Telstar uses job order costing. The T-accounts below summarize its production activity for the year.Raw Materials InventoryDebitCredit45,500Work in Process InventoryDebitCredit24,7508,50024,750 170,82086,250103,184b. Indirect materials usedc. Direct labor usedRequired 11. Compute the amount for each of the following.a. Direct materials usedRequired 2Factory Wages PayableDebitCompute the amount for each of the following.a. Direct materials usedb. Indirect materials usedc. Direct labor used126,500Finished Goods InventoryDebitCredit170,820d. Indirect labor usede. Cost of goods manufacturedf. Cost of goods sold (before closing over- or underapplied overhead)2. Compute the amount that overhead is overapplied or underapplied.CreditComplete this question by entering your answers in the tabs below.86,25040,750d. Indirect labor usede. Cost of goods manufacturedf. Cost of goods sold (before closing over- or underapplied overhead)Compute the amount that overhead is overapplied or underapplied.Underapplied overhead153,790DebitFactory Overhead8,50040,75061,870Credit103,184

Name: Telstar uses job order costing. The T-accounts below summarize its pr
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Description: Telstar uses job order costing. The T-accounts below summarize its production activity for the year.Raw Materials InventoryDebitCredit45,500Work in Process InventoryDebitCredit24,7508,50024,750 170,82086,250103,184b. Indirect materials usedc. Direct

Cost of goods manufactured is the total cost of completed finished goods transferred from work in…

Business

Accounting

Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Factory Wages Payable Debit Credit 45,500 126,500 24,750 8,500 Work in Process Inventory Debit Credit 24,750 170,820 86,250 103, 184 Debit Required 1 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used Required 2 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured 1. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Credit Finished Goods Inventory. Debit Credit 170,820 153,790 Complete this question by entering your answers in the tabs below. 86,250 40,750 c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) Compute the amount that overhead is overapplied or underapplied. Underapplied overhead Debit Factory Overhead 8,500 40,750 61,870 Credit 103,184

Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Factory Wages Payable Debit Credit 45,500 126,500 24,750 8,500 Work in Process Inventory Debit Credit 24,750 170,820 86,250 103, 184 Debit Required 1 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used Required 2 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured 1. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Credit Finished Goods Inventory. Debit Credit 170,820 153,790 Complete this question by entering your answers in the tabs below. 86,250 40,750 c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) Compute the amount that overhead is overapplied or underapplied. Underapplied overhead Debit Factory Overhead 8,500 40,750 61,870 Credit 103,184

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Premium Company is a manufacturing firm that uses job-order costing. The company's inventory balanceswere as follows at the beginning and end of the year: Beginning Balance Ending Balance Raw materials ........ P14,000 22,000 Work in process ...... 27,000 9,000 Finished goods ....... 62,000 77,000The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. Atthe beginning of the year, the company estimated that it would work 33,000 machine-hours and incurP231,000 in manufacturing overhead cost. The following transactions were recorded for the year:• Raw materials were purchased, P315,000.• Raw materials were requisitioned for used in production,P307,000 (P281,000 direct and P26,000 indirect).• The following employee costs were incurred: direct labor,P377,000; indirect labor,96,000; and administrativesalaries, P172,000.Selling costs, P147,000.• Factory utility costs, P10,000. • Depreciation for the year was P127,000 of which P120,000 is related to…
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…
Mc Graw Prepare the schedule of cost of goods manufactured for Barton Company using the following information for the year ended December 31. Direct materials used Direct labor Factory overhead Work in process inventory, beginning Work in process inventory, ending $ 190,000 64,500 24,400 158, 200 148,000 Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31 Add: Work in process inventory, beginning Add: Work in process inventory, ending Less: Work in process inventory, beginning Less: Work in process inventory, ending TOL DUST UT WUK BT DIGUDDO 8:01 PM 9/20/2022
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What is the ending balance in Work in Process? 2. What is the total amount of actual manufacturing overhead cost incurred during the year? (Show T-Account
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3. Asters Co. uses a job order cost system. The following data summarizes the operations related to production for March. Journalize the entries to record the summarized operations. a. Materials purchased on account for $660,000 b. Materials requisitioned, $577,500 of which $73,500 was for general factory use c. Factory labor used, $681,500, of which $95,000 was indirect labor d. Other costs incurred on account were for factory, $154,320; selling expenses, $244,440; and administrative expenses, $152,250 e. Prepaid expenses expired for factory overhead were $30,450; for selling expenses, $25,830; and for administrative expenses, $18,690 f. Depreciation of office building was $88,200; of office equipment, $45,150; and of factory equipment, $30,450 g. Factory overhead costs applied to jobs, $375,500 h. Jobs completed, $871,800 i. Cost of goods sold, $860,000. Selling price of $925,000.
Online A company uses a job-order costing system with the following partially completed summary T-accounts for the just completed period: Debit Balance Direct materials Direct labor Overhead applied Balance Debits Debit Work In Process 22,000 Credits 85,000 161,000 269,000 ? Manufacturing Overhead 200,000 Credits Manufacturing overhead for the period was: Credit Credit 434,000 ?
Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, 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 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 record the summarized…
PROBLEMS: Job Order Costing Leen Production Co. uses the job order cost system of accounting. The following information was taken from the company’s books after all posting had been completed at the end of May: Jobs Direct Materials Direct Labor Factory No. of units Completed Cost Cost Overhead Completed 1040 P 3,600 P 4,000 P 1,600 400 1065 2,380 2,500 1,000 240 1120 1,800 1,700 680 200 Required: Compute the total production cost of each job. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. Compute the cost per unit for each job. Compute the selling price per unit for each job, assuming a mark-up percentage of 40%. Prepare the journal entries to record the sale on account of Job 1065.
Zoe Corporation has the following information for the month of March. Cost of materials used in production $15,122 Direct labor 28,511 Factory overhead 39,743 Work in process inventory, March 1 23,504 Work in process inventory, March 31 21,362 Finished goods inventory, March 1 21,380 Finished goods inventory, March 31 22,037 a. Determine the cost of goods manufactured.$fill in the blank 1 b. Determine the cost of goods sold.$fill in the blank 2