[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 joborder costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.InventoriesRaw materialsWork in processFinished goodsCost incurred for the periodRaw materials purchasesFactory payrollFactory overhead (actual)Beginning ofperiodIndirect materials usedIndirect labor usedOther overhead costs$ 36,0009,50055,0001. Raw materials purchases for cash.2. Direct materials used.3. Indirect materials used.View transaction list<Exercise 15-13 (Algo) Recording materials; direct and indirect LO P1, P3Journal entry worksheetB SmyAPrepare journal entries for the above transactions for the period.Record the indirect materials used.Transaction3Note: Enter debits before credits.Record entryEnd ofPeriod$ 47,00020,30034,400$ 195,000300,0007,00069,00090,500General JournalClear entryDebitCreditView general journal

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Description: [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 joborder costing system. Overhead is applied using a predetermined

The journal entries are prepared to record the transactions on a regular basis. The direct costs are…

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[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 $36,000 9,500 55,000 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 $ 47,000 20,300 34,400 $ 195,000 300,000 7,000 69,000 90,500

[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 $36,000 9,500 55,000 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 $ 47,000 20,300 34,400 $ 195,000 300,000 7,000 69,000 90,500

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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! 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. Beginning of period $ 45,000 9,600 68,000 End of Period Inventories Raw materials Work in process Finished goods $ 45,000 19,000 33,500 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs $ 178,000 250,000 9,000 57,500 115,500 Exercise 15-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. Prepare journal entries for the above transactions for the period. X Answer is not complete. No Transaction General Journal…
A job order costing company had the following ending balances and cost of goods sold prior to any adjustments for under/over-applied overhead. Raw Materials: $20,000 Work-in-process: $60,000 Finished Goods: $40,000 Cost of Goods Sold: $100,000 The company incurred total manufacturing overhead costs of $360,000. The amount of overhead that was debited to work-in-process was $300,000. Which of the following shows the correct journal entry for the adjustment for under/over-applied overhead? The company uses the method that adjusts three different accounts. Debit. Raw Materials $10,000 Debit. Work-in-process $30,000 Debit. Finished Goods $20,000 Credit. Manuf. Overhead Debit. Manuf. Overhead $60,000 Credit. Raw Materials $10,000 Credit. Work-in-process $30,000 Credit. Finished Goods $20,000 Debit. Manuf. Overhead $60,000 Credit. Work-in-process $18,000 Credit. Finished Goods $12,000 Credit. Cost of Goods Sold $30,000 Debit. Work-in-process Debit. Finished Goods Debit. Cost of Goods Sold…
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per direct labor-hour Variable manufacturing overhead cost per machine-hour During the year, Job 550 was started and completed. The following information is available with respect to this job: Direct materials Direct labor cost Direct labor-hours Machine-hours $ 216 $ 327 15 5 Required: 1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach: a. Compute the plantwide predetermined overhead rate. b. Compute the total manufacturing cost of Job 550. c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550? 2. Assume…
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)
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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
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 ?
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 $ 38,000 Work in 9,200 process Finished goods 63,000 Beginning End of of period Period $ 41,000 20,300 33,500 Cost incurred for the period Raw materials purchases $ 184,000 Factory payroll 300,000 Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs Exercise 19-13 (Algo) Recording materials; direct and indirect LO P1, P3 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list Prepare journal entries for the above transactions for the period. 13,000 69,000 107,000 Journal entry worksheet
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
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour Required: 1. Compute the plantwide predetermined overhead rate. 2. During the year, Job 400 was started and completed. The following information pertains to this job: Direct materials Direct labor cost. Machine-hours used $ 450 $ 210 40 Compute the total manufacturing cost assigned to Job 400. 3. If Job 400 includes 52 units, what is its unit product cost? 4. If Moody uses a markup percentage of 120% of its total manufacturing cost, then what selling price per unit would it establish for Job 400? Complete this question by entering your answers in the tabs below. 100,000 $ 650,000 $ 3.00 Required 1 Required 2 Required 3 Required 4 Compute the plantwide…
Please refer to the picture. 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.
Manufacturing cost data for Crane 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 la 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 38750 60000 (b) 52,000 43,680 151,476 209,560 (a) 199,992 (c) Case B $16,120 $86,320 145,600 231500 (e) (d) 369970 (f) 12,272 357770 (g)