nkt.1 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 70% of direct labor cost.InventoriesRaw materialsWork in processFinished goodsRaw materials purchasesFactory payrollFactory overhead (actual)Cost incurred for the periodIndirect materials usedIndirect labor usedOther overhead costsView transaction listBeginning ofPeriodAJournal entry worksheet$ 43,00010, 20063,0001. Direct labor used (recorded as factory wages payable).2. Indirect labor used (recorded as factory wages payable).Prepare journal entries for the above transactions for the period.BNote: Enter debits before credits.Transaction1Record the entry for direct labor used.End of Period$ 52,00021,30035,600$ 210,000345,00015,00080,000120,000.General JournalDebitCredit

Name: nkt.1 The following information is available for ADT Company, which pr
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Description: nkt.1 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 70% of direct labor cost.InventoriesRaw materi

Amount of direct labor used = Total factory payroll - Indirect labor usedDirect labor cost is…

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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 70% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of Period Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) $ 43,000 10, 200 63,000 Indirect materials used Indirect labor used Other overhead costs End of Period $ 52,000 21,300 35,600 $ 210,000 345,000 15,000 80,000 120,000. 1. Direct labor used (recorded as factory wages payable). 2. Indirect labor used (recorded as factory wages payable).

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 70% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of Period Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) $ 43,000 10, 200 63,000 Indirect materials used Indirect labor used Other overhead costs End of Period $ 52,000 21,300 35,600 $ 210,000 345,000 15,000 80,000 120,000. 1. Direct labor used (recorded as factory wages payable). 2. Indirect labor used (recorded as factory wages payable).

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 15EB: A companys individual job sheets show these costs: Overhead is applied at 1.75 times the direct...

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Job order cost sheets show the following costs assigned to each job: The company assigns overhead at twice the direct labor cost. What is the total cost for each job?
A companys individual job sheets show these costs: Overhead is applied at 1.75 times the direct labor cost. Use the data on the cost sheets to perform these tasks: Apply overhead to each of the jobs. Prepare an entry to record the assignment of direct material to work in process. Prepare an entry to record the assignment of direct labor to work in process. Prepare an entry to record the assignment of manufacturing overhead to work in process.
In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Gerken Fabrication Inc. uses the job order cost system of accounting. The following information was taken from the companys books after all posting had been completed at the end of March: a. Compute the total production cost of each job. b. Prepare the journal entries to charge the costs of materials, labor, and factory overhead to Work in Process. c. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. d. Compute the unit cost of each job. e. Compute the selling price per unit for each job, assuming a mark-on percentage of 50%.
Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory
Rocks Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity.
The ending balance of which of the following accounts is calculated by summing the totals of the open (unfinished) job-order cost sheets? a. Raw Materials b. Overhead Control c. Work in Process d. Finished Goods e. Cost of Goods Sold
Tuscany Products, Inc. uses a job order cost system. The following accounts have been taken from the books of the company: Required: 1. Analyze the accounts and describe in narrative form what transactions took place. (Use the reference letters a. through f. in your explanations and note that some accounts needed in your explanation have been purposely omitted.) 2. List the supporting documents or forms required to record each transaction involving the receipt or issuance of materials. 3. Determine the ending balances for Materials, Work in Process, and Finished Goods.
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Compute the cost of goods manufactured.
Alvarez Manufacturing Inc. is a job shop. The management of Alvarez Manufacturing Inc. uses the cost information from the job sheets to assess cost performance. Information on the total cost, product type, and quantity of items produced is as follows: a. Develop a graph for each product (three graphs), with Job Number (in date order) on the horizontal axis and Unit Cost on the vertical axis. Use this information to determine Alvarez Manufacturing Inc.s cost performance over time for the three products. b. What additional information would you require in order to investigate Alvarez Manufacturing Inc.s cost performance more precisely?
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
In a job order cost system, which account shows the overhead used by the company? A. work in process inventory B. finished goods inventory C. cost of goods sold D. manufacturing overhead