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

Section: Chapter Questions

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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…
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
Manufacturing cost data for Sunland Company, which uses a job order cost system, are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,275.) Case A Case B Work in process 1/1/22 $enter a dollar amount (a) $14,570 Direct materials used enter a dollar amount (b) $78,020 Direct labor 47,000 131,600 Manufacturing overhead applied 39,480 enter a dollar amount (d) Total manufacturing costs 136,911 enter a dollar amount (e) Total cost of work in process 189,410 enter a dollar amount (f) Work in process 12/31/22 enter a dollar amount (c) 11,092 Cost of goods manufactured 180,762 enter a dollar amount (g)
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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answer in text form please (without image), answer both the parts
Manufacturing cost data for Wildhorse Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,275.) Work in process 1/1/22 Direct materials used Direct labor Manufacturing overhead applied Total manufacturing costs Total cost of work in process Work in process 12/31/22 Cost of goods manufactured $ Case A 61,000 50,020 177,693 245,830 234,606 (a) (b) (c) Case B $18,910 $101,260 170,800 14,396 (d) (e) (f) (g)
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 ?
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11,500 $ 54,800 $ 33,480 Ending $ 18,600 $ 66,400 $ 42,200 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Primare Corporation Schedule of Cost of Goods Sold $ 31,000 $ 4,530 $ 59,900 $ 88,600 $ 4,190 Required 1 Required 2 Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods…
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…
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold.* 5. Gross profit. 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) 0 Finished Goods (FG) Inventory April 30 $42,000 9,300 61,000 LA May 31 34,000 19,700 33,900 193,000 250,000 8,000 57,500 118,500 1,500,000 55% Work in Process (WIP) 0 Factory Overhead
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.