The jenny Company uses job order costing. At the beginning of the May, two jobs were in process: Job 369Job372Materials$ 2,000$ 700 Direct labor1,000300 Applied factory overhead1,500450There was no inventory of finished goods on May1. During the month, Jobs 373, 374, 375, 376, 378, and 379 were started. Materials requisitions for May totaled $13,000, direct labor cost, $10,000, and actual factory overhead, $16,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of May is No. 379, with costs of $1,400 for materials and $900 for direct labor. Job 376, the only finished job on hand at the end of May, has a total cost of $2,000. How much is total cost of goods manufactured?

Manufacturing cost can be defined as the cost which is incurred during the production process of a…

Answered: The jenny Company uses job order…

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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A.10
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) Job 306 Job 307 Job 308 $ $ 35,800 41,800 26,800 24,800 Overhead applied (March) 16,800 15,800 Costs during April $ Direct materials used 152,000 237,000 Direct labor used ? ? 117,000 91,800 167,000 122,000 ? In Overhead applied Status on April 30 Additional Information FinishedFinished (sold) (unsold) process a. Raw Materials Inventory has a March 31 balance of $86,800. b. Raw materials purchases in April are $517,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $54,250; indirect labor, $27,250; factory rent, $36,250; factory utilities, $23,250; and factory equipment depreciation, $55,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $652,000 cash in April.
During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 200 180 220 Units sold 180 $ 990 Materials requisitioned Direct labor hours S1,560 $2,400 220 200 400 Direct labor cost S3,000 $3,000 S3,300 Overhead is assigned on the basis of direct labor hours at a rate of $8.40 per direct labor hour. During March, Jobs 78 and 79 were completed and transferred to Finished Goods Inventory. Job 79 was sold by the end of the month. Job 80 was the only unfinished job at the end of the month. Required: 1. Calculate the per-unit cost of Jobs 78 and 79. 2. Compute the ending balance in the work-in-process inventory account. 3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 140 percent of cost.
Richards company employs a job order costing system. Only three jobs- Job 3205, Job #206, and job #207 - were worked on during January and February. Job #205 was completed February 10; the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow: Job cost sheet January cost incurred: Job #205 Job #206 Job #207 Direct material 16,500 9,300 - Direct labor 13,000 7,000 - Manufacturing overhead 20,800 11,200 - February cost incurred: Direct materials - 8,200 21,300 Direct labor 4,000 6,000 10,000 Manufacturing overhead ?…
How much is total cost of goods manufactured? A company uses job order costing. At the beginning of February, two jobs were in process: Job 769 Job 772 Materials P4,000 P1,400 2,000 3,000 There was no inventory of finished goods on February 1. During the month, Jobs 773, 774, 776, 778 and 779 were started. Materials requisitions for February totaled P26,000, direct labor cost, P20,000 and actual factory overhead, P32,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of February is job 779, with a materials cost of P2,800 and direct labor cost of P1,800. Job 776, the only finished job on hand at the end of the Direct Labor 600 Applied Factory Overhead 900 month, has a total cost of P4,000.
K company production was working on Job 1 and Job 2 during the month. Of the $790 in direct materials, $380 in materials was requested for Job 1. Direct labor cost, including payroll taxes, are $23 per hour, and employees worked 17 hours on Job 1 and 30 hours on Job 2. Overhead is applied at the rate of $20 per direct labor hours. Prepare job order cost sheets for each job. Job 1 Hours Total Cost Direct materials $fill in the blank 1 Direct labor fill in the blank 2 fill in the blank 3 Manufacturing overhead fill in the blank 4 fill in the blank 5 Total cost $fill in the blank 6 Job 2 Hours Total Cost Direct materials $fill in the blank 7 Direct labor fill in the blank 8 fill in the blank 9 Manufacturing overhead fill in the blank 10 fill in the blank 11 Total cost $fill in the blank 12
How much is total cost of goods manufactured?
Morrow Corporation had only one job in process during May-Job X32Z-and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May, Data concerning that job appear below: Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of may Units sold during May Job X32Z $ 23,000 $ 17,000 $ 5,600 $ 58,000 280 0 130 The company's total manufacturing overhead applied always equals its total actual manufacturing overhead. 1. Cost of goods sold 2. Ending finished goods inventory 3. Ending work in process inventory Required: 1. What is the cost of goods sold for May? 2. What is the total value of the finished goods inventory at the end of May? 3. What is the total value of the work in process inventory at the end of May?
1. What is the total cost of direct materials requistioned in June? 2. What is the total cost of direct labor used in June? ( please check plagiarism)
Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs: Work in Process Balance on 3/1 Job 33 $ 7,500 Job 34 6,000 $ 13,500 Source documents revealed the following during March: Materials Requisitions Forms Labor Time Tickets Status of Job at Month-End Job 33 $ 3,500 $ 6,500 Completed and sold Job 34 6,000 7,800 Completed, but not sold Job 35 4,200 3,250 In process Indirect 1,300 2,140 $ 15,000 $ 19,690 The company applies overhead to products at a rate of 150 percent of direct labor cost. Required: Prepare journal entries to record the materials requisitions, labor costs, and applied overhead. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
Aglaonema Company is a local manufacturer that implements a job order system. Overhead is applied using a predetermined rate based on direct labor cost. The cost ledger shows the following information for the month of August: WORK IN PROCESS INVENTORY P250,000 Goods manufactured 120,000 P296,000 Beginning balance Materials used Direct labor 100,000 Applied overhead 80,000 The company had three jobs in the ending work in process that are expected to be delivered in the following month: Job #111 with direct materials of P35,000 and direct labor of P20,000 Job #112 with direct materials of P45,000 and direct labor of P25,000 Job #113 with applied overhead of P28,000 1. The total cost of Job #111 was: A. P71,000 B. P80,000 C. P90,000| D. P93,000 2. Refer to Item #39. Total cost of Job #112 was: A. P72,250 В. Р90,000 C. P93,000 D. P101,250 3. Refer to Item #39. Total cost of Job #113 was: A. P71,000 В. Р72,250 С. Р89,000 D. P93,000
Heurion Company is a job-order costing firm that uses a plant-wide overhead rate based on direct labor hours. Estimated information for the year follows Overhead = S789,000 Direct labor hours 100,000 Data for the jobs worked in July follows: Jobs 745 743 $29,870.00 $55,215.00 $27,880.00 S Direct materials $25,500.00 $ 39,800.00 $14450.00 $13,600.00|S 8,420.00 Direct labor cost S61,300.00 $ 48,500.00 $28,700 00 $24,500.00 $21,300.00 3400 741 742 744 Balance, July 1 Direct labor hours 4000 1980 1600 1400 By July 31, Jobs 741 and 743 were completed and sold. The remaining jobs were in process. Required: Computel for the cost of work-in-process as of July 31.

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		Job 369	Job372
Materials	$ 2,000	$ 700
	Direct labor	1,000	300
	Applied factory overhead	1,500	450
There was no inventory of finished goods on May1. During the month, Jobs 373, 374, 375, 376, 378, and 379 were started. Materials requisitions for May totaled $13,000, direct labor cost, $10,000, and actual factory overhead, $16,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of May is No. 379, with costs of $1,400 for materials and $900 for direct labor. Job 376, the only finished job on hand at the end of May, has a total cost of $2,000. How much is total cost of goods manufactured?