The following selected data were taken from the books of the Owens O-Rings Company. The company uses job costing to account for manufacturing costs. The data relate to April operations. (1) Materials and supplies were requisitioned from the stores clerk as follows: Job 405, material X, $7,100. Job 406, material X, $3,100; material Y, $6,100. Job 407, material X, $7,100; material Y, $3,30o. For general factory use: materials A, B, and C, $2,400 (2) Time tickets for the month were chargeable as follows: $ 11,100 $ 14,100 $ 8,100 $ 3,800 Job 405 3,100 hours Job 406 3,700 hours Job 407 2,000 hours Indirect labor (3) Other information: Factory paychecks for $36,800 were issued during the month. Various factory overhead charges of $19,500 were incurred on account. Depreciation of factory equipment for the month was $5,500. Factory overhead was applied to jobs at the rate of $3.30 per direct labor hour. Job orders completed during the month: Job 405 and Job 406. Selling and administrative costs were $2.200. Factory overhead is closed out only at the end of the year. The end of the month Work-in-Process Inventory balance would be: Multiple Cholce $89,500. $17,490. $64,400. S25100 O O O

The following selected data were taken from the books of the Owens O-Rings Company. The company uses job costing to account for manufacturing costs. The data relate to April operations. (1) Materials and supplies were requisitioned from the stores clerk as follows: Job 405, material X, $7,100. Job 406, material X, $3,100; material Y, $6,100. Job 407, material X, $7,100; material Y, $3,30o. For general factory use: materials A, B, and C, $2,400 (2) Time tickets for the month were chargeable as follows: $ 11,100 $ 14,100 $ 8,100 $ 3,800 Job 405 3,100 hours Job 406 3,700 hours Job 407 2,000 hours Indirect labor (3) Other information: Factory paychecks for $36,800 were issued during the month. Various factory overhead charges of $19,500 were incurred on account. Depreciation of factory equipment for the month was $5,500. Factory overhead was applied to jobs at the rate of $3.30 per direct labor hour. Job orders completed during the month: Job 405 and Job 406. Selling and administrative costs were $2.200. Factory overhead is closed out only at the end of the year. The end of the month Work-in-Process Inventory balance would be: Multiple Cholce $89,500. $17,490. $64,400. S25100 O O O

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Description: The following selected data were taken from the books of the Owens O-Rings Company. The company uses job costing to account for manufacturing costs. The data relate to April operations.(1) Materials and supplies were requisitioned from the stores cl

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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Harper Company uses a job order cost system. Journalize the entries for materials and labor, based on the following data:Raw materials issued: Job No. 609, $850; for general use in factory, $600Labor time tickets: Job No. 609, $1,600; $400 for supervision If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
Swiss Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Beginning BalanceEnding Balance Raw materials$ 44,800 $ 70,400 Work in process $ 86,400 $ 28,800 Finished Goods $ 198,400 $ 214,400 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 105,600 machine-hours and incur $739,200 in fixed manufacturing overhead cost and $7.20 variable manufacturing overhead per direct machine hour. The following transactions were recorded for the year: 1. Raw materials were purchased on account, $1,008,000. 2. Raw materials were requisitioned for use in production, $982,400 ($899,200 direct and $83,200 indirect). 3. The following employee costs were incurred: direct labor, $1,206,400; indirect labor, $307,200; and administrative salaries, $422,400.…
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The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $131.000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76.200 machine-hours were used in October. g. Jobs costing $510,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 28% above cost. Required: 1. Prepare journal entries to record the transactions given…
Waterway Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $15,700 and Work in Process Inventory of $4,140 and two jobs in process: Job No. 429 $2,450, and Job No. 430 $1,690. During May, the company incurred factory labor of $15,150. A summary of source documents reveals the following. Job Number 429 430 General use Show 431 Job No. 430 431 S Materials Requisition Slips $ $2.920 3.610 4,870 $11.400 Direct Material $12,360 Waterway Company applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 429 is completed during the month. 960 Prove the agreement of the Work in Process Inventory control account with the job cost sheets. Beginning Work in Process Labor Time Tickets $2,160 3,360 8,030 $ $ $13.550 Job Cost Sheets 1,600 $15.150 Direct Labor Prove the agreement of the Work in Process Inventory control account with the job cost sheets. Direct Material Job Cost Sheets Direct Labor $…
The Polaris Company uses a job-order costing system. The following transactions occurred in October: a. Raw materials purchased on account, $210,000. b. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). c. Accrued direct labor cost of $49,000 and indirect labor cost of $22,000. d. Depreciation recorded on factory equipment, $106,000. e. Other manufacturing overhead costs accrued during October, $130,000. f. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,000 machine-hours were used in October. g. Jobs costing $513,000 according to their job cost sheets were completed during October and transferred to Finished Goods. h. Jobs that had cost $447,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 36% above cost. Required: 1. Prepare journal entries to record the transactions given…
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Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: Job 301 302 303 304 305 306 For general factory use 301 c. Factory overhead costs incurred on account, $5,400. Job Machine Hours 302 303 304 305 306 Total 27 35 29 70 39 a. Materials purchased on account, $29,050. b. Materials requisitioned and factory labor used: Materials 25 $2,870 3,690 225 2,300 8,510 5,000 3,770 1,030 Factory Labor $2,870 3,770 1,920 7,050 5,250 3,240 4,110 d. Depreciation of machinery and equipment, $2,000 e. The factory overhead rate is $52 per machine hour. Machine hours used: f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,310; Job 302, $11,120; Job 303, $14,320. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item gas 2 entries. 2. Post the…
Entries for Costs in a Job Order Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: Materials purchased on account, $604,590. Materials requisitioned, $507,860, of which $66,020 was for general factory use. Factory labor used, $622,730, of which $118,320 was indirect. Other costs incurred on account for factory overhead, $145,100; selling expenses, $223,700; and administrative expenses, $133,010. Prepaid expenses expired for factory overhead were $27,810; for selling expenses, $23,580; and for administrative expenses, $16,930. Depreciation of factory equipment was $27,810; of office equipment, $41,110; and of office building, $81,020. Factory overhead costs applied to jobs, $344,620. Jobs completed, $798,060. Cost of goods sold, $773,880. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased…
Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below:The following transactions occurred during April:(a) Purchased materials on account at a cost of $233,570.(b) Requisitioned materials at a cost of $111,500, of which $16,100 was for general factory use.(c) Recorded factory labor of $225,600, of which $41,975 was indirect.(d) Incurred other costs: Selling expense $ 35,100 Factory utilities 23,100 Administrative expenses 50,350 Factory rent 11,800 Factory depreciation 19,800 (e) Applied overhead at a rate equal to 143 percent of direct labor cost.(f) Completed jobs costing $262,450.(g) Sold jobs costing $323,070.(h) Recorded sales revenue of $504,000.
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Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of factory machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. Journalize the entries to…