 (a) $6,740 3,760 (b) Job 202 Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the job cost sheets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) $8,460 No. Account Titles and Explanation (To assign labor to jobs) 7,520 (To assign materials to jobs) Debit Credit

Name: Sunland Company is working on two job orders. The job cost sheets sho
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Description: Sunland Company is working on two job orders. The job cost sheets show the following.Direct materialsDirect laborJob 201(a)$6,740(b)3,760Job 202Prepare the two summary entries to record the assignment of costs to Work in Process from the data on the

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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Oxford Company uses a job order costing system. This month, the system accumulated labor time tickets totaling $24,600 for direct labor and $4,300 for indirect labor. The journal entry to record direct labor consists of a: Multiple Choice Debit Payroll Expense $24,600; credit Cash $24,600. Debit Payroll Expense $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $24,600; credit Factory Wages Payable $24,600. Debit Work in Process Inventory $28,900; credit Factory Wages Payable $28,900. Debit Work in Process Inventory $4,300; credit Factory Wages Payable $4,300.
Accounting Diet Company manufactures office tables and chairs using the job order cost system. The following data were taken from the records as of April 30, the first month of operations Job No. Materials Cost DL Hours Direct Labor Cost 121 2,160.00 650 800.00 122 4,575.00 1,850 3,625.00 123 5,637.50 4,100 7,162.50 124 1,612.50 750 1,400.00 125 3,250.00 1,600 3,050.00 126 1,375.00 490 825.00 In April, Job Numbers 121, 122, 124, and 125 were completed. Job No. 124 and 125 were sold for P6,250 and P15,897.50, respectively. Overhead is applied to the jobs at the rate of P1.50 per direct labor hour. Actual Factory overhead for April amounted to P15,175 1. Over/under applied overhead amounts to? 2. The total cost of goods manufactured for the month was? 3. The gross profit for the month? 4. The cost of goods sold actual for the month ? explain first 3 subparts
Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of factory machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to…
Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25.000. direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112.500 and was part of finished goods inventory. There was a $18.750 balance in the Raw Materials Inventory account. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were also sold on account during the month for $152,500 and $197.500, respectively. The following additional events occurred during the month. 1 Purchased additional raw materials of $112.500 on account. incurred factory labor costs of $87.500. Of this amount $20,000 related to employer payroll taxes. Incurred manufacturing overhead costs as follows: indirect materials…
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Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $33,100. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,740 $5,460 302 3,980 2,930 303 2,570 3,070 304 8,850 8,520 305 6,210 1,840 306 4,290 6,110 For general factory use 1,200 4,520 c. Factory overhead costs incurred on account, $6,470. d. Depreciation of factory machinery and equipment, $1,790. e. The factory overhead rate is $65 per machine hour. Machine hours used: Job Machine Hours 301 52 302 28 303 44 304 65 305 36 306 79 Total 304 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $23,450; Job 302, $19,210; Job 303, $17,360. Required: 1. Journalize the entries to…
Shown below are the job cost-related accounts for the law firm of Johnson, Williams, and Morton and their manufacturing equivalents: Law Firm Accounts Supplies Salaries Payable Operating Overhead Work in Process Cost of Completed Work 2. Cost data for the month of March follow. 3. 1. Purchased supplies on account $1,620. 4. 5. 6. 1. 2. Journalize the transactions for March. (List all debit entries before credit entries. Credit account titles are automatically indented whe the amount is entered. Do not indent manually.) 3. No. Account Titles and Explanation 4. 5. 6. Bal. 1. 2. Bal. Issued supplies of $1,600 (60% direct and 40% indirect). Time cards for the month indicated labour costs of $60,900 (80% direct and 20% indirect). Operating overhead costs incurred for cash totalled $41,600. Operating overhead is applied at a rate of 90% of direct labour cost. Work completed totalled $74,800. Supplies Accounts Payable Work in Process Operating Overhead Supplies Work in Process Operating…
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