The following events occurred during March for Ajax Company. Materials were purchased on account for $35,425. Materials were requisitioned to begin work on Job C15 in the amount of $25,261. Direct labor expense for Job C15 was $24,128. Actual overhead was incurred on account of $32,849. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. Job C15 was transferred to finished goods at $97,645. Job C15 was sold on account for $403,000. Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory  fill in the blank 2 fill in the blank 3   Accounts Payable  fill in the blank 5 fill in the blank 6 B. Work in Process Inventory  fill in the blank 8 fill in the blank 9   Raw Materials Inventory  fill in the blank 11 fill in the blank 12 C. Work in Process Inventory  fill in the blank 14 fill in the blank 15   Factory Wages Payable  fill in the blank 17 fill in the blank 18 D. Manufacturing Overhead  fill in the blank 20 fill in the blank 21   Accounts Payable  fill in the blank 23 fill in the blank 24 E. Work in Process Inventory  fill in the blank 26 fill in the blank 27   Manufacturing Overhead  fill in the blank 29 fill in the blank 30 F. Finished Goods Inventory  fill in the blank 32 fill in the blank 33   Work in Process Inventory  fill in the blank 35 fill in the blank 36 G. Cost of Goods Sold  fill in the blank 38 fill in the blank 39   Finished Goods Inventory  fill in the blank 41 fill in the blank 42   Accounts Receivable  fill in the blank 44 fill in the blank 45   Sales

Q: During August, Rothchild Company accumulated 3,500 hours of direct labor costs on Job 40 and 4,200…

A:

Q: A Company, which applies overhead at the rate of 170% of direct material cost, began work on job no.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Distinguish between program service expenses and supporting service expenses.

A: A nonprofit organization’s expenses can be classified into two types, they are expenses for program…

Q: At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets…

A: Job costing is one of the important form of costing being used in business. This is used for…

Q: During January, its first month of operations, Flint Company accumulated the following manufacturing…

A: Direct material cost is the cost of raw material produced or purchased to produce the final…

Q: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed…

A: Direct materials used = Direct materials for Job 301 + Job 302 + Job 303 + Job 304 = $10,900 +…

Q: On January 1, Frederic Manufacturing had a beginning balance in Work-in - Process Inventory of…

A: Cost of Goods Sold :— It is the total costs of units sold during the period.    Over-applied…

Q: Required: Note, 1) what was the overapplied or underapplied overhead for the year.  2) Calculate the…

A: The overhead is applied to production on the basis of predetermined overhead rate.

Q: sed on account, $210,000. production, $188,000 ($150,400 direct materials and $37,6C cost of $49,000…

A: In job order costing systems, the steps to arrive at the cost for a specific job are as below.1.…

Q: Badour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on…

A: JOB COSTING    Industries which manufacture products or render services against specific orders as…

Q: Entrepreneurial Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were…

A: The journal entries are prepared to keep the record of day to day transactions of the business of…

Q: During August Rothchild Company incurred factory overhead costs as follows: Indirect materials…

A: Factory overhead is the total of all indirect cost incurred like indirect materials, indirect labour…

Q: Badour Inc. is a job-order manufacturer. The company uses a predetermined overhead rate based on…

A: Underapplied Overhead: When a company does not allocate a sufficient amount of its budget to cover…

Q: Burns Corporation assigns overhead cost to completed jobs on the basis of 120% of direct labor…

A: Allocation of Overhead- Overhead can be allocated on the basis of direct labour hours. In that case…

Q: 'ork in Process inventory account was $33,000 at the beginning of the month and $22,500 at the end…

A: The production process has the procedure of considering the input variables. It all includes the…

Q: Minstrel Manufacturing uses a job order costing system. During the month, Minstrel purchased…

A: The objective of this question is to calculate the amount of under- or overapplied overhead for…

Q: On May 7, Bergan Company purchased on account 59,000 units of raw materials at $12.00 per unit.…

A: Total purchase = No. of units purchased x cost per unit = 59,000 units x $12.00 per unit = $708,000

Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…

A: ANSWER Here the question is asked to record the journal entries for the transaction and to prepare…

Q: The underapplied or overapplied overhead for September is:

A: SOLUTION:- A Estimated Factory Overhead  $              695,400 B Estimated direct…

Q: Demere Corporation uses a job costing system. On January 1, Demere Corporation's work in process…

A:

Q: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed…

A: A business's accounting records can contain information about a transaction by creating a journal…

Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…

A: The work in process account records the direct costs incurred in the production and manufacturing…

Q: Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed…

A:

Q: Deco Corporation uses a job costing system. On January 1, Deco corporations work in process…

A: Overhead applied = Direct labor*80% Overhead applied = $220,000*80% Overhead applied = $176,000

Q: The April Work in Process account for Coventry Co. contained the following: Beginning balance --…

A: Cost accounting is useful since it can show where a company spends money, how much it generates, and…

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.  

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.