9. The BAM Manufacturing Co. uses a job-order costing system, and it applies factory overhead to production at apre-determined rate based on direct labor cost. The following account appears in the general ledger:WORK IN PROCESSP 50,000100,00080,00060,000Finished goods P250,900Beg. BalDirect MaterialsDirect LaborApplied overheadThe ending work in process represents the cost of Job# 26 which has been charged with P6,000 of direct laborand the cost of Job # 27 which has been charged with applied factory overhead of P4,800. Total cost of directmaterials in the ending work in process wasА. Р8,400В. Р9,000C. P15,200D. P17,40010. A company had the following total usage of direct labor and direct materialsHoursPoundsDirect Labor (P8 per hour)400Direct Materials (PIO per pound)300Incomplete job # 101 has used 20 hours of direct labor and 8 pounds of direct materials. Factory overhead isapplied at the rate of 200% per direct labor peso. What is the balance in work in process relating to job # 101C. P12,600 debit D. P12,600 creditA. P560 debitВ. Р560 credit11. Hamilton Company uses job order costing' Factory overhead is applied to production at a determined rate of150% of direct-labor cost. Any over or underapplied factory overhead is dosed to the cost of goods sold accountat the end of each month. Additional information is available as follows:Job 101 was the only job in process at January 31, 2011, with accumulated costs as follows:P4,0002,0003,0009.000Direct materialsDirect laborApplied factory overheadJobs 102, 103 and 104 were started during FebruaryDirect materials requisitions for February totaled P26,000Direct-labor cost of P20,000 was incurred for FebruaryActual factory overhead was P32,000 for FebruaryThe only job still in process at February 28, 2011 was Job 104, with costs of P2,800 for direct materialsand P1,800 for direct laborThe cost of goods manufactured for February 2011 wasA. P77,700В. Р78,000C. P79,700D. P85,00012. Using the same information in No. 11, any over or under-applied factory overhead should be dosed to the costof goods sold account at February 28, 2011, in the amount ofA. P700 overapplied B. P1,000 overappliedC. P1,700 underappliedD. P2,000 underapplied

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Description: 9. The BAM Manufacturing Co. uses a job-order costing system, and it applies factory overhead to production at apre-determined rate based on direct labor cost. The following account appears in the general ledger:WORK IN PROCESSP 50,000100,00080,0006

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The BAM Manufacturing Co. uses a job-order costing system, pre-determined rate based on direct labor cost. The folo WORK IN PROCESS Beg. Bal Direct Materials P 50,000 Finished 100,000 80,000 60,000 Direct Labor Applied overhead The ending work in process represents the cost of Job# 26 wh and the cost of Job # 27 which has been charged with applied

The BAM Manufacturing Co. uses a job-order costing system, pre-determined rate based on direct labor cost. The folo WORK IN PROCESS Beg. Bal Direct Materials P 50,000 Finished 100,000 80,000 60,000 Direct Labor Applied overhead The ending work in process represents the cost of Job# 26 wh and the cost of Job # 27 which has been charged with applied

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] 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 Work in process Finished goods Beginning of period $ 43,000 9,200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 57,000 18,600 34,300 $ 183,000 150,000 18,000 34,500 98,500 Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2, P3, P4 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the…
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 -Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Beginning of period $ 40,000 9,400 56,000 Journal entry worksheet A Prepare journal entries for the above transactions for the period. B C Transaction 1 Note: Enter debits before credits. End of Period $ 50,000 20,600 34,000 $ 183,000 150,000 11,000 34,500 91,000 Record the raw material purchases for cash. General Journal Debit Credit
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Jensen Fences uses job order costing. Manufacturing overhead is charged to individual jobs through the use of a predetermined overhead rate based on direct labor costs. The following information appears in the company's Work in Process Inventory account for the month of June: Debits to account: Balance, June 1 Direct materials Direct labor Manufacturing overhead (applied to jobs as 125% of direct labor cost) Total debits to account Credits to account: Transferred to Finished Goods Inventory account Balance, June 30 Required: $ 5,000 18,000 12,100 15,125 $ 50,225 44,000 $ 6,225 a. Assuming that the direct labor charged to the jobs still in process at June 30 amounts to $1,500, compute the amount of manufacturing overhead and the amount of direct materials that have been charged to these jobs as of June 30. b. Prepare general journal entries to summarize: 1. The manufacturing costs (direct materials, direct labor, and overhead) charged to production during June. 2. The transfer of…
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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)
Reilly Company Reilly Company uses a job-order costing system and the following information is available from its records. The company has three jobs in process: #8, #12, and #15. Raw material used Direct labor per hour Overhead applied based on direct labor cost Direct material was requisitioned as follows for each job respectively: 25 percent, 30 percent, and 30 percent; the balance of the requisitions was considered indirect. Direct labor hours per job are 2,800; 3,300; and 4,000; respectively. Indirect labor is $45,000. Other actual overhead costs totaled $50,000. Refer to Reilly Company. How much overhead is applied to Work in Process? Select one: O O O O $130,000 $9.50 125% a. $164,938 b. $95,000 c. $162,900 d. $119,938
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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 ?
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