The journal entry to record the completion of Job No.114 at a cost of $72,000 would include: * A debit to Work in Process Inventory O $72,000 and a credit to Finished Goods Inventory $72,000 A credit to Work in Process Inventory O $72,000 and a debit to Finished Goods Inventory $72,000 A credit to Finished Goods Inventory O $72,000 and a debit to cost of goods sold $72,000 None of the above
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- 2 ts eBook Mc Graw Hill 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: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…X Company manufactures cakes in two departments: Mixing and Packaging. The company uses a process cost accounting system. All materials are entered at the beginning of each process. During April 2020, the following transactions were completed: Assigned raw materials of $60,000 and $50,000 to Work in Process Mixing and Packaging respectively. Factory labor costs of $20,000 and $40,000 were assigned to Work in Process Mixing and Packaging respectively. The company applied manufacturing overhead on the basis of $15 per machine hour. Machine hours used were 1,000 in Mixing and 2,000 in Packaging. During April, the company transferred units costing S80,000 from Mixing to Packaging. In addition, it trans ferred units costing $160,000 from Packaging to Finished Goods.Manufacturing overhead has an underallocated balance of $12,400; raw materials inventory balance is $145,500; work in process inventory is $122,800; finished goods inventory is $140,300; and cost of goods sold is $170,500. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold? Question 44 options: $12,400 $182,900 $170,500 $158,100
- Job 113 was completed at a cost of $7,500, and Job 85 was completed at a cost of $2,300 and sold on account for $4,500. Prepare journal entries for the following: Completion of Job 113. Completion and sale of Job 85.Shawna, Inc. completed manufacturing Job 44. It included $3,400 of direct materials cost, $1,200 of direct labor cost, and $500 of allocated manufacturing overhead. Which of the following is the correct journal entry needed to record the completed job? A. Finished Goods Inventory 5,100 Cost of Goods sold 5,100 B. Work−in−Process Inventory 4,600 Cost of Goods Sold 4,600 C. Work−in−Process Inventory 5,100 Finished Goods Inventory 5,100 D. Finished Goods Inventory 5,100 Work−in−Process Inventory 5,100Selected accounts with some amounts omitted are as follows: Work in Process Date Transaction Debit amount Date Transaction Credit amount Aug. 1 Balance 279, 100 Aug. 31 Goods finished 190, 700 31 Direct materials X 31 Direct labor 47, 400 31 Factory overhead X Factory Overhead Date Transaction Debit amount Date Transaction Credit amount Aug. 1-31 Costs incurred 113,000 Aug. 1 Balance 12, 100 31 Applied X If the balance of Work in Process on August 31 is $196, 400, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? a. $190, 700 b. $12, 100 c. $113, 000 d. $14, 220
- During August, Carrothers Company accumulated 610 hours of direct labor costs on Job 50 and 810 hours on Job 56. The total direct labor was incurred at a rate of $22 per direct labor hour for Job 50 and $24 per direct labor hour for Job 56. Journalize the entry to record the flow of labor costs into production during August. If an amount box does not require an entry, leave it blank. Work in Process ✓ X Wages Payable ✔ XManufacturing cost data for Orlando 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 0 decimal places, e.g. 5,275.) Case A Case B Direct materials used $enter a dollar amount rounded to 0 decimal places (a) $83,000 Direct labor 50,000 140,000 Manufacturing overhead applied 42,500 enter a dollar amount rounded to 0 decimal places (d) Total manufacturing costs 145,650 enter a dollar amount rounded to 0 decimal places (e) Work in process 1/1/20 enter a dollar amount rounded to 0 decimal places (b) 15,500 Total cost of work in process 201,500 enter a dollar amount rounded to 0 decimal places (f) Work in process 12/31/20 enter a…Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 6,600 Apr. 30 Goods finished X 30 Direct materials 69,800 30 Direct labor 193,900 30 Factory overhead 58,170 Finished Goods Apr. 1 Balance 15,600 30 Goods finished 307,900 What was the balance of Work in Process as of April 30? a.$58,170 b.$15,600 c.$20,570 d.$307,900
- A company's overhead rate is 50% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory Beginning WIP 113,800 Direct materials ? Direct labor ? Applied overhead ? To finished goods ? Ending WIP 148,000 Factory Overhead 113,800 102,420 Finished Goods Inventory Beginning FG 133,700 367,400 340,400 Ending FG 160,700Adams Company and Baird Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Adams Company $ 208,600 29,000 $ 20,500 Baird Company $ 298,500 30,000 12,000 Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for eac company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Predetermined overhead rate Required A Required B Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. Per Direct Labor Hour Adams Company Baird Company Required B >Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred $175 150 200 300 Manufacturing overhead costs Direct materials used in production 250 125 Multiple Choice $650. $675. $700. $750.