2tseBookMcGrawHillThe following information is for Punta Company for July:a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours;Job T used 4,350 labor hours.b. Job S was shipped to customers during July.c. Job T was still in process at the end of July.d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July.e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows:"UtilitiesDepreciationInsuranceTotalf. Direct materials and indirect materials used are as follows:$ 16,50048,750JobJob TIndirect laborTotal$19,50084,750Job S$ 32,250Job T$75,00037,25014,250$46,500 $ 112,250Total107,250$51,500158,750214,750$373,500Material AMaterial BSubtotalIndirect materialsTotalg. Direct labor incurred for the two jobs and indirect labor are as follows:$ 63,00052,500148,000$263,500Required:1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2decimal places.)2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increased< Prev2 of 4Next > TotalRequired:1. Calculate the total manufacturing cost for Job S and Job T for July. (Round your intermediate calculations and final answers to 2decimal places.)2. Calculate the amount of overapplied or underapplied overhead and state whether the Cost of Goods Sold account will be increasedor decreased by the adjustment.1. Total manufacturing costs - Job STotal manufacturing costs - Job T2.$ 263,500Cost of goods soldF2801888< Prev62 of 4&7Next >00FB900

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Description: 2tseBookMcGrawHillThe following information is for Punta Company for July:a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours;Job T used 4,350 labor hours.b. Job S was sh

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The following information is for Punta Company for July a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: $ 16,500 48,750 19,500 $ 84,750 Utilities Depreciation Insurance Total f Direct materials and indirect materials used are as follows: Job T Total Material A $75,000 $107,250 37,250 53,500 Material a Subtotal $112,250 $ 158,750 214,750 Indirect materials Total $373,500 g. Direct labor incurred for the two jobs and indirect labor are as follows: Job S $32,250 14,250 $46,500

The following information is for Punta Company for July a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: $ 16,500 48,750 19,500 $ 84,750 Utilities Depreciation Insurance Total f Direct materials and indirect materials used are as follows: Job T Total Material A $75,000 $107,250 37,250 53,500 Material a Subtotal $112,250 $ 158,750 214,750 Indirect materials Total $373,500 g. Direct labor incurred for the two jobs and indirect labor are as follows: Job S $32,250 14,250 $46,500

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $6,500 for direct materials, $9, 700 for direct labor, and S 7,081 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $4, 200 for direct materials and $4, 200 for direct labor. Required: 1a. Should any overhead cost be applied to Job Wat year-end? 1b. How much overhead cost should be applied to Job W? 2. How will the costs included in Job W's job cost sheet be reported within Sigma Corporation's financial statements at the end of the year?
[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March). Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used. Overhead applied Status on April 30 Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. Job 306 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 $ 34,200 25,200 15,200 nanufacturing costs 148,000 90, 200 ? Finished (sold) cost of work in process b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. of goods manufactured Job 307 d. Predetermined overhead rate is 50% of direct…
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Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Req 5A Job 306 $ 30,600 21,600 11,600 Additional Information a. Raw Materials Inventory has a March 31 balance of $81,600. b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is Req 5B Raw materials Work in process Finished goods Total inventories 139,000 86,600 ? Finished (sold) $367,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $639,000 cash in April. Job 307 $36,600 19,600 10,600 5-a. Compute gross profit for April. 5-b. Show how the…
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Munson Co. uses a job order cost system. The following data summarize the operations related to production for July:a. Materials purchased on account, $225,750b. Materials requisitioned, $217,600, of which $17,600 was for general factory usec. Factory labor used, $680,000, of which $72,300 was indirectd. Other costs incurred on account for factory overhead, $330,000; selling expenses, $180,000; and administrative expenses, $126,000e. Prepaid expenses expired for factory overhead, $27,500; for selling expenses, $8,100; and for administrative expenses, $5,250f. Depreciation of office building was $44,500; of office equipment, $16,800; and of factory equipment, $55,100g. Factory overhead costs applied to jobs, $548,000h. Jobs completed, $1,140,000i. Cost of goods sold, $1,128,000InstructionsJournalize the entries to record the summarized operations.
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